ALBUQUERQUE, N.M. (KRQE) — A 56,000 square foot warehouse in Albuquerque has been sitting vacantly. Now, it’s poised to become a manufacturing site.
One Albuquerque’s economic development department announced on Tuesday that Geltmore Karsten LLC, a commercial real estate development firm, is putting $6.5 million into the building at 2810 Karsten Court SE. That project is being supported $5.6 million worth of city-issued industrial revenue bonds.
“This is a great example of how we can strategically support economic development,” said Mayor Tim Keller in a press release. “It’s not just about jobs—though they matter—it’s about revitalizing key properties, encouraging innovation, and building a stronger foundation for the future of Albuquerque’s economy.”
According to One Albuquerque, the project expects to bring 80 full-time jobs with salaries ranging from $30,000 to $100,000. The future tenants are local manufacturers looking for extra space to grow.
The University of New Mexico’s Bureau of Business and Economic Research estimates this project will generate about $9 million in tax revenue by 2043. The facility’s operations are expected to start in mid-2025.