Arrowhead Park, a 200-acre business and research park owned by New Mexico State University, is reaching out to attract an investment and development partner for anchor tenant facilities and mixed-use development.
To that end, Arrowhead Center Inc. has issued a Request for Qualifications (RFQ). Responses are due March 11. An informational meeting for those interested in partnering with Arrowhead is scheduled for Thursday, Feb. 12. Final selection is projected for April 2.
“The time is right to add both financial and development to the park team to respond to demands we see now and in the near future, including new ‘spec space’ to attract businesses, and planned additional tenant building developments in the two-to three-year horizon,” said Arrowhead Park Executive Director Wayne Savage.
Commenting on the RFQ process, he said: “A formal procurement process is always good. People put their best foot forward. They get creative and a little bit competitive.”
According to the RFQ, the development partner would “design, finance construct and operate multiple buildings for identified anchor tenants in the late 2016 timeframe.”
The RFQ states there are known companies with strong records seeking to become tenants. These include an aerospace firm that would need 45,000 square feet of space and a biotech firm seeking 25,000 square feet for its operations and clean wet/ dry lab.
An initial build out of 100,000-200,000 square feet is estimated.
A second phase, also covered in the RFQ, would be a 30-to 40-acre mixed use project including office, commercial, park amenities infrastructure and residential spaces that would reflect the outcome of a market economic study Arrowhead Center will conduct in spring 2015.
Savage said one reason the timing is right to identify a development partner or partners is the new team member would play a role in the creating a new master land use plan. Work on the plan will begin in February. A consultant has been engaged to craft the plan.
“It’s not a skill set we have,” Savage said.
The partner would become a key member of the team marketing the park both regionally and locally, Savage said. “We will try to position Arrowhead Park as a highly attractive place for companies to locate – physically attractive and attractive from a cost standpoint as well,” he said.
Marketing and recruiting will continue to focus on industries for which the park, the university and the region have a competitive advantage – medical/ health/technology, aerospace and water and energy.
Arrowhead Park consists of 150,000 square feet of building space on 14 developed acres. It has five tenants, and provides 170 jobs. Capital investment is $36 million. According to the Arrowhead Park vision metric, the 2018 metric calls for 360,000 square feet of building space on 30 developed acres housing 15 tenants. The vision for 2018 is 400 employees and a capital investment of $100 million in the park.
Savage described the park as a significant part of NMSU’s physical commitment to its mission of economic development. The public-private partnership serves a regional hub for innovation and entrepreneurship, connecting NMSU resources with the corporate and real estate communities.
“Our goal is to pursue innovative and collaborative approaches to develop the premier real estate community for science and technology expression with a vision to create jobs, promote educational opportunities and advance economic development through applied technology and innovative business enterprise.”
To obtain a copy of the RFQ, visit www. arrowheadcenter.nmsu.edu or call 646-2596 for the link. For more information, email wayne@nmsu.edu. Arrowhead Center will not respond to oral inquiries.
Article courtesy of the Las Cruces Bulletin.
