SUNLAND PARK, NM – The New Mexico Economic Development Department welcomed a new 330-acre residential development to the southern border region.
Hanson Asset Management, LP (HAM) broke ground on its new Santa Teresa/Sunland Park Real Estate Development during a ceremony on Friday. A host of public sector officials and business leaders were on hand at the ceremony, including New Mexico Economic Development Department Secretary-designate Jon Barela.
“Projects such as the Union Pacific Santa Teresa facility, the expansion of the Santa Teresa Port of Entry, and the development of the Sunland Park International Border Crossing are making this region one of the most dynamic on the entire U.S.-Mexico border,” Barela said. “The development of affordable, entry-level housing and retail services is critical for the hundreds of jobs that will be created due to these projects.”
Phase 1 of the project, referred to as Villa Valencia Unit 1, is a 117-single-family-lot subdivision developed by HAM in conjunction with Winton and Desert View Homes. The development of another 100 lots will begin in March 2012, when the second phase of the project is undertaken. When completed, the 330-acre residential portion of the project will consist of more than 1,400 homes averaging from $150,000 and above, thus making the total investment in the project $210 million.
“We will deliver competitively-priced entry-level buildable lots,” said Russell Hanson, HAM Principle Manager. “The low New Mexico real estate taxes will be an at
traction to our target market in the region.”
The remaining 120 acres of the project was purchased by Santa Teresa Properties, LLC also managed by HAM, to develop commercial and industrial projects,
and more than 1,200 apartments. The company already has sold a portion of these properties to investors that are developing a state-of-the-art medical clinic within the next year. A major regional nursing school also has contracted to build a 30,000-square-foot instructional facility in the near future.
The total value of Santa Teresa Properties’ projects are estimated to be more than $142.4 million.
Contact: Angela Heisel