Sunland Park, New Mexico – Hanson Asset Management, LP (HAM) will break ground on its new Santa Teresa/Sunland Park Real Estate Development on July 8, 2011 in Sunland Park, New Mexico. HAM and Desert View Homes recently purchased 458 acres from Verde Realty, which includes the four corners of McNutt Rd. and Pete Domenici Highway in what was previously referred to as Project Checkpoint.
Phase one 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 eight months, 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 $210,000,000. According to Russell Hanson, HAM Principle Manager, “We will deliver competitively priced entry level buildable lots. The low New Mexico real estate taxes will be an attraction 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 $142,400,000.
According to New Mexico Economic Development Secretary Designee 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. 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.”
The July 8 groundbreaking will take place at 9:00 a.m. on Comerciantes Blvd. in Sunland Park. The event is open to the public, but participants must RSVP their attendance to Justyna at email@example.com or 575-589-2200. A host of public sector officials and business leaders will be in attendance.
About Hanson Asset Management, LP
Russell Hanson, the Principal Manager of the company, has been active in real estate development in the southern New Mexico/El Paso region for more than 20 years. Russell served as the CEO of Colony Development and President of Hanson Development Corporation, which at one point was El Paso’s second largest residential lot development company. During his tenure with the companies, the projects he developed included: Sunridge, Ranchos del Sol, Vista de Sierra, Park hills, Chaparral Park, Willow Bend, and Lomas del Sol. In addition to this 458- acre project on the four corners of McNutt Rd. and Pete V. Domenici Highway, HAM also owns an additional 750 acres in the downtown Sunland Park region.