Since the beginning of the real estate downturn in 2006, new development at the 1,200-unit Fiesta Master Plan has remained dormant. That is about to change. Michael Sivage, announced his company has broken ground on a new development – Las Terrazas. When completed, it will be home to 118 families. The first phase of 64 lots is expected to be complete by late summer/early fall.
The Fiesta Master Plan Community is currently home to 175 families. It is located east of I-25 and north of Highway 6 on 354 acres overlooking the Bosque. The new community will have generous landscaping, parks and walking trails, plus over 80 acres of open space.
“The real estate market is picking up, and this is the perfect time for us to begin construction on this beautiful section just south of Albuquerque,” Sivage said. “The community will offer something for everyone, and it is an easy 20-minute commute for people who work downtown at UNM or uptown
The Village of Los Lunas sees the development as being an asset as they promote economic development.
“The Sivage Community Development will provide the Village of Los Lunas with additional rooftops so we can attract and recruit more businesses to our community,” explained Ralph L. Mims, Economic Development Manager, Village of Los Lunas. “More housing options provides additional retail opportunities for our residents to stay in the Village.”
There has been a lot of interest from builders, although no homebuilder has been selected yet. Sivage said he expects to make a decision on a builder or builders within 60 days. Homes will be single-family homes and will be home to a diversified community including singles, families with children, and empty nesters.