By Stepanie Guzman, Report for Albuquerque Business First

The sale of a more than 2-acre lot on Central Avenue in East Nob Hill is pending, and the potential buyer is pitching an apartment development.

Jerry Landgraf, the owner of the site at 4119 Central Ave. NE, under his Nob Hill Development Corp. entity, said a New Mexico developer is looking to develop the 2.5-acre site.

"I haven't seen their current plans, but I believe there is some mixed-use component to it," Landgraf said.

He wouldn't say who the potential buyer is, except that the interested party is going through the due diligence process now. Glenn Wright with Sperry Van Ness/Walt Arnold Commercial Brokerage is representing Landgraf in the transaction.

The property includes a vacant lot on the corner of Central and Sierra Drive. It used to be home to the Royal Hotel before it was demolished several years ago. The site next to the vacant lot would also be developed. It's currently home to the Town Lodge Motel, which is being used as monthly rentals and would be demolished too, Landgraf said.

If developed, the project would be the third significant multifamily complex to emerge in East Nob Hill recently. The Platinum apartments at 4100 Silver Ave. SE opened this summer. The site north of Platinum, where the former Pulse Nightclub at 4100 Central Ave. SE used to be, was demolished to make way for a new commercial development. The Chicago-based developer Rick Goldman has yet to reveal exactly what will be built on the site. Click here to read more.