It's something only a few Downtown developers have tried — turning old office space into apartments or upscale lofts.
It's been done at the Banque Lofts, and is under construction at the former federal building Downtown.
Now, it appears developers are eyeing Alvarado Square in Downtown Albuquerque to do the same.
Alvarado Square, the former home of Public Service Co. of New Mexico, was listed for auction in July by FRE.com, an online real estate auction platform. It's being marketed by LFC Marketing Services, and locally by John Ransom, Tim With and Keith Bandoni of Colliers International.
The minimum bid for the 251,000-square-foot building at 415 Silver Ave. SW was $2.95 million.
Now, the owner has decided to change the marketing strategy, according to Mary McDonough, director of advertising and public relations with LFC.
McDonough said there's been "an outpouring of interest," and brokers have conducted several tours for both local players and out-of-state real estate companies.
"The majority of the interest has been from prospective buyers that would purchase the property for alternative use," McDonough said.
She said this included developers who would turn the building into living units.
Those developers and potential buyers will have until Oct. 27 to put in an offer.
Instead of an auction, where there's a minimum cash bid and a set deadline, LFC is marketing the property as a "tender offer" transaction. A "tender offer" falls on the spectrum between a typical real estate sale and an auction.
It allows potential buyers to make offers with contingencies, McDonough said, such as requiring the current owner to throw parking into the deal, or work out a deal with a Downtown parking operator.
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