What’s Going on at Winrock and What is its Economic Impact?
By Kateri Zuni
Winrock Town Center, after years of drowsy retail momentum, is cruising along the road to
redevelopment with major stores like Nordstrom’s Rack on board, while local retailers remain a
vital change of pace.
The Winrock shopping center originally opened in 1960 as a major shopping destination, but by
2003, most of Winrock’s retail leases were bought out by Prudential Insurance Co. leaving the
mall largely vacant. In 2012, redevelopment construction began with the demolition of the
Winrock Inn.
“It’s gonna be unlike anything that Albuquerque or New Mexico has experienced, “said Daren
Sand, Vice President of Development for the Goodman Realty Group.
Goodman Realty purchased Winrock in 2007 and set course for redevelopment opening the
first major portion, the Winrock Regal Stadium 16 IMAX & RPX, in November 2013.
In a recent developers meeting, Mr. Sand said the theater and restaurants, like Dave & Busters,
have all seen above average success during their openings and the Nordstrom’s Rack anchor
store is expected to open by fall 2016.
“It’s satisfying and exiting to be part of a project that is a game changer or a significant piece of
the economic puzzle for Albuquerque,” Sand said.
Retailer’s Reactions
Though developers are excited about progress at Winrock, some question the certainty that
business in Albuquerque can sustain such a project and its existing retail community.
Rufus Cohen, the owner of Nob Hill menswear store Izzy Martin, recently described the
business landscape in less hopeful terms.
“The problem with an economy like Albuquerque’s is that we’re not growing,” Cohen said, “So,
at the moment, when something new goes up…they’re just competing for existing customers.”
Mr. Cohen’s assertion is not without cause, an article published in the Washington Post in
January 2014 discussed the issue of population exodus as a major factor in New Mexico’s slow
economy.
While Albuquerque is experiencing some stagnation, Mayling Armijo, Director of the
Albuquerque Economic Development Department, says the city is still enjoying business growth
with the retirement age population of 55 to 60-year-olds.
Even amid the sluggish economy, stores like Izzy Martin, Cohen says, best serve the community
as a quality alternative to the big name retailers of the malls.
The same may also be said for existing chain retailers.
“Anything they [Winrock] do will inherently help us,” said Randy Sanchez, Senior General
Manger at Coronado Center.
This year marks the 50th anniversary of the newly renovated Coronado Shopping Center which
has been the chain retail alternative to Winrock since 1964.
Sanchez said the neighborhood’s existing retail—Coronado and ABQ Uptown—and Winrock will
all benefit from the project because the area is not a test market and has been an established
shopping district for years.
“The resurgence…can happen again,” Sanchez said.
Ms. Armijo agrees that a project like Winrock will ultimately benefit the business community as
a whole.
“I don’t think it’s going to hurt them, if anything, it’s gonna help them because more people are
going into that area,” she said.
Community Impact
This addition to Albuquerque’s shopping district does not come cheap.
The Winrock project is funded in part by tax increment development districts.
A tax increment, or TIDD, collects a percentage of gross receipts taxes and distributes it directly
to developers specifically for the infrastructure of the project.
“It’s not a giveaway,” said City Councilor Diane Gibson.
Councilor Gibson said the TIDDs do expire eventually and additional return will come in the
form of improvements to the Uptown area and sales taxes from Winrock businesses.
“These destination stores are going to help,” Gibson said.
Some of the improvements the councilor named include increased walkability for the entire
shopping district and transportation to and from the Uptown area.
The councilor said that plans for the Albuquerque Rapid Transit system, or A.R.T.—inspired by
San Francisco’s B.A.R.T. system—are set to begin in Uptown by 2017 with a formal transit
center.
Mr. Sand said he sees this project as a pedestrian friendly and dense urban experience.
“You could live there, you could work there, and you could play there,” Sand said.
Sustainability
The Goodman Realty group emphasizes their attention to the environment and Mr. Sand says
that Winrock will include several initiatives to reflect that.
Besides new retailers like DSW Shoes and Ulta Beauty, Winrock plans also include a farmer’s
market where customers will be able to purchase organic produce grown at Winrock.
They are also looking into creating a water treatment plant to recycle water for toilets,
irrigation and water features. Plans also include solar paneling.
During a developers meeting, Mr. Sand also said that all the contractors working on the
redevelopment are local. And the Goodman Group recently estimated that 1,200 jobs would
be held for the project.
Beyond the construction phase, others are eager that Winrock will sustain continued economic
growth.
“We’re hoping that, one, it creates jobs,” Armijo said, “It’ll generate tax revenue which then
goes into…infrastructure and programs and social services.”
These plans are part of a larger effort surrounding Winrock and Uptown to make Albuquerque
more appealing to visitors and to attract professionals and millennials.
“Maybe they consider Albuquerque because we have a really cool place like Winrock,” Sand
said.