Damon Scott, Managing Editor for Albuquerque Business First:

It’s no secret that the housing downturn was tough on a number of in-work residential communities across the state that stopped building.

The Fiesta Master Planned Community in Los Lunas was no different. The development was supposed to feature 1,200 homes — it’s got about 175 right now. But the community, which has been dormant since about 2006, is finding new life with a longtime New Mexico homebuilder.

Sivage Homes, which has been building across the state and in Arizona and Texas since 1986, has started to build new home lots at the site, in the Las Terrazas neighborhood. President and CEO Michael Sivage said that when it’s completed, Las Terrazas will consist of 118 homes. The first phase of 64 lots is scheduled to be completed by late summer or early fall of this year.

Sivage said he expects to choose one or more homebuilders within the next couple of months. Homes will be single-family and are expected to appeal to singles, families with children and empty nesters.

“The real estate market is picking up, and this is the perfect time for us to begin construction on this beautiful section just south of Albuquerque,” Sivage said in a statement. “The community will offer something for everyone, and it is an easy 20-minute commute for people who work Downtown at UNM or [in the] Uptown [corridor].”

The development is located east of Interstate 5 and north of Highway 6 on 354 acres that overlook the bosque. Sivage said the new community has parks, walking trails and more than 80 acres of open space. It is near the newly renovated Los Lunas High School and close to retail and restaurants. Click here to read the full article.