On the day Portales received approval from the state as a community prepared for economic development, city officials confirmed that recognition by selling land to an Albuquerque developer who plans on constructing a housing complex near the southwest corner of town.
During a special meeting Tuesday night, the Portales City Council sold over six acres of land at the west corner of Avenue T and New Mexico Highway 267 for $154,000 to Jonathan Reed & Associates, a corporation based in Albuquerque.
Mayor Orlando Ortega said the developer plans on constructing as early as July a 60-unit, multi-family project of town houses. The complex, to be named Westside Village Subdivision, will be equipped with a gymnasium, a computer learning center, a movie room, a community room, a small park and washer/dryer hookups in each home, Ortega said.
Ortega and City Clerk Joan Martinez-Terry lauded the deal as an opportunity for growth.
“Portales is moving in a positive direction,” Ortega said. “You do one thing and many things will follow.”
Jonathan Reed of Jonathan Reed & Associates did not immediately return a message left on his cell phone Tuesday night seeking confirmation of the plan.
Ortega said Reed thought Portales was a good place to construct the 60-unit complex after doing a market search of areas needing development of real estate.
Reed must pay $15,400, or 10 percent of the selling price, by Nov. 4 of this year to close the deal, according to the contract. Reed will pay the remaining principal at an annual interest rate of 7 percent, the contract states.
After the time of closing, Reed will be entitled to a five-year option to buy an additional six acres of land for expansion purposes at the same selling price of $25,000 an acre.
Closing costs incurred shall be paid by both the city and Reed equally.