Former San Francisco 49ers owner Edward DeBartolo Jr.’s Florida-based DeBartolo Development proposes building a 336-unit apartment complex in the Las Soleras development on the south side.
It would be among three apartment projects with more than 300 units to start construction in the coming months. All are bigger than the current largest Santa Fe multifamily community on one plot of land, the 296-unit Talavera Apartment Homes on South Meadows Road.
The project at 5300 Las Soleras Drive would be directly behind and across Promenade Boulevard from McDonald’s, Dion’s and the State Employees Credit Union on Cerrillos Road.
The project was presented Tuesday at an Early Neighborhood Notification meeting on Zoom that precedes any filings with the city of Santa Fe Land Use Department. Project planning consultant Jim Siebert expects to have the DeBartolo development plan before the city Planning Commission in November.
The DeBartolo project would be slightly smaller than the 355-unit Madera multi-family housing project expected to start construction by mid-August off N.M. 599 near South Meadows Road.
Another 330-unit apartment project by Abacus Capital Group at 5201 Beckner Road is expected to seek building permits in the fall. The three phases of the existing Vizcaya apartments have a combined 412 units, but they are across Sawmill Road from one another.
DeBartolo Development hopes to get through the city permitting process by the end of the year and start construction in the first quarter of 2022, said development manager Andrew Manning.
Across town, the Madera Apartments have been in the permitting and pre-development process since 2018.
Madera developer Carlos Garcia plans to build 240 units in the first phase, which is expected to take 12 to 18 months. He plans to start the second phase of 115 units once 90 percent of the units in the first phase are leased.
Madera and the DeBartolo project will be market-rate apartments, with no affordable housing units as both developers are choosing to pay the city’s in-lieu of fee instead of setting aside 15 percent of units as affordable housing.
Garcia expects rents at Madera to be about $1.60 per square foot with typical one-bedroom units at about 900 square feet and typical two-bedroom units at 1,020 square feet.
DeBartolo is still evaluating what its market rate rental rates will be, Manning said.
The DeBartolo project at Las Soleras will cover 17 of 26 undeveloped acres along Promenade Boulevard behind a Cerrillos commercial strip. The apartments will be spread out among 15 three-story buildings, Manning said. There also will be 36 mostly three-bedroom townhomes. Among the apartments, 150 will have one bedroom and 150 will have two bedrooms, Manning said.
Jon Wade, CEO of Presbyterian Santa Fe Medical Center, took part in the Early Neighborhood Notification meeting. He said the project will help in hiring hospital employees.
“Absolutely,” Wade said. “I can fill general surgeon positions before I can hire medical assistants to work in the office. We have 400 people anxious to get into Santa Fe however they can.”
Manning said the 336 units will be built at the same time but in a sequenced manner, with units becoming ready for residents to move in throughout 2023.
DeBartolo Development has built multifamily projects in eight states coast to coast, but the Las Soleras project would be the company’s first in New Mexico. Manning said talks with others in the industry brought Santa Fe to DeBartolo’s attention.
“We love the market,” Manning said. “We are constantly looking at new markets. We think Santa Fe is incredible.”
DeBartolo is founder and chief executive officer of DeBartolo Holdings, which includes Tampa Bay-based DeBartolo Development. He owned the San Francisco 49ers from 1977 to 2000, shepherding the team to five Super Bowl victories before being forced to cede control of the team to his sister, Denise York. He also owned the Pittsburgh Penguins hockey as it won two Stanley Cup championships in the 1990s.
But the DeBartolo family’s main business enterprise was and is real estate development, particularly malls, since 1944 and through the tail end of the 20th century.
Simon Property Group acquired the original DeBartolo Realty Corp. in 1996. DeBartolo Jr. shifted to apartments, hotels and some retail as he established DeBartolo Holdings in 2002 with DeBartolo Development one of its companies.