A $35 million project that will bring more businesses and residents Downtown is about to kick off, with plans to break ground next Monday.

The big development on the northeast corner of Central Avenue and First Street has been called many things, including an entertainment district, its actual name One Central and a catalytic project for Downtown Albuquerque.

It has two major parts: a 429-space parking structure and a six-story building that includes 66 apartment units and 44,000 square feet of commercial space.

The partners of One Central include Jerry Mosher, who with his wife, redeveloped the former First National Bank building nearby; Tony Pisto of Maranatha Construction; and Dale Armstrong of TLC Plumbing & Utility.

The developers have a public-private partnership with the city of Albuquerque. The city earmarked $15.5 million of its lodgers' tax for the parking garage. The developers are going before Bernalillo County commissioners this week to ask for industrial revenue bonds to further finance the project.

"Both the city and the county look at the revitalization of Downtown as catalytic. It's long-term thinking. Once the entertainment district is up and Innovate ABQ, this is going to be a whole different place," said Mosher, the president of Mosher Enterprises Inc.

Mosher said public-private partnerships allow a big project like One Central to get off the ground.

New construction is expensive, especially in a dense area, and those costs are passed on to tenants. With various tax breaks, Mosher said people will be able to afford to rent a two-bedroom apartment Downtown with washers and dryers in the units. He's aiming for a rent price point of $1,200. And he says lease rates will be competitive. Click here to read the full article.