Metropolitan Redevelopment Plan (Resolution)

Extracted text

10757.1 1
CITY OF SANTA FE, NEW MEXICO1
RESOLUTION NO. 2026-__2
INTRODUCED BY:3
4
Councilor Jamie Cassutt5
Councilor Amanda Chavez6
Mayor Michael Garcia7
8
9
A RESOLUTION10
APPROVING THE ADOPTION OF THE SANTA FE MIDTOWN METROPOLITAN11
REDEVELOPMENT AREA PLAN.12
WHEREAS, the State of New Mexico has enacted the Metropolitan Redevelopment Code13
(“Code”), NMSA 1978, Chapter 3, Article 60A, Sections 1 through 49, as amended, which14
authorizes the City of Santa Fe, New Mexico, (“City”) to prepare and amend metropolitan15
redevelopment plans, and to undertake and carry out metropolitan redevelopment projects; and16
WHEREAS, pursuant to NMSA 1978, Section 3-60A-8, as amended, “[a] local17
government shall not prepare a metropolitan redevelopment plan for an area unless the local18
government has, by resolution, determined the area to be a slum area or a blighted area or a19
combination thereof and designated the area as appropriate for a metropolitan redevelopment20
project…”; and21
WHEREAS, the City found that blighted areas exist in the Midtown Site which22
geographically align with the Midtown Local Innovation Corridor Overlay District (the “LINC”)23
and officially designated the area within the LINC, with the addition of Franklin Miles Park, as a24
Metropolitan Redevelopment Area on June 25, 2025, through the adoption of Resolution No. 2025-25

10757.1 2
42; and1
WHEREAS, consistent with NMSA 1978, Section 3-60A-8, the Governing Body will2
have conducted a public hearing to gather and consider public input about the Midtown3
Metropolitan Redevelopment Plan; and4
WHEREAS, the City of Santa Fe wishes to formally adopt the Midtown Metropolitan5
Redevelopment Plan, attached as Exhibit A, to guide redevelopment strategies and implement6
recommendations that advance equitable development, improve public health and safety, and create7
long-term economic vitality for the Midtown Metropolitan Redevelopment Area.8
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE9
CITY OF SANTA FE that:10
A. The Midtown Metropolitan Redevelopment Area Plan proposes activities for the11
redevelopment of the Midtown Metropolitan Redevelopment Area that will aid in the12
elimination and prevention of blight; and13
B. The Midtown Metropolitan Redevelopment Area Plan does not include proposed14
activities that require the displacement or relocation of any families and individuals15
from their dwellings and a method for providing displacement or relocation16
accommodation is not needed; and17
C. The Midtown Metropolitan Redevelopment Area Plan conforms to and complements18
the City of Santa Fe General Plan; and19
D. The Midtown Metropolitan Redevelopment Area Plan affords maximum opportunity20
consistent with the needs of the community for the rehabilitation or redevelopment of21
the Midtown Metropolitan Redevelopment Area by private enterprise or persons, and22
objectives of the Midtown Metropolitan Redevelopment Area Plan justify the proposed23
activities as public purposes and needs.24
BE IT FURTHER RESOLVED that the Midtown Metropolitan Redevelopment Area25

10757.1 3
Plan as shown in the attached Exhibit A, is hereby approved.1
PASSED, APPROVED, and ADOPTED this ______day of ___________, 2026.2
3
4
____________________________5
MICHAEL J. GARCIA, MAYOR6
7
ATTEST:8
9
________________________________10
GERALYN F. CARDENAS, CITY CLERK11
12
APPROVED AS TO FORM:13
14
_________________________________15
MARCOS D. MARTÍNEZ, CITY ATTORNEY16
17
18
19
20
21
22
23
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Legislation/2026/Resolutions/Approving the Midtown Metropolitan Redevelopment Plan25Marcos D. Martinez (May 7, 2026 16:22:39 MDT)
Marcos D. Martinez

S A N TA F E M I D T O W N M E T R O P O L I TA N
R E D E V E L O P M E N T P L A N
Exhibit A

February 27, 20262 3M I D T O W N M E T R O P O L I TA N
R E D E V E L O P M E N T P L A N
MRA RESOLUTIONTABLE OF CONTENTS
MRA RESOLUTION .........................................................................3
BACKGROUND................................................................................4
The Santa Fe Metropolitan Redevelopment Agency ........................................................4
Metropolitan Redevelopment Agency Powers .................................................................4
MRA Plan Purpose ...........................................................................................................5
MRA Designation.............................................................................................................5
Metropolitan Redevelopment Commission .....................................................................6
Neighborhood Stabilization Plan.....................................................................................6
MRA District Boundary ...................................................................................................7
Previous Planning & Community Engagement ...............................................................8
VISION & GOALS ..........................................................................10
DESIGNATION REPORT FINDINGS .................................................11
MRA Designation Report Findings .................................................................................11
Market Study Findings ..................................................................................................13
NATIONAL BEST PRACTICES .........................................................18
Glenview, IL ...................................................................................................................18
Dublin, OH .....................................................................................................................19
Boise, ID ........................................................................................................................20
Financial Tools ..............................................................................................................21
RECOMMENDATIONS & IMPLEMENTATION....................................22
How Can TIF Work In Midtown? .....................................................................................32
Tax Increment Financing Projections .............................................................................32
APPENDIX ...................................................................................35
Appendix Item A: Metropolitan Redevelopment Agency Powers...................................36
Appendix Item B: Santa Fe Midtown Market Study .......................................................39
P L A C E H O L D E R ; 3 P A G E S T O T A L

10662.1 (A) 1
CITY OF SANTA FE, NEW MEXICO1
RESOLUTION NO. 2025-422
INTRODUCED BY:3
4
Mayor Alan Webber5
Councilor Jamie Cassutt6
Councilor Amanda Chavez7
8
9
A RESOLUTION10
MAKING A FINDING OF NECESSITY AND DESIGNATING AN AREA COMPRISED11
OF A MAJORITY OF THE MIDTOWN LOCAL INNOVATION CORRIDOR OVERLAY12
DISTRICT AND GENERAL FRANKLIN E. MILES PARK AS A METROPOLITAN13
REDEVELOPMENT AREA.14
WHEREAS, the New Mexico Legislature adopted a Metropolitan Redevelopment Code15
to, among other things, provide strategies for municipalities to finance redevelopment projects; and16
WHEREAS, SFCC 1987, Section 7-2.3 provides that the City of Santa Fe (“City”) can17
declare and designate a metropolitan development area as “appropriate for a metropolitan18
development project”; and19
WHEREAS, SFCC 1987, Section 7-2.8, provides that, in order to designate an area as a20
metropolitan redevelopment area, the City must first adopt a resolution establishing the following21
two criteria: 1) the area is either a slum or blighted; and 2) rehabilitation, conservation, slum22
clearance, redevelopment or development, or a combination thereof in the area is necessary in the23
interest of the public health, safety, morals, or welfare of the residents of the city; and24
WHEREAS, the Midtown Local Innovation Corridor Overlay District (the “LINC”)25

10662.1 (A) 2
consists of diverse tracts of land which, according to a study commissioned by the City, the1
Midtown Metropolitan Development Plan: Designation Report, Attachment A, is characterized by2
deteriorated or deteriorating structures, defective or inadequate street layout, faulty lot layout,3
deterioration of sites or other implements, a lack of adequate housing facilities, obsolete or4
impractical platting, and a significant number of vacant or struggling commercial businesses, all of5
which are inconsistent with the described goals in SFCC 1987, Section 14-1.3 of the land-use code,6
to “create conditions favorable to the health, safety, convenience, prosperity and general welfare of7
the residents of Santa Fe by coordinating streets within proposed subdivisions with existing or8
planned streets or other features of the general plan; providing parks and trails; providing sewer,9
water and other infrastructure; providing adequate open space for traffic, recreation, drainage, light10
and air; and providing for the appropriate distribution of population and traffic”; and11
WHEREAS, the LINC lies within two designated census tracts, 11.03 and 10.02, which12
as defined in 26 USCA § 1400Z–1, are “qualified opportunity zones”: distressed areas, identified13
by the federal government as needing targeted investment in economic development; and14
WHEREAS, the purpose of identifying opportunity zones was to spur economic15
development and job creation in distressed communities by providing tax benefits to investors; and16
WHEREAS, the economically challenging conditions in these census tracts have impaired17
the sound growth, development, and economic well-being of the City, creating an economic and18
social burden detrimental to the public health, safety, and welfare of the City; and19
WHEREAS, the LINC includes a multi-unit residential property, more specifically20
described as the area covered by Lot 3B1, as recorded in instrument number 1171143, Book 482,21
Page 35, of the Santa Fe County Clerk (“Multi-Unit Residential Property”); and22
WHEREAS, as the only residential property in the LINC, the Multi-Unit Residential23
Property’s interests and needs are distinct from the rest of the LINC; and24
WHEREAS, General Franklin E. Miles Park, recorded in instrument number 622,332,25

10662.1 (A) 3
Book 173, Page 27, filed on May 14, 1987, of the Santa Fe County Clerk (“Franklin Miles Park”),1
is adjacent to the LINC; and2
WHEREAS, Franklin Miles Park has irrigation infrastructure that is over thirty years old3
and past its life expectancy; ballfield light poles that have either already been removed due to4
deteriorating infrastructure or will need to be removed in the future due to deteriorating5
infrastructure; chronic presence of drug paraphernalia (such as syringes) left by drug users; and6
rodent damage to concession stands, restrooms, wiring, and irrigation; and7
WHEREAS, Franklin Miles Park’s conditions are consistent with the definition of “blight”8
established in SFCC 1987, Section 7-2.3; and9
WHEREAS, the Midtown Metropolitan Development Plan: Designation Report notes on10
page 15 that the “absence of high-quality parks, plazas, and gathering places discourages pedestrian11
activity and limits opportunities for community engagement” and rehabilitating the park would12
help address this concern.13
NOW, THEREFORE, BE IT RESOLVED THAT THE GOVERNING BODY OF14
THE CITY OF SANTA FE finds that a blighted area exists in the LINC, depicted in Attachment15
B, and the rehabilitation, conservation, and redevelopment of the area is necessary and is in the16
interest of the public health, safety, and welfare of the residents of the City of Santa Fe.17
BE IT FURTHER RESOLVED that a blighted area exists in Franklin Miles Park,18
depicted on in the southwest corner of Attachment B, and which is adjacent to the LINC, and the19
rehabilitation, conservation and redevelopment of the park is necessary and is in the interest of the20
public health, safety, and welfare of the residents of the City of Santa Fe.21
BE IT FURTHER RESOLVED that the area within the LINC, defined by SFCC 1987,22
Section 14-5.5D (2), other than the Multi-Unit Residential Property and Franklin Miles Park, are23
designated a Metropolitan Redevelopment Area, pursuant to SFCC 1987, Section 7-2.8, and NMSA24
1978, Section 3-60A-8.25

10662.1 (A) 4
PASSED, APPROVED, and ADOPTED this 25th day of June, 2025.1
2
3
4
____________________________5
ALAN WEBBER, MAYOR6
7
8
ATTEST:9
10
_______________________________11
ANDRÉA SALAZAR, CITY CLERK12
13
14
APPROVED AS TO FORM:15
16
_________________________________17
ERIN K. McSHERRY, CITY ATTORNEY18
19
20
21
22
23
24
Legislation/2025/Resolutions/2025-42(R)/Midtown Redevelopment Area Designation25Erin McSherry (Jun 26, 2025 13:38 MDT)
Erin McSherryAlan Webber (Jun 26, 2025 16:52 MDT)ANDREA SALAZAR (Jun 26, 2025 17:35 MDT)

February 27, 20264 5M I D T O W N M E T R O P O L I TA N
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BACKGROUND
THE SANTA FE METROPOLITAN
REDEVELOPMENT AGENCY
The City of Santa Fe formally established the Santa
Fe Metropolitan Redevelopment (MR) Agency
in 2023 recognizing the need for an agency to
spearhead efforts to revitalize areas designated as
slum or blighted. The agency is working along other
city departments to identify potential MRA districts,
assess whether those areas met the MR designation
criteria, and develop a plan to address those
conditions. The outcomes of a successful MRA district
revitalization effort is improved public health and
safety, and long-term economic vitality.
The Santa Fe MR Agency is responsible for:
O Identifying and designating MRA districts through a
public process.
O Developing and implementing redevelopment plans
aligned with the City’s comprehensive plan.
O Acquiring and assembling land, including vacant or
underutilized properties.
O Partnering with public and private entities to
support revitalization projects.
O Supporting public infrastructure improvements such
as utilities, streets, and parks.
METROPOLITAN
REDEVELOPMENT AGENCY
POWERS
This plan provides the agency with broad powers, as
noted in 3-60A-10 of New Mexico state statute.
These powers, which only exist within MRA districts,
include:
O Executing contracts
O Replatting land
O Acquisition of real property within the metropolitan
redevelopment area
A full list of powers granted by this plan can be
found in Appendix A.
E X C E R P T F R O M T H E E N A B L I N G S T A T E
L E G I S LA T I O N
NM Stat § 3-60A-9 (2024) - C. Following the public
hearing, the local government may approve a
metropolitan redevelopment plan if it finds that:
O (1) the proposed activities will aid in the
elimination or prevention of slum or blight or the
conditions that lead to the development of slum or
blight;
O (2) a feasible method is included in the plan to
provide individuals and families who occupy
residential dwellings in the metropolitan
redevelopment area and who may be displaced
by the proposed activities with decent, safe and
sanitary dwelling accommodations within their
means and without undue hardship to such
individuals and families;
O (3) the plan conforms to the general plan for the
local government; and
O (4) the plan affords maximum opportunity
consistent with the needs of the community for
the rehabilitation or redevelopment of the area by
private enterprise or persons and the objectives of
the plan justify the proposed activities as public
purposes and needs.
MRA PLAN PURPOSE
The Midtown MRA district is a bold step toward
enhancing the heart of Santa Fe. Building on years
of community driven planning, this initiative will
support the evolution of the Midtown District into a
vibrant hub for arts, culture, economic growth, and
mixed-income housing.
This plan, the Midtown Metropolitan Redevelopment
Plan (Plan) establishes a roadmap to address the
MRA conditions, or blight, that hinder redevelopment
and economic growth. The Plan outlines
redevelopment strategies and implementation
recommendations that advance equitable
development, improve public health and safety, and
create long-term economic vitality.
The MRA district of Midtown and adjacent
commercial areas will unlock key funding
sources to enhance public infrastructure and
attract private investment. This will create new
jobs, improve walkability, and expand housing
options. The creation of the MRA district was a key
recommendation from the Midtown Community
Development Plan and aligns with the Midtown
Master Plan. It supports the vision of a mixed-
use, sustainable redevelopment that includes an
abundance of affordable housing.
With strategic public-private partnerships and
financial tools like tax incentives and infrastructure
investments, the designation of Midtown area as
a MRA district will move Midtown into motion,
fostering the creation of an inclusive, thriving district
that serves all Santa Fe residents.
MRA DESIGNATION
Under state and local law, the designation of an
MRA requires a determination of blight as defined
in Section 3-60A-4 of the New Mexico Metropolitan
Redevelopment Code. A blighted area is defined
as one that meets one or more of the following
conditions:
O A substantial number of deteriorated or
deteriorating structures negatively impact the area’s
livability and economic potential.
O A defective or inadequate street layout that limits
accessibility, walkability, and connectivity.
O Faulty lot layout that reduces the usefulness,
accessibility, or redevelopment potential of
properties.
O Deterioration of sites or other improvements,
making the area less viable for new development.
O A lack of adequate housing facilities or conditions
that prevent the provision of needed housing
accommodations.
O Obsolete or impractical planning and platting,
leading to underutilized land and inefficient land
use.
O A significant number of vacant or struggling
commercial businesses, reducing economic activity
and job opportunities.
O Low levels of commercial or industrial activity,
contributing to economic stagnation and
disinvestment.
A combination of these or other conditions impair
economic growth and the overall well-being in the
corridor and Midtown site.
With the designation of the MRA district, the City
of Santa Fe unlocks tools to enhance the area
FIGURE 1. MRA PLAN DEVELOPMENT HISTORY
Previous
Planning
Efforts
Midtown
Master
Planning
MRA
Designation
Report
MRA
Plan

February 27, 20266 7M I D T O W N M E T R O P O L I TA N
R E D E V E L O P M E N T P L A N
METROPOLITAN
REDEVELOPMENT COMMISSION
Santa Fe MRA districts are governed by a five-
member commission appointed by the Mayor and
approved by City Council. Commissioners serve
staggered terms and provide oversight and guidance
for all redevelopment efforts.
The MRA Commission has oversight responsibilities
regarding the fiduciary and financial management
and development of publicly owned real estate
assets, to the extent permitted by law. The
Commission brings together expertise in areas
that are essential to successful redevelopment,
such as public-private partnerships, economic and
community development, city planning, sustainability,
equity, arts and culture, and historic preservation.
The MRA Commission should reflect the communities
it serves. Members should include individuals who
live in or near a low-income neighborhood, represent
historically marginalized communities, or bring
demographic perspectives that align with the people
living in or around the MRA district.
The MRA Commission has the authority to study
and evaluate the best ways to finance and structure
projects within its redevelopment areas. This
can include planning, preserving, rehabilitating,
redeveloping, developing, or managing properties
the Commission oversees. The Commission can also
recommend creative solutions, such as partnering
with public or private organizations, and can
recommend these partnerships to the Governing
Body to help carry out parts of a redevelopment plan.
NEIGHBORHOOD STABILIZATION
PLAN
The Midtown Community Development Plan (MCDP)
(2023) identified the desire for a community driven
Neighborhood Stabilization Plan (NSP) to support
adjacent vulnerable neighborhoods that could be
destabilized by significant new development.
In 2025, the City of Santa Fe selected a firm to carry
out this plan for the Hopewell Mann Neighborhood,
a community with a low median income and a
high percentage of renters. The firm is engaging
neighborhood residents as consultants in the
planning process.
The proposal calls for the selected firm, MASS Design
Group, in collaboration with Chainbreaker Collective
and the Santa Fe Indigenous Center, to develop the
community development engagement strategy. This
will inform the NSP through a co-creation process
with community organizations pursuant to the MCDP.
This would include structuring and facilitating an
equitable, community-driven planning partnership
between the professional community development
team and local community organizations to create
inclusive, creative, and welcoming planning
processes.
These efforts will prioritize communities that have
been underrepresented in planning and public
policy making, including youth and families, Spanish
speaking populations, Indigenous and people of
color, low-income residents, and people living in
surrounding areas of Midtown.
An aspirational illustration of the Midtown MRA district from “St. Michael’s Drive: Visions of the Future”
While the focus is on the Hopewell Mann
Neighborhood, the findings could potentially be
applicable to surrounding neighborhoods.
MRA DISTRICT BOUNDARY
The Midtown MRA District boundary follows the
boundary of the Midtown Local Innovation Corridor
(LINC) Overlay District, which was adopted in 2016
(Ord. 2016-39). The Midtown LINC Overlay District
was created to strengthen the built environment,
foster economic growth, and enhance connectivity
within Santa Fe’s geographic and demographic
center. It aimed to bridge the gap between the
Midtown site and Christus St. Vincent Regional
Medical Center by incentivizing mixed-use,
pedestrian-oriented redevelopment.
The boundary selection for the LINC district was
strategic and deliberate. It excludes established
residential neighborhoods to minimize disruption
while incorporating 372.8 acres of primarily
commercial, industrial, and institutional properties
along St. Michael’s Drive and Cerrillos Road, as
well as the Midtown site. The intent was to free
underutilized land for multi-family residential
and complementary non-residential uses while
maintaining zoning flexibility. Additionally, the
boundary allows for higher-density development,
improved multimodal transit options, and walkable
public spaces, reinforcing Santa Fe’s broader urban
planning goals.
The Midtown MRA district aligns with the LINC
Overlay boundary with two minor differences: the
omission of a residential property, indicated by the
blue outline in Figure 2, and the addition of General
Franklin E Miles Park, indicated by the dashed
green line. While there is currently no residential
property within the Midtown MRA district, residential
development is expected in the future.
The Midtown MRA district encompasses 182 parcels.
This includes the 64-acre city-owned Midtown
Redevelopment Site, formerly home to the Santa Fe
University of Art and Design (SFUAD), along with
the adjacent commercial corridor along St. Michael’s
Drive and portions of Cerrillos Road. All parcels are
non-residential. However, as of September 2025,
there is transitional housing located on the Midtown
campus. To comply with the requirements of an MRA
district, the MR Agency is collaborating with other
city departments to identify other decent, safe, and
sanitary facilities for these community members.
The geographic scope of the MRA extends to San
Mateo Lane to the north, St. Francis Drive to the east,
Siringo Road to the south, and Camino Carlos Rey and
Cerillos Drive to the west as seen in Figure 2 below.
Midtown MRA boundary map: Differences between the MRA and the LINC are the omission of the sole residential area in the north
eastern corner (blue outline) and the addition of Franklin Miles Park in the southwest corner (dashed line).
ST MICHAELS DRIVE
CERILLOS DRIVE
SIRINGO DRIVE
FIGURE 2. MRA DISTRICT BOUNDARYNORTH

February 27, 20268 9M I D T O W N M E T R O P O L I TA N
R E D E V E L O P M E N T P L A N
PREVIOUS PLANNING &
COMMUNITY ENGAGEMENT
Numerous planning initiatives, policies, and reports
have shaped the vision for the Midtown MRA district,
including site-specific plans, site-specific studies,
and broader citywide strategies. These efforts have
consistently identified key issues and reflected the
community’s goals and aspirations.
Building on this foundation, this MRA Plan is
intended to carry those visions forward and provide
a spring board for more enhancements in this
important part of Santa Fe.
Table 3 provides a summary of past planning efforts,
highlighting their goals, key recommendations, and
links to the full documents.
Additional information about these previous plans
can be found in the appendix of this document.
Conceptual site plan excerpts from the 2022 Midtown Master
Plan.
FIGURE 3. MATRIX OF PREVIOUS PLANNING & COMMUNITY ENGAGEMENT
P L A N N I N G
E F FO R T P L A N G O A L ST R AT EG I ES & P R O J ECTS
St. Michael’s
Drive: Visions
of the Future
(2009)
The effort included the
development of concepts by
various participants focused
on the combination of a re-
designed roadway, as well as a
new development pattern and
new approach to urban design
along the road.
This effort included design concepts with lane reductions,
roundabouts, and landscaped medians to calm traffic and enhance
safety. Projects emphasize wide sidewalks, separated bike lanes,
and complete streets to support walking and biking. Mixed-use
development with 2–5 story buildings, live/work units, and creative
districts are proposed. Public realm improvements include plazas,
parks, tree-lined boulevards, and pedestrian promenades. Several
visions include a new train station, underground parking, and
stronger neighborhood connections. Sustainability tools feature
solar and wind power, water harvesting, and green infrastructure.
District themes center on arts, education, wellness, and transit-
oriented development.
RE:MIKE (2012)
This plan imagines a revitalized
St. Michael’s Drive Corridor in
Santa Fe, transforming it into
a more vibrant, pedestrian-
friendly, and economically
diverse area.
This plan includes strategies such as fee waivers, allocation
of other city resources, and special designation of zoning for
economic development purposes as a result of the implementation
of a multi-phased overlay district
FIGURE 4. MIDTOWN CONCEPTUAL SITE PLANNORTH P L A N N I N G
E F FO R T P L A N G O A L ST R AT EG I ES & P R O J ECTS
OVERLAY
DISTRICT:
MIDTOWN LINC
ZONING
OVERLAY (2016)
The LINC Overlay aimed to spur
redevelopment of underutilized
land along St. Michael’s Drive
by encouraging higher-density,
mixed-use projects, improving
connectivity between major
employers, and supporting
multi-family and commercial
development through design
standards, fee incentives, and
streamlined approvals.
As a part of this effort, fee waivers included impact, permit, utility
expansion, and development review fees. These benefits are
available to qualifying projects, which are required to maintain
compliance for five years and are eligible for administrative
approval. Parking requirements are flexible, allowing demand
studies, shared parking, and use of on-street parking spaces.
Zoning tools include increased height allowances (up to 50’),
no density cap, reduced setbacks, and flexible use standards.
Projects must use high-efficiency water fixtures. Design standards
mandate wide sidewalks, landscaped buffers, screened utilities,
coordinated site furnishings, and street-oriented building façades.
OVERLAY
DISTRICT:
SOUTH-
CENTRAL
HIGHWAY
CORRIDOR
PROTECTION
DISTRICT (SCHC)
(2019)
The SCHC Overlay aimed to
preserve the scenic quality and
manage development within
the overlay area. The SCHC
imposes specific regulations on
land use, density, and design to
maintain the visual appeal and
character of these areas.
This offers a combination of fee incentives, flexible zoning, and
design standards to encourage reinvestment and compact,
mixed-use development. Tools include reduced development fees,
increased building height allowances (up to 52 feet), no density
cap, and reduced setbacks. Parking standards allow shared and
on-street options. Design requirements focus on wide sidewalks,
street-facing buildings, landscaped buffers, and pedestrian-
friendly features. Projects meeting these standards are eligible for
administrative approvals and are required to maintain compliance
in perpetuity.
Santa Fe
Housing Report
(2020)
This report was developed
to analyze the challenges
faced by the City of Santa
Fe’s housing market and
provides strategies and
policy recommendations for
addressing them.
The recommendations include key levers such as zoning reform,
streamlined permitting, public-private partnerships, and expanded
funding for affordable housing. Priority projects involve building
mixed-income developments, supporting nonprofit housing
providers, and converting underutilized properties into housing.
The focus is on creating a more equitable, accessible housing
market that meets the needs of all Santa Fe residents.
MIDTOWN
COMMUNITY
DEVELOPMENT
PLAN (2022)
This plan, developed as part
of the Midtown Master Plan,
guides new development to
support community priorities
like housing affordability, job
access, arts and culture, and
public amenities. Created
with input from numerous
community stakeholders, it
emphasizes inclusivity, equity,
and sustainability.
This plan includes key strategies encouraging mixed-use and
affordable housing development, activating public spaces, and
enhancing connectivity through multi-modal infrastructure.
Priority projects include new community spaces, cultural and arts
programming, expanded transit access, and improvements to
walking and biking networks. Levers to support implementation
include zoning and land use updates, public-private partnerships,
targeted infrastructure investments, and use of various financial
tools. The approach focuses on aligning public investments with
community goals to create a vibrant, inclusive, and economically
resilient Midtown district.
MIDTOWN
PUBLIC
ENGAGEMENT
REPORT (2022)
The plan outlines a community-
driven vision for the
redevelopment of the Midtown
District. Its goals are to create
a vibrant, inclusive district
with mixed-income housing,
public spaces, arts and cultural
amenities, and opportunities
for education, employment, and
local business growth.
This plan includes core strategies ensuring a mix of housing
types, including affordable options, preserving and expanding
open space, and integrating arts, education, and cultural uses.
Projects focus on adaptive reuse of existing structures, developing
parks and plazas, supporting local businesses, and creating
space for youth, families, and intergenerational programming.
Implementation levers identified include inclusive zoning, phased
redevelopment, partnerships with local institutions, and prioritizing
equity, transparency, and community stewardship throughout the
planning process.
Midtown Master
Plan (2022)
This plan is a roadmap for
redevelopment of the former
SFUAD site, encouraging a
mixed-use, inclusive district
with goals of housing, culture,
mobility, sustainability, and
community-driven economic
growth.
This plan leverages key strategies such as public–private
partnerships, infrastructure upgrades, and targeted investment
incentives. Proposed projects include affordable and market-
rate housing, transit and bicycle improvements, civic spaces,
cultural facilities, and the adaptive reuse of existing buildings.
The plan prioritizes inclusive growth, sustainability, and long-
term community benefits. The plan prioritizes inclusive growth,
sustainability, and long-term community benefit.

February 27, 202610 11M I D T O W N M E T R O P O L I TA N
R E D E V E L O P M E N T P L A N
VISION & GOALS
The vision of the Midtown MRA district, as articulated
in previous plans, is to transform the area into a
vibrant, inclusive, and economically dynamic district
that blends culture, arts, education, housing, and
public spaces. Redeveloping the Midtown site will
catalyze improvments throughout the MRA district.
The goals for the Midtown MRA district area:
GOAL 1: Create convenient connections and
upgraded infrastructure.
Create strong non-motorized connections between
the Midtown site, the MRA district, and surrounding
neighborhoods to support a vibrant, mixed-use, and
inclusive cultural district.
GOAL 2: Foster a high-quality built
environment.
Balance preservation with progress by reusing and
rehabilitating legacy buildings and cultural arts
resources to maintain character and reduce waste.
GOAL 3: Improve safety.
Target lighting and crossing improvements at major
gateways, transit stops, trail crossings, and other key
locations within the MRA district. Encourage ground
floor, street facing retail to add more “eyes on the
street”.
GOAL 4: Address environmental challenges
through resilient design strategies.
Environmental challenges should be addressed
through strategic design and infrastructure, including
retrofitting the existing pond to enhance stormwater
management and ecological function.
GOAL 5: Establish a better connected block
layout with public spaces.
Redesign the area with smaller blocks, street-facing
commercial buildings, a dense street network, and
centrally located parks and plazas for the existing
community, future residents and visitors.
GOAL 6: Expand housing variety and
affordability.
Provide diverse and affordable housing types with a
mix of incomes and unit sizes to support community
growth and vitality.
GOAL 7: Vibrant and creative business
activity.
Build on Midtown’s central location and arts heritage
by providing diverse spaces for current and emerging
businesses to thrive.
Conceptual rendering of the Midtown Site from the 2022 Midtown Master Plan.
DESIGNATION REPORT
FINDINGS
MRA DESIGNATION REPORT
FINDINGS
The Midtown Metropolitan Redevelopment Area has
been designated to tackle various challenges that
have hindered its economic growth, livability, and
development potential.
The findings in the MRA Designation Report
identified several conditions that meet the
criteria for an MRA designation under the New
Mexico Metropolitan Redevelopment Code. These
findings inform the redevelopment strategies and
implementation recommendations outlined in this
plan. The goal is to address and build upon these
conditions to empower a thriving and active district
that promotes future growth and opportunities for
residents.
Table 4 outlines the criteria from the MRA
Designation Report, summarizes the findings of the
report associated with each criterion, and indicates
where some of these conditions are located.
These findings are integrated into the “FIGURE 8.
Implementation Table” on page 22 which address
the existing challenges with strategies to eliminate
blight and achieve the desired outcomes.
FIGURE 5. DESIGNATION REPORT FINDINGS
C R I T E R I A L O C AT I O N F I N D I N G S
Defective or Inadequate
Street Layout
St Michael’s corridor St. Michael’s Drive functions as a high-speed arterial with no
bike lanes or mid-block crossings, creating unsafe pedestrian
conditions, and limiting pedestrian connectivity, and access.
Midtown Site The site has only two access points, one of which lacks a traffic
signal, restricting internal circulation and creating unsafe
pedestrian conditions.
St Michael's corridor Lack of access between parcels impedes connectivity.
Deteriorated or
Deteriorating Structures
Midtown site Many buildings in the area, especially on the former SFUAD
campus, are outdated, deteriorating, or structurally deficient.
St. Michael's corridor Former dormitories are not suitable for modern residential reuse
due to outdated design and code deficiencies.
Midtown Site Former barracks on the southwest portion of the site remain a
biohazard, preventing community use.
St Michael's corridor Sidewalks, medians, and landscaped areas are in disrepair or
missing.
St.Michael's corridor Transit amenities, including bus stops, are often unsheltered and
poorly maintained.
Midtown Site Public spaces are limited, poorly maintained, and uninviting for
community use.
St Michael's corridor
and Midtown Site Dead or overgrown landscaping contributes to visual blight.
Midtown Site Poor maintenance and lack of investment in public areas
discourage gathering and reinvestment.

February 27, 202612M I D T O W N M E T R O P O L I TA N
R E D E V E L O P M E N T P L A N
C R I T E R I A L O C AT I O N F I N D I N G S
Environmental Hazards
Midtown Site Portions of the site, such as the former barracks, contain
asbestos and other contaminants.
Midtown Site Remediation costs present a substantial financial barrier to
redevelopment.
Faulty Lot Layout that
Reduces Usefulness or
Redevelopment Potential
St Michael's corridor Large, irregular parcels and excessive surface parking dominate
the area.
St Michael's corridor Strip mall-style developments and outdated subdivision patterns
limit the redevelopment of cohesive, mixed-use environments
High Crime Rates and
Public Safety Concerns
St Michael’s corridor The LINC area comprises just 1.7% of Santa Fe’s land area but
accounts for over 7% of reported crimes, including property
damage and vandalism
St Michael’s corridor Safety concerns discourage public use, walkability, and private
investment
Lack of Adequate Housing
Facilities or Conditions
Preventing Housing
Provision
St Michael's corridor The area lacks diverse, affordable, and mixed-income housing
St Michael's corridor Despite zoning allowances, no new residential development
has occurred due to infrastructure constraints and high
redevelopment costs
Obsolete or Impractical
Planning and Platting
St Michael's corridor Historically single-use zoning and outdated planning regulations
have resulted in inefficient land use and created barriers to
redevelopment
St Michael's corridor The need for updated zoning to support walkable, mixed-use
development is well documented in existing plans
Significant Number of
Vacant or Struggling
Commercial Properties St Michael’s corridor Numerous properties along St. Michael’s Drive and within the
Midtown site remain vacant or significantly underutilized
Vacant lot with trash and weeds , Midtown MRA district
MARKET STUDY FINDINGS
The following section includes a summary of a market
study that was conducted for the area covered by the
Midtown Local Innovation Corridor Overlay District,
coinciding with a MRA District for a similar zone. The
study assesses economic and demographic trends in
Santa Fe; analyzes recent performance of multifamily,
office, hotel, and retail sectors in the Midtown LINC
and surrounding areas; and estimates the pace of
development for redevelopment sites within the
study area.
E C O N O M I C & D E M O G R A P H I C T R E N D S
There are approximately 50,140 jobs in Santa Fe, 5%
of which are in the Midtown LINC. The Midtown LINC
has a larger share of jobs in accommodation, food
services, finance, and insurance compared to the rest
of the city. Overall, employment in Santa Fe decreased
by approximately 170 jobs from 2010 to 2022.
However, over the past decade, Santa Fe experienced
significant job growth in major economic clusters
like hospitality and tourism (+1,790 jobs), healthcare
(+800 jobs), and information technology (+360 jobs).
These same economic clusters are projected to grow
over the next decade. In addition, National Labs such
as Los Alamos and Sandia are driving recent and
projected regional growth in energy, aerospace, and
defense-related industries.
As of 2024, Santa Fe had a population of
approximately 90,200. The city’s population
increased by nearly 30% since 2010, though the
majority of growth was related to a 2014 annexation.
Excluding annexations, the city’s population has
steadily increased since 2010. Median household
income in Santa Fe is $74,200, and over 35% of
Santa Fe households have annual incomes of over
$100,000. Future household growth is projected to
be concentrated among households earning above
$100,000 annually.
M U LT I FA M I LY M A R K E T
Multifamily residential has been experiencing a boom
in Santa Fe. Since 2019, an average of 446 units has
been permitted in Santa Fe annually. In the year
2019 alone, 245 multifamily units were permitted –
more than the combined total of multifamily units
permitted in the prior 18 years. Developer interviews
suggest several contributing factors to this new
development momentum, including amendments
to the city’s affordability requirements, which allow
developers to pay a fee in lieu of affordable units,
post-pandemic migration to Santa Fe from around
FIGURE 6. SANTA FE TOTAL POPULATION, 2010-2022
13

February 27, 202614 15M I D T O W N M E T R O P O L I TA N
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FIGURE 7. SANTA FE OFFICE ABSORPTION AND VACANCY, 2015-2024
the nation, and the continued strength of economic
anchors such as the national labs.the nation, and
the continued strength of economic anchors like the
national labs.
Santa Fe also has 1,090 units currently under
construction and an additional 4,430 units
proposed. Given the unprecedented development
pipeline, some real estate professionals believe
the Santa Fe market-rate multifamily market may
currently be overbuilt. The pace of new market-rate
development may slow in the near-term to allow
pipeline development to absorb, particularly with
uncertainty about tariffs increasing construction
costs. However, there continues to be an overall
regional housing shortage – particularly affordable
homes for lower- and moderate-income households.
Given broader regional housing needs, multifamily
is expected to remain a strong real estate market
segment over the medium- to long-term and will
FIGURE 8. SANTA FE RESIDENTIAL UNITS PERMITTED, 2000-2023 likely be the primary development product for the
Midtown campus. Developing market-rate housing
along with affordable housing at the Midtown site
can simultaneously create a new mixed-income
neighborhood in the city and help address regional
housing needs.
O F F I C E M A R K E T
Recent multi-tenant office deliveries have been
limited, which has led to a very low vacancy rate.
While Santa Fe has over 7.16 million SF of existing
office space, only 116,000 SF have been delivered
since 2015. As a result, in combination with continued
job growth in office-reliant economic sectors like
information technology and business services, Santa
Fe’s office vacancy rate decreased from 6.8% in 2015
to 1.6% in 2024.
Continued absorption and a low vacancy rate indicate
that Santa Fe’s office market is much stronger than
in many peer cities, where office performance has
been persistently weak since the COVID-19 pandemic.
While State and local government are part of the
FIGURE 9. SANTA FE HOTEL OCCUPANCY BY CLASS, 2015-2024
growth of the economy, demand for new office space
is likely to be driven by medical users, National Lab
spinoffs, federal agencies, and private businesses
that are more willing to pay higher rents associated
with new Class A office. Future demand appears
to be strong for developers seeking to develop
multi-tenant speculative office or larger businesses
that seek a build-to-suit office development in a
new, upcoming mixed-use center. While Midtown
is not currently a core office market, its central
location in Santa Fe and availability of land could
make it a strong contender to capture future office
development. Any office development at Midtown
should complement the mixed-use neighborhood
vision.
H O T E L M A R K E T
Tourism is the primary driver of hotel demand in
Santa Fe. Travel + Leisure readers recently voted
Santa Fe as their #1 favorite city in the United States.
Santa Fe’s hospitality market has largely recovered
post-COVID. The citywide average occupancy rate is
68%, which exceeds pre-pandemic levels. Upscale
and Upper Midscale class hotels have the highest
occupancy among classes (73%). The citywide
average daily rate (ADR) is $182. Hotels in Santa Fe

February 27, 202616 17M I D T O W N M E T R O P O L I TA N
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FIGURE 10. EXISTING RETAIL CLUSTER IN SANTA FE
have experienced strong ADR growth since 2020,
with the overall market average increasing from
$138 in 2019 to $182 in 2024. Luxury and Upper
Upscale class hotels have been the primary driver of
this growth. ADR for this class grew by 41% between
2019 and 2024, while the overall market ADR
increased 32% over the same period.
Hotel development could potentially be feasible
at Midtown in the long run, particularly as other
developments bring more activity to the area. Hotel
visitors to the area could help support the retail and
add to the tax base.
R E TA I L M A R K E T
Retail is generally performing well in Santa Fe,
particularly in the primary retail clusters like
Midtown. Overall market vacancies continue to be
low (2.3%). However, rent growth and new deliveries
have both slowed in recent years. The Midtown LINC
contains approximately 1.1M SF of commercial space
(15.6% of Santa Fe’s total commercial inventory)
and has captured a roughly equivalent share of
new development citywide since 2015. The broader
Midtown MRA can capture additional daily needs
retail development, particularly as new residential
development expands the local consumer base. Sites
within the Midtown campus, which lack frontage
on the main roads, should also seek to attract
destination retail and entertainment users that can
draw customers from a wider geography for their
unique offerings and experiences.
K E Y T A K E A W A Y S
M U LT I F A M I LY
O Significant recent increase in units constructed.
O Short-term slowdown, but capacity for more in the
long term.
O F F I C E
O Low vacancy due to limited new development.
O Demand potential from medical, lab spinoffs, and
government agencies.
O New office should fit mixed-use neighborhood
model.
H OT E L
O Occupancy back to pre-pandemic levels.
O Upscale and upper midscale performing best
O Long-term hotel potential.
R E TA I L
O Healthy market, especially in Midtown clusters.
O Low vacancy; slowed rent growth and new
construction.
O Non-frontage sites should focus on destination
retail.
M A R K E T C O N C L U S I O N S & D E M A N D
P R O J E C T I O N S
O Multifamily development will include market-rate,
mixed-income, and affordable developments.
O Midtown could potentially accommodate labs and
other scientific offices, as well as some government
offices.
O Midtown should include a mix of hotel types (i.e.,
larger conference hotels and smaller boutique hotels)
to capture different travel sectors.
O A majority of new retail space in Midtown is likely
to be ground-floor retail in mixed-use buildings,
or standalone, specialty retail. Big box retail with
national tenants is unlikely to locate within the core
of Midtown.

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NATIONAL BEST
PRACTICES
Utilizing a MRA designation to redevelop blighted
districts is a common practice employed throughout
the country.
One of the many advantages of creating an
MRA district is the ability to use tax increment
financing as a tool to pay for infrastructure. This
type of financing can also be used to implement
community-driven initiatives, such as park and public
space improvements, public programming, and to
supplement operations and maintenance of public
amenities. Below are several examples that illustrate
how MRA districts can be successful.
GLENVIEW, IL
C O M M U N I T Y S N A P S H O T
The VIllage of Glenview is a suburb of Chicago, IL
with a population of approximately 50,000.
Glenview initiated a planning process to integrate
a decommissioned Naval Air Station site into
it’s community. Upon its closure, the Air Station
comprised 15% of Glenview’s land area. Glenview
established a 23 year MRA for the former Naval Air
Station site and utilized TIF as a major funding source
for their redevelopment efforts.
Similar to Midtown, this is a large campus-like site
situated in a central location and adjacent to a
commuter rail line.
FIGURE 11. GLENVIEW AERIAL OF THE MRA DISTRICT
I M P L E M E N TAT I O N
To achieve redevelopment goals, TIF financing was
utilized. The TIF District is expected to generate over
$800 million in revenue including $560 million from
property and sales taxes, and $220 million from
the sale of approximately 600 land acres to private
developers. The revenue has funded approximately
$183 million of roads and stormwater infrastructure.
L E V E R A G I N G M R A T O O L S
O Demolish remaining Naval Air Station structures,
including 1.5 miles of runway and more than 100
Navy buildings
O Environmental remediation to clean contaminated
soils, underground fuel storage tanks and dumping
sites
O Build stormwater detention near Patriot
Marketplace Retail Center
O Construct public improvements, including public
parking structures, parks, sidewalks and streets
K E Y T A K E A W A Y S
O TIF was utilized to pay for large scale infrastructure
projects
O Infrastructure costs are difficult to finance without
special tools or districts
O A single master developer, in this case the city, was
essential to project success
O TIF can be leveraged to create a high rate of return
on public investment
DUBLIN, OH
C O M M U N I T Y S N A P S H O T
Dublin, Ohio is a suburb of Columbus, OH with a
population of 49,328.
To stay competitive, City of Dublin recognized the
need to innovate, creating a vision for an urban,
walkable community that they called the Bridge
Street District. This included more than 30 acres of
land along the Scioto River in 2012 - previously the
site of a struggling strip mall and driving range.
I M P L E M E N TAT I O N
To bring this vision to life, the city utilized TIF
financing to develop 1,700 parking spaces and
a significant portion of the road network for the
development. The city also invested in public
works projects that support the Bridge Street
District including the relocation of roadways and
roundabouts, and an iconic pedestrian bridge.
Bridge Park is now a well-known destination in
central Ohio, allowing visitors, residents and office
users to enjoy a once underutilized space. The
$500 million+ private investment includes the
development of Class A office and retail/restaurant
space, for-rent residential units, for-sale condos/
townhomes, an events center and public park.
Before and after images of the Bridge Street District.

February 27, 202620 21M I D T O W N M E T R O P O L I TA N
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L E V E R A G I N G M R A T O O L S
O Built structured parking to support private
development
O Constructed public spaces and parks to create
community benefit
O Financed and constructed road network
K E Y T A K E A W A Y S
O TIF financing was utilized to develop infrastructure
O Redeveloping the large site relied on strong
public–private partnerships
O Attracting a mix of uses created a more vibrant
development
BOISE, ID
C O M M U N I T Y S N A P S H O T
The River Myrtle–Old Boise (RMOB) District is a
centrally located area in downtown Boise, ID. When
established in 1996, the district consisted largely
of vacant land, aging warehouses, and remnants of
industrial uses. The district was created to ensure
that downtown Boise remained the region’s hub
for business, government, culture, education, and
urban living—similar to the Midtown site in its
central location and potential for transformation.
I M P L E M E N TAT I O N
To support redevelopment goals, Boise’s urban
renewal agency, the Capital City Development
Corporation (CCDC), utilized tax increment financing
(referred to as revenue allocation in Idaho). The
financing has enabled strategic public investments
in infrastructure and streetscapes that have spurred
private development and helped transform the
RMOB District into a vibrant, mixed-use urban
neighborhood.
H O W T H E M R A D E S I G N AT I O N F U N C T I O N S
O Improved streetscapes to enhance the safety and
functionality of the rights-of-way
O Park Improvements: A partnership with the local
Parks department to upgrade a park.
O Built public spaces that celebrated the
neighborhood’s multicultural history, providing
additional event space to support street festivals,
and catalyzes placemaking with adjacent private
investment and overall neighborhood investment
strategy.
Rebuild Old Boise Blocks project: Grove Street in Boise between 4th Street and 5th Street, looking west.
K E Y T A K E A W A Y S
O TIF investments spurred private development
O TIF served as a key tool to fill financing gaps
O Redevelopment utilized a mix of capital sources
FINANCIAL TOOLS
There are several local, state and federal sources
that could be used to pay for improvements within
the Midtown MRA district. One of the responsibilities
of the Metropolitan Redevelopment Agency
will be to apply for these sources or establish
funding mechanisms that could fund area-wide
improvements.
O P P O R T U N I T Y Z O N E
The census tract that encompasses the Midtown
LINC area is a designated Opportunity Zone (OZ),
an area where new investments may be eligible for
preferential tax treatment. The program provides
deferred or reduced taxes on capital gains from
investments in OZs. Projects such as commercial and
industrial real estate, housing, infrastructure, and
existing or start-up business investments can all
produce OZ tax benefit.
TA X I N C R E M E N T F I N A N C I N G
Tax increment financing is a
flexible, public-private finance
tool used by local governments
across the country. TIF allocates
future increases in taxes from a
designated area, or TIF District, to
pay for improvements within that
area. Generally, the purpose of
TIF is to eliminate blight through
redevelopment, foster economic
development, and enhance the
local tax base. In New Mexico, TIF
districts may only be established
within existing Metropolitan
Redevelopment Areas with plans
approved by the local government.
In 2024, the State of New Mexico approved changes
to the State Metropolitan Redevelopment Area
statute to create an enhanced TIF mechanism. The
changes now allow for TIF districts to capture a
portion of incremental gross receipts tax (GRT)
and property tax revenue generated within the
district. With the changes to State law, a TIF could
collect up to 75% of incremental property and gross
receipts taxes generated from the municipality,
county and state within a TIF District for up to 20
years. Participation rates are subject to municipal,
county and state approval, and could be less than
75% depending on taxing jurisdiction needs and
redevelopment goals. Over the TIF period, school,
water and other special taxing districts continue to
collect their regular tax rate and immediately benefit
from growth in the tax base.
TA X I N C R E M E N T D E V E L O P M E N T D I S T R I C T
A Tax Increment Development District (TIDD)
is a designated area that captures a portion of
incremental gross receipts or property tax revenue
to finance public infrastructure projects like roads
and utilities. A TIDD functions similarly to a TIF.
However, for a TIDD to be established, a majority of
the property owners in the district must be in favor
of the TIDD. Unlike TIFs, which have more flexibility,
TIDD funds can only be spent on infrastructure.
Lastly, a TIDD relies on tax increases paid by property
owners to fund district-wide improvements.

February 27, 202622 23M I D T O W N M E T R O P O L I TA N
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FIGURE 12. IMPLEMENTATION TABLE
ST R AT EG I ES & P R O J ECTS T Y P E L O C AT I O N PA R T N E R S F U N D I N G M A P #
GOAL 1: Create convenient connections and upgraded infrastructure.
Create strong non-motorized connections between the Midtown site, the MRA district, and surrounding neighborhoods to support a vibrant, mixed-use, and inclusive cultural district.
MRA Criteria Addressed: Defective or Inadequate Street Layout; Obsolete or Impractical Planning and Platting
Incorporate Green Stormwater Infrastructure (GSI) as part of every new development Infrastructure Throughout MRA City of Santa Fe, private
developers
Tax Increment Financing (TIF), Community Development Block Grant (CDBG), Local
Capital Improvement Funds, Clean Water State Revolving Fund (CWSRF), Water
Infrastructure Finance and Innovation Act (WIFIA), Section 319 Nonpoint Source
Grant Program
NA
Enhance connections between General Franklin E Miles Park and the Midtown Site Infrastructure Midtown Site City of Santa Fe, State of
New Mexico
TIF, Trails+ Grant Program, CDBG, Local Capital Improvement Funds, Santa Fe
Community Foundation Grants 1
Enhance connectivity within and around the Midtown site by improving safe,
accessible pedestrian and bicycle infrastructure that supports daily physical activity,
promotes community health, and strengthens links to surrounding neighborhoods,
parks, and key destinations.
Infrastructure Throughout MRA City of Santa Fe TIF, Trails+ Grant Program, CDBG, Local Capital Improvement Funds, Santa Fe
Community Foundation Grants NA
Improve bicycle and pedestrian connectivity between the Midtown site, Hopewell-
Mann and other neighborhoods to the north, east, south Infrastructure Midtown Site City of Santa Fe TIF, Trails+ Grant Program, CDBG, Local Capital Improvement Funds, Transportation
Alternatives program (TAP), Recreational Trails Program (RTP), NM Match Fund 2
Improve bicycle and pedestrian connectivity at intersections on Cerrillos Rd., St.
Michael’s Dr., and Siringo Rd. Infrastructure Throughout MRA City of Santa Fe TIF, Trails+ Grant Program, CDBG, Local Capital Improvement Funds, TAP, RTP, NM
Match Fund 3
Improve bicycle and pedestrian connectivity between the Midtown site and General
Franklin E Miles Park Infrastructure Midtown Site City of Santa Fe TIF, Trails+ Grant Program, CDBG, Local Capital Improvement Funds, TAP, RTP, NM
Match Fund, Santa Fe Community Foundation Grants 4
Improve bicycle and pedestrian connectivity between the St. Michael’s corridor and
the Arroyo de Los Chamisos Trail, Rail Trail and other regional trails. Infrastructure Throughout MRA City of Santa Fe TIF, Trails+ Grant Program, CDBG, Local Capital Improvement Funds, TAP, RTP, NM
Match Fund, Santa Fe Community Foundation Grants 5
Work with nearby property owners to determine the desirability and feasibility of “Soft
Connections” that improve convenience, safety, and comfort of people accessing the
Midtown site by walking, rolling and riding bikes
Infrastructure Throughout MRA Private property owners TIF, Trails+ Grant Program, CDBG, Local Capital Improvement Funds, TAP, RTP, NM
Match Fund, Santa Fe Community Foundation Grants 6
RECOMMENDATIONS &
IMPLEMENTATION
The Midtown MRA district and its surrounding
neighborhoods are vibrant and diverse, rich with unique
assets and poised to grow as an inclusive cultural
and economic hub. The following implementation
table organizes specific strategies and projects
aligned under key goals developed to realize this
potential and address the MRA designation criteria.
Each goal reflects a targeted approach to foster
connectivity, strengthen the built environment,
improve safety, promote environmental resilience,
encourage thoughtful urban design, expand housing
diversity and affordability, and support thriving
local businesses for the people of Santa Fe. They
also directly respond to the criteria for MRA district
designation.
These targeted interventions are designed to support
the evolution of this dynamic district. Each action
item is paired with implementation partners and the
specific geographic areas within the MRA where it
applies—providing a clear roadmap for coordinated,
phased revitalization. This framework is intended to
guide public and private investment, align resources,
and support long-term redevelopment success.

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ST R AT EG I ES & P R O J ECTS T Y P E L O C AT I O N PA R T N E R S F U N D I N G M A P #
Establish pedestrian and bicycle connections to educational institutions including
Nava Elementary School, Santa Fe High School, Milagro Middle School, NM Highland
University Center, as well as adjacent City-owned parcels.
Infrastructure Throughout MRA Santa Fe Public Schools,
City of Santa Fe
TIF, Trails+ Grant Program, CDBG, Local Capital Improvement Funds, TAP, RTP, NM
Match Fund 7
Improve access to community-serving uses at the Site, such as the new Library,
by providing safe and convenient routes for walking, rolling, and bicycling from
surrounding neighborhoods.
Infrastructure Throughout MRA City of Santa Fe TIF, Trails+ Grant Program, CDBG, Local Capital Improvement Funds, TAP, RTP, NM
Match Fund, Santa Fe Community Foundation Grants NA
Enhance personal and traffic safety in areas where people are or could be physically
active. Infrastructure Throughout MRA City of Santa Fe TIF, CDBG, Local Capital Improvement Funds,TAP, RTP, NM Match Fund, AARP
Community Challenge Grant NA
Prioritize pedestrians and cyclists over vehicles. Infrastructure Throughout MRA Private developers, City of
Santa Fe
TIF, Trails+ Grant Program, CDBG, Local Capital Improvement Funds, TAP, RTP, NM
Match Fund, AARP Community Challenge Grant NA
Deliver internal connectivity for people walking. Infrastructure Midtown Site Private developers, City of
Santa Fe
TIF, Trails+ Grant Program, CDBG, Local Capital Improvement Funds, TAP, RTP, NM
Match Fund, AARP Community Challenge Grant NA
Improve access to transit on St. Michael’s Dr., Cerrillos Rd. and Siringo Rd. Infrastructure Throughout MRA City of Santa Fe TIF, Trails+ Grant Program, CDBG, Local Capital Improvement Funds, TAP, RTP, NM
Match Fund, Santa Fe Community Foundation Grants 8, 9, 10
Minimize cut-through traffic. Infastructure Midtown Site City of Santa Fe TIF, CDBG, Local Capital Improvement Funds,TAP, NM Match Fund NA
GOAL 2: Foster a high-quality built environment.
Balance preservation with progress by reusing and rehabilitating existing buildings and cultural arts resources to maintain character and reduce waste.
MRA Criteria Addressed: Significant Number of Vacant or Struggling Commercial Properties; Deteriorated or Deteriorating Structures
Rehabilitate and reuse existing buildings and cultural resources where feasible. On the
Midtown site, this includes but is not limited to the following:
• Greer Garson Studio Complex
• Greer Garson Theatre Center
• Visual Arts Center
• Fogelson Library Complex
• Benildus Hall
• Administration Building
Infrastructure Midtown Site Private developers, non-
profits, City of Santa Fe TIF, CDBG, Local Capital Improvement Funds, Private Donations, NM Match Fund
11a, 11b,
11c, 11d,
11e, 11f
Replace buildings that have reached the end of their useful life with new, more
sustainable buildings. Infrastructure Throughout MRA Private developers, non-
profits, City of Santa Fe TIF, CDBG, Local Capital Improvement Funds, Private Donations, NM Match Fund NA

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ST R AT EG I ES & P R O J ECTS T Y P E L O C AT I O N PA R T N E R S F U N D I N G M A P #
GOAL 3: Improve safety.
Target lighting and crossing improvements at major gateways, transit stops, trail crossings, and other key locations within the MRA district. Encourage ground floor, street facing retail to add more “eyes on the street”.
MRA Criteria Addressed: High Crime Rates and Public Safety Concerns
Enhance Safety through consistent site lighting. Infrastructure Throughout MRA Private property owners,
City of Santa Fe TIF, CDBG, Local Capital Improvement Funds, AARP Community Challenge Grant NA
Assess and enhance pedestrian level lights. Infrastructure Throughout MRA Private property owners,
City of Santa Fe TIF, CDBG, Local Capital Improvement Funds, AARP Community Challenge Grant NA
Prioritize high pedestrian and vehicle traffic areas, both current and planned. Infrastructure Throughout MRA Private property owners,
City of Santa Fe TIF, CDBG, Local Capital Improvement Funds, AARP Community Challenge Grant NA
GOAL 4: Address environmental challenges through resilient design strategies.
Environmental challenges should be addressed through strategic design and infrastructure, including retrofitting the existing pond to enhance stormwater management and ecological function.
MRA Criteria Addressed: Environmental Hazards; Obsolete or Impractical Planning and Platting
Retrofit the existing pond in the southern portion of the Midtown site to enhance
stormwater management capacity, support biodiversity, and create a visible green
amenity for the community.
Infrastructure Midtown Site City of Santa Fe TIF, CDBG, Local Capital Improvement Funds, CWSRF, WIFIA, Section 319 Nonpoint
Source Grant Program 12
Adopt infrastructure and green building practices that prioritize energy efficiency,
reduce greenhouse gas emissions, and expand the use of renewable, clean energy
sources in both new construction and building retrofits.
Infrastructure Throughout MRA City of Santa Fe TIF, CDBG, Local Capital Improvement Funds, CWSRF, WIFIA, Section 319 Nonpoint
Source Grant Program NA
Integrate green stormwater infrastructure (GSI)—such as rain gardens, permeable
pavement, and bioswales—into every new development to manage runoff, improve
water quality, and enhance the public realm.
Infrastructure Throughout MRA City of Santa Fe TIF, CDBG, Local Capital Improvement Funds, CWSRF, WIFIA, Section 319 Nonpoint
Source Grant Program NA
GOAL 5: Establish a better connected block layout with public spaces.
Redesign the area with smaller blocks, street-facing commercial buildings, a dense street network, and centrally located parks and plazas.
MRA Criteria Addressed: Defective or Inadequate Street Layout; Faulty Lot Layout that Reduces Usefulness or Redevelopment Potential; Obsolete or Impractical Planning and Platting
Create and implement a Parking Demand Management Strategy to provide options and
tools that reduce the amount of parking needed for development. Connectivity Throughout MRA
Private property owners,
developers, City of Santa
Fe
TIF, CDBG, Local Capital Improvement Funds, NM Match Fund NA
Narrow existing roads and when building new roads, make them more narrow. Land Use Throughout MRA City of Santa Fe TIF, CDBG, Local Capital Improvement Funds, NM Match Fund NA

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ST R AT EG I ES & P R O J ECTS T Y P E L O C AT I O N PA R T N E R S F U N D I N G M A P #
Development and redevelopment along Cerrillos Road and St. Michael’s Drive should
provide greater density of commercial uses and more housing closer to the right of
way.
Land Use Throughout MRA City of Santa Fe TIF, CDBG, Local Capital Improvement Funds, NM Match Fund NA
GOAL 6: Expand housing variety and affordability.
Provide diverse and affordable housing types with a mix of incomes and unit sizes to support community growth and vitality.
MRA Criteria Addressed: Lack of Adequate Housing Facilities or Conditions Preventing Housing Provision
Provide a minimum of 30% of the homes developed within the Midtown Master Plan
area as affordable for low- and moderate-income households. Land Use Midtown Site Private developers, City of
Santa Fe TIF, CDBG, Local Capital Improvement Funds, NM Match Fund NA
Dedicate space for 100 percent affordable homes, using such tools as low-income
housing tax credits, construction and operating subsidies, and other incentives, with
long-term affordability controls through financing terms, land trusts, or other deed
restrictions.
Land Use Midtown Site Private developers, City of
Santa Fe TIF, CDBG, Local Capital Improvement Funds, NM Match Fund NA
Pass legislation to require in-lieu-of fees paid within the MRA to be invested in the
Midtown Master Plan Area or within the Midtown LINC zoning area. Land Use Throughout MRA Private developers, City of
Santa Fe TIF, CDBG, Local Capital Improvement Funds, NM Match Fund NA
Strengthen, incentivize, and increase the capacity of non-profit and community
organizations to develop affordable housing that focuses on community stabilization
of adjacent neighborhoods.
Land Use Throughout MRA Private developers, City of
Santa Fe TIF, CDBG, Local Capital Improvement Funds, NM Match Fund NA
GOAL 7: Vibrant and creative business activity.
Build on Midtown’s central location and arts heritage by providing diverse spaces for current and emerging businesses to thrive.
MRA Criteria Addressed: Significant Number of Vacant or Struggling Commercial Properties
Prioritize resources from the Office of Economic Development to facilitate business
location and development in the Midtown District.
Economic
Development Midtown Site Private developers, City of
Santa Fe TIF, CDBG, Local Capital Improvement Funds, NM Match Fund NA
Focus disposition for commercial development on industries that establish a creative
technology, entertainment, arts, and culture center in Santa Fe, including Film and
Multi-media; Technology; Community Arts & Culture (including food); Entertainment;
Entrepreneurialism; Locally owned small businesses.
Economic
Development Throughout MRA Private developers, City of
Santa Fe TIF, CDBG, Local Capital Improvement Funds, NM Match Fund NA
V

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2
2 4
2
2 2
2
3
3
3
6
6 3
5
5
5
5
7
7
7
12
9
8
10
A
A
B
C
D
A
11b
11c 11e
11d
11f
11a
B
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DC
C
E
F
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G
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EFebruary 27, 2026
30 31M I D T O W N M E T R O P O L I TA N
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FIGURE 13. STRATEGIES & PROJECTS MAP
The following map items highlight
place-based strategies and goals
outlined in the preceding table.
STRATEGIES & PROJECTS
1. Enhance connections between
General Franklin E Miles Park,
Midtown Site
2. Improve bicycle and pedestrian
connectivity between the Midtown
site, Hopewell-Mann, other
neighborhoods
3. Improve bicycle and pedestrian
connectivity at intersections on
Cerrillos Rd., St. Michael’s Dr., and
Siringo Rd.
4. Improve bicycle and pedestrian
connectivity between the Midtown
site and General Franklin E Miles
Park
5. Improve bicycle and pedestrian
connectivity between the St.
Michael’s corridor and the Arroyo
de Los Chamisos Trail, Rail Trail and
other regional trails.
6. Work with nearby property owners
on “Soft Connections” that improve
pedestrian access to Midtown.
7. Establish pedestrian and bicycle
connections to educational
institutions, as well as adjacent
City-owned parcels.
8. Improve access to transit on St.
Michael’s Dr., Cerrillos Rd. and
Siringo Rd.
9. Improve access to transit on
Cerrillos Rd.
10. Improve access to transit on Siringo
Rd
11. Rehabilitate and reuse existing
buildings and cultural resources
where feasible. On the Midtown
site, this includes but is not limited
to the following:
a. Greer Garson Studio Complex
b. Greer Garson Theatre Center
c. Visual Arts Center
d. Fogelson Library Complex
e. Benildus Hall
f. Administration Building
12. Retrofit existing pond in the
southern portion of the Midtown
site.
M A P L E G E N D
TRANSPORTATION
BUS ROUTE
Rail Runner and Rail Trail
Neighborhood Shared Route
Regional Trail
Regional Shared Route
SITE FEATURES &
BOUNDARIES
Existing Pond
Midtown Site Boundary
MRA Boundary
NEIGHBORHOODS
A. Casa Alegre
B. Hopewell Mann
C. Midtown
D. Rancho Siringo
PARKS
A. Cielo Vista
B. Los Hermanos Rodriguez
C. General Franklin E. Miles
D. Southridge Calle Lorca
E. Rancho Siringo
F. Herb Martinez
G. Monica Lucero
H. Ragle
SCHOOLS
A. Salazar Elementary
B. Milagro Middle
C. Nava Elementary
D. New Mexico Highlands
University Center
E. Santa Fe High
F. Kearny Elementary
G. Early College Opportunities
High School
H. Chaparral ElementaryNORTH

February 27, 202632 33M I D T O W N M E T R O P O L I TA N
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As part of the implementation strategy, an
assessment of available financing tools has identified
Tax Increment Financing as a leading option. TIF
offers a powerful mechanism to help fund critical
infrastructure improvements while capturing
the long-term benefits of economic growth and
reinvestment in the area.
HOW CAN TIF WORK IN
MIDTOWN?
TIF districts can provide communities the
funds necessary to implement the strategic
goals outlined in their redevelopment plans.
By attracting investment that would not occur
without tax increment financing, the Metropolitan
Redevelopment Agency can help catalyze economic
growth and increase the long-term tax base for all
jurisdictions.
A Midtown TIF district could help facilitate the
redevelopment of Midtown by generating the
funding necessary to rehabilitate the area in
alignment with community needs and existing
plans for the site. TIF could finance efforts by the
Metropolitan Redevelopment Agency to address key
considerations identified in the Midtown Master Plan,
which include connectivity and mobility, integrated
stormwater management, civic and open space, and
affordable housing.
More specifically, TIF could serve as a critical source
of funds for the following:
O Catalytic public infrastructure including streets
and utilities that would make Midtown parcels
development-ready;
O Plazas and open space;
O Public assistance for affordable housing;
O Gap financing for parking structures and other
extraordinary development costs; and
O Renovation and rehabilitation of existing structures
for adaptive reuse.
TAX INCREMENT FINANCING
PROJECTIONS
For the purposes of this plan, TIF revenues were
projected for the Midtown MRA boundary. If
approved, initial projections indicate that a new
TIF district encompassing the proposed Midtown
MRA could generate approximately $190.0 million
in TIF revenue (including gross receipts taxes from
construction) over 20 years for use on eligible costs
within the district. Annual tax revenue collected by
the MRA is projected to range from approximately
$376,000 to $11.1 million annually in the first
FIGURE 14. MIDTOWN MRA TIF REVENUE PROJECTIONS
ten years of the TIF, and up to $17.3 million in the
final year of the TIF. This 20-year revenue stream
would provide the opportunity for significant
public investment and economic development
programming.
R E V E N U E P R O J E C T I O N A S S U M P T I O N S
TIF revenue is generated through inflationary
property value growth on existing properties, growth
of gross receipts due to inflation or increased sales,
or new development which generates additional
property and gross receipts tax revenue. The
TIF revenue projections are based on a series of
assumptions. Current property and gross receipts tax
rates are assumed to remain constant throughout
the entire analysis period. In addition, it is assumed
that the participating taxing districts — the City, the
County, and the State — all contribute 50% of their
incremental revenues generated within the district to
the TIF.
Additional assumptions relate to property tax
and gross receipts tax growth rates over time, as
well as new development within in the district.
Stabilized growth rate assumptions for existing
property and current commercial activity are based
on historic growth observed or estimated for the
Midtown MRA boundary. Future development and
phasing assumptions are based on preliminary
development proposals received by the Metropolitan
Redevelopment Agency, as well as market demand
analysis conducted by SB Friedman.
TA K E AWAYS
A TIF that encompasses the Midtown MRA
could generate significant revenues to fund the
rehabilitation and redevelopment of Midtown in
accordance with community needs and existing
policies and plans. However, because TIF relies in
large part on new development to generate funding,
most of the revenue from a Midtown MRA TIF would
likely be generated in the last ten years of the TIF.
The new TIF revenues give the City multiple
options to fund redevelopment. The City could
choose to enter into public-private partnerships
with developers to advance priority development
projects and fund extraordinary development costs
that are often not covered by the private sector,
such as environmental remediation, higher shares
of affordable housing, and public infrastructure
associated with new development. The city could
also issue bonds against these revenues to pay
for needed public infrastructure, such as streets,
parks, and plazas, to establish the public realm
framework and make parcels within the Midtown site
development-ready.
FIGURE 15. DRIVERS OF GROWTH

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APPENDIX

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APPENDIX ITEM
A: METROPOLITAN
REDEVELOPMENT POWERS
This plan provides the agency with broad powers, as
noted in 3-60A-10 of New Mexico state statute.
These powers, which only exist within the MRA
district, include:
O A. Undertaking and carrying out metropolitan
redevelopment projects, including clearance and
redevelopment, rehabilitation, conservation and
development activities and programs; to make,
enter into and execute contracts up to $200,000
and other agreements and instruments necessary or
convenient to the exercise of its powers under the
Redevelopment Law;
O B. Agree to conditions that it may deem reasonable
and appropriate that are attached to federal
financial assistance and imposed pursuant to
federal law, including conditions relating to the
determination of prevailing salaries or wages or
compliance with federal and state labor standards,
compliance with federal property acquisition policy;
and to include in a contract let in connection with
the project provisions to fulfill these conditions as
it may deem reasonable and appropriate; provided,
however, that all purchases of personal property
shall be in accordance with the City of Santa Fe
Procurement Code;
O C. Inspect any building or property in a
metropolitan redevelopment area in order to make
surveys, appraisals, soundings or test borings and;
to acquire, by purchase, lease, option, devise or
otherwise, any real property or personal property for
its administrative or project purposes, together with
any improvements thereon;
O Prepare for redevelopment any such property;
to insure or provide for the insurance of real
or personal property or operations of the local
government against risks or hazards, including the
power to pay premiums on that insurance; and to
enter into contracts necessary to effectuate the
purposes of the Metropolitan Redevelopment Code
up to $200,00 in value;
O D. Apply for money subject to those procedures and
limitations as may be provided in the constitution
of New Mexico or statutes and to apply for and
accept advances, loans, grants, contributions and
other forms of financial assistance from the federal
government, the state, the county or other public
body or from sources, public or private, for the
purposes of the Metropolitan Redevelopment Code
subject to approval and ratification by Governing
Body;
O A local government may include in a contract for
financial assistance with the federal government for
a metropolitan redevelopment project conditions
imposed pursuant to federal law that the local
government may deem reasonable or appropriate
and that are not inconsistent with the purposes of
the Metropolitan Redevelopment Code;
O E. Make plans necessary for the carrying out of the
purposes of the Metropolitan Redevelopment Code
and to contract with any person, public or private,
in making and carrying out such plans and to adopt
or approve, modify and amend the plans following
community engagement. The plans may include
without limitation:
O (1) redevelopment plans for specific areas;
O (2) plans for programs of voluntary or assisted
repair and rehabilitation of buildings and
improvements;
O (3) appraisals, title searches, surveys, studies
and other preliminary plans and work necessary
to prepare for the undertaking of metropolitan
redevelopment projects;
O F. Develop, test and report methods and techniques
and carry out demonstrations and other activities
for the prevention and elimination of blight and
to pay for, accept and use grants of funds from the
federal government for those purposes;
O G. Appropriate under existing authority the funds
and make expenditures necessary to carry out the
purposes of the Metropolitan Redevelopment Code
and under existing authority to; to close, vacate,
plan or replan streets, roads, sidewalks, ways or
other places; in accordance with applicable law
or ordinances, to plan or replan; and to enter into
agreements with a metropolitan redevelopment
agency vested with metropolitan redevelopment
project powers, which agreements may extend over
any period, notwithstanding any provision or rule
of law to the contrary, respecting action to be taken
by the local government pursuant to the powers
granted by the Redevelopment Law;
O H. Organize, coordinate and direct the
administration of the provisions of the
Redevelopment Law as they apply to the local
government in order that the objective of remedying
blighted areas and preventing the causes of those
areas within the jurisdiction of the local government
may be most effectively promoted and achieved;
O I. Acquire real property that is appropriate for the
preservation or restoration of historic sites; the
beautification of urban land; the conservation of
open spaces, natural resources; or the provision of
recreational opportunities; or that is to be used
for public purposes as limited by their contracting
authority;
O J. May engage in the following activities as part of a
metropolitan redevelopment project:
O (1) special projects directed to the removal of
materials and architectural barriers that restrict
the mobility and accessibility of elderly and
disabled persons;
O (2) provision of public services in the
metropolitan redevelopment area that are not
otherwise available in the area, including the
provisions of public services directed to the
employment, economic development, crime
prevention, childcare, health, drug abuse, welfare
or recreation needs of the people who reside in
the metropolitan redevelopment area;
O (3) payment of the nonfederal share of
any federal grant-in-aid program to the
local government that will be a part of a
metropolitan redevelopment project;
O 4) payment of reasonable administrative costs
and carrying charges related to the planning
and execution of plans and projects;
O K. In a metropolitan redevelopment project or
rehabilitation or conservation undertaking or
activity, to exercise the following powers in one or
more metropolitan redevelopment areas to include
the elimination and prevention of the development
or spread of blight and may involve redevelopment
in that area or rehabilitation or conservation in
that area or any combination or part of those areas
in accordance with a metropolitan redevelopment
plan and for undertakings or activities of a local
government in a metropolitan redevelopment area
to eliminate the conditions that caused an area to
be so designated and may include the following:
O (1) clearing the land, grading the land the
land in accordance with the metropolitan
redevelopment plan;
O (2) making the land available for development
by private enterprise or public agencies,
including sale, initial leasing, leasing or
retention by the local government itself, at its
fair market value for uses in accordance with
the metropolitan redevelopment plan for the
area;
O L. The local government is empowered in a
metropolitan redevelopment area to undertake
redevelopment that includes:
O (1) demolition and removal of buildings and
improvements;
O (2) making the real property available for
development or redevelopment by private
enterprise or public agencies, including sale,
leasing or retention by the local government
itself, at its fair value for uses in accordance
with the metropolitan redevelopment area plan;
and
O M. Engage in rehabilitation or conservation that
includes the restoration and renewal of a blighted
area or portion thereof in accordance with any
approved plan, by:
O (1) carrying out plans for a program of voluntary
or compulsory repair and rehabilitation of
buildings or other improvements;

February 27, 202638 39M I D T O W N M E T R O P O L I TA N
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O (2) demolition or removal of buildings and
improvements thereon where necessary to
eliminate unhealthful, unsanitary or unsafe
conditions, lessen or increase density, eliminate
obsolete or other uses detrimental to the public
welfare or to otherwise remove or prevent the
spread of blight or deterioration or to provide
land for needed public facilities;
O (3) make recommendations for the disposition of
any property acquired in the area, including sale,
leasing or retention by the local government
itself, for uses in accordance with an approved
plan
O (4) repair or rehabilitation of structures within
the area;
O (5) power to resell repaired or rehabilitated
property;
O (6) after approval by the City of Santa Fe
and after it has been determined that
the expenditure is in accordance with the
metropolitan redevelopment plan for that
area, the Commission may authorize the use
of the proceeds of bonds issued pursuant to
the Metropolitan Redevelopment Code for the
purpose of constructing, repairing, remodeling
or modifying a building or buildings located
in the metropolitan redevelopment area. Such
rehabilitation or conservation with use of funds
expended by authority of the Metropolitan
Redevelopment Code or by metropolitan
revenue bonds authorized by that code shall be
authorized.
APPENDIX ITEM B: SANTA FE
MIDTOWN MARKET STUDY

Briefing Book | September 8, 2025
Santa Fe Metropolitan Redevelopment Agency
MIDTOWN MARKET ANALYSIS

2
INTRODUCTION 3
MIDTOWN AREA ANALYSIS 8
INDUSTRY & DEMOGRAPHIC TRENDS 17
SANTA FE REAL ESTATE SUPPLY 26
MARKET ANALYSIS CONCLUSIONS 40
TABLE OF CONTENTS

INTRODUCTION
3

SB Friedman Development Advisors, LLC
Midtown Local Innovation Corridor – Market Analysis
STUDY PURPOSE
▪ The Santa Fe Metropolitan Redevelopment Agency engaged SB Friedman
Development Advisors, LLC (SB Friedman) to conduct a market study for the
area encompassed by the Midtown Local Innovation Corridor (LINC) Overlay
District in concurrence with a Metropolitan Redevelopment Area designation
for a similar area.
▪ The Midtown LINC encompasses ±378 acres of land near the intersection of
Cerrillos Road and St. Michaels Drive in the geographic center of Santa Fe. The
area includes the campus of the former Santa Fe University of Art and Design
(SFUAD), which permanently closed in 2018.
▪ The 64-acre campus site was the focus of the recent community-driven
Midtown master planning process following extensive public engagement. In
November 2022, the City of Santa Fe approved the Midtown Master Plan. The
long-term vision for the site prioritizes sustainability, economic vitality, and the
creation of a mixed-use urban center.
▪ As part of this study, SB Friedman assessed industry and demographic trends
in Santa Fe; analyzed the recent performance of multifamily, office, hotel, and
retail in the Midtown LINC and the surrounding city; and estimated the pace of
buildout for redevelopment sites within the study area.
4
MIDTOWN LINC MARKET STUDY AREA
SIRINGO RD
US HWY 285
FORMER
SFUAD
CAMPUS
MIDTOWN LINC
CITY OF SANTA FE
SANTA FE CITY LIMITS
Downtown
Airport

SB Friedman Development Advisors, LLC
The Midtown LINC is primarily an auto-oriented area along major transportation corridors
MIDTOWN AREA – NEIGHBORHOOD CONTEXT
▪ The Midtown LINC is bounded by Cerrillos Road to the northwest, Camino
Carlos Rey to the east, Siringo Road to the south, and encompasses properties
on either side of St. Michaels Road between Cerillos Road and U.S. 285.
▪ The LINC includes several shopping centers, big-box retailers, public sector
uses including government offices, a middle school and the Santa Fe Public
Library, some offices and the former campus of SFUAD.
▪ Cerrillos Road is a major transportation corridor in Santa Fe and is a nine-lane
multi-modal roadway with a 40-mph speed limit. In addition to the six through
lanes, Cerrillos Road has on-street unprotected bike lanes, a raised median and
dedicated left- and right-turn lanes with access to surrounding businesses.
Cerrillos Road is one of Santa Fe’s most heavily trafficked roadways with 2024
annual average daily traffic counts of over 45,900 within the sections of the
LINC. The heavy traffic, large building footprints and parking lots lining
Cerrillos Road contribute to the auto-oriented nature of the corridor.
▪ St. Michaels Drive is another heavily trafficked corridor in Santa Fe. St. Michaels
Drive is a seven-lane multimodal roadway with a 40-mph speed limit. In
addition to six through lanes, St. Michaels Drive has a raised median and a left-
turn lane. St. Michaels Drive had 2024 annual average daily traffic counts of
over 24,700 within sections of the LINC.
5
Midtown LINC
Milagro
Middle
School
General
Franklin E
Miles Park
Toyota of
Santa Fe
St Michaels
Village West
Santa Fe
High
School
Santa Fe
Public
Library
Nava
Elementary
School
Fiesta
Hyundai
Fiesta
Nissan
MIDTOWN LINC OVERLAY DISTRICT

SB Friedman Development Advisors, LLC
Midtown site is envisioned as a vibrant, walkable, mixed-use community at the center of the city
MIDTOWN MASTER PLAN VISION
▪ The Midtown Master Plan focuses on the 64-acre, former SFUAD campus. After
a four-year planning effort, which included extensive community engagement,
the Midtown Master Plan and accompanying Midtown Community
Development Plan were approved by the City of Santa Fe in 2022 and 2023,
respectively. These documents lay out the community’s vision for the site as
well as the policies guiding future redevelopment.
▪ The Midtown Master Plan envisions the site as a vibrant, walkable, mixed-use
community for Santa Feans at the center of the city, with a mix of new
construction and adaptive reuse of existing structures.
▪ To execute the vision, the Midtown Master Plan includes sub-zone standards
and façade-zone standards. Sub-zone standards designate preferred uses for
each development site. Midtown site sub-zones include civic-space, mixed-use
neighborhood, mixed-use center, mixed-use office, mixed-use film and
community-oriented use. Façade-zone standards control physical elements
including setbacks, height step backs and required frontage types. Midtown
site façade zones include plaza, main street, main street-office, live/work,
neighborhood residential and neighborhood paseo.
6
Source: City of Santa Fe Metropolitan Redevelopment Agency, SB Friedman

SB Friedman Development Advisors, LLC
▪ The Midtown LINC is negatively impacted by physical and economic issues:
lacking or unsafe infrastructure, large vacant properties, underutilized land,
and recent disinvestment.
▪ This study builds off the 2022 Midtown Master Plan and analyzes the market
conditions for the various land uses proposed in the plan.
A market-responsive strategy can help achieve the Midtown Master Plan vision
7
MIDTOWN AREA – EXISTING CONDITIONS
Source: SB Friedman

MIDTOWN AREA ANALYSIS
8

SB Friedman Development Advisors, LLC
MIDTOWN AREA LINC BUILDING USES
Commercial and institutional uses account for the bulk of the building area in the Midtown LINC
▪ Commercial and retail buildings account for a plurality of the building area
within the Midtown LINC. Commercial properties are primarily located along
Cerillos Road and St. Michaels Drive, the two major thoroughfares in the study
area.
▪ The Midtown LINC also contains many institutional buildings, most of which
are located on the former SFUAD campus site and surrounding properties.
Some of the former campus buildings will be reused, though others will be
demolished to accommodate redevelopment.
▪ There are office buildings located throughout the Midtown LINC, though most
are concentrated on the eastern half of the study area, along St. Michaels
Drive.
▪ There is also one multifamily property and two industrial buildings within the
Midtown LINC, all on the eastern edge of the study area.
9
Office
Institutional
Multifamily
Retail/Commercial
Industrial
MIDTOWN BUILDINGS BY USE
Other

SB Friedman Development Advisors, LLC
Existing Midtown real estate supply is primarily commercial and institutional with some office space
MIDTOWN LINC EXISTING REAL ESTATE SUPPLY
▪ The Midtown LINC primarily contains commercial and institutional land uses.
The Midtown LINC contains approximately 1.1M SF of commercial space.
Midtown’s commercial square footage makes up 15.6% of Santa Fe’s total
commercial inventory.
▪ Over 348,100 SF of commercial space was built in Santa Fe since 2015, with the
Midtown LINC capturing 52,057 SF. Therefore, the Midtown LINC’s capture of
new commercial development (15.0%) is roughly equal to its total share of
Santa Fe commercial space (15.6%).
▪ The Midtown LINC is not a core office market. The Midtown LINC currently
contains 332,421 of office space, or 4.6% of the total office space in Santa Fe.
Approximately 115,600 SF of office space has been built across the city since
2015. Meanwhile, the last office project delivered in the Midtown LINC was
completed in 2003.
▪ There is one rent-restricted affordable multifamily project within the Midtown
LINC. This project has 136 units, which accounts for 1.6% of the entire city’s
multifamily inventory. The Midtown LINC does not contain other residential
uses but is surrounded by residential neighborhoods like Hopewell-Mann.
10
Santa Fe Midtown LINC Area Capture
Total Multifamily Units 8,425 136¹ 1.6%
Built Since 2015 2,389 0 0%
Stabilized Vacancy 7.2% N/A --
Average Rent/SF $2.00 N/A --
Total Commercial SF 7,268,856 1,131,333 15.6%
Built Since 2015 348,158 52,057 15.0%
Vacancy 2.3% 1.6% --
Average Rent/SF $18.45 $15.90 --
Total Office SF 7,160,595 332,421 4.6%
Built Since 2015 115,567 0 0%
Vacancy 1.6% N/A --
Average Rent/SF $23.68 N/A --
¹A single rent-restricted affordable multifamily project accounts for all Midtown units..
Source: CoStar, SB Friedman

SB Friedman Development Advisors, LLC
Public entities control most of the land associated with the former SFUAD campus
EXISTING LAND OWNERSHIP
▪ Land within the Midtown LINC land is owned by private owners as well as
various public entities including the State of New Mexico, Santa Fe Public
Schools, the City of Santa Fe and the federal government.
▪ The land associated with the former SFUAD campus is mostly held publicly,
giving the public sector significant control over how this land is redeveloped.
11
Source: City of Santa Fe, SB Friedman
Private Land
State of New Mexico
Santa Fe Public Schools
City of Santa Fe
Federal Government
EXISTING LAND OWNERSHIP
Midtown LINC

SB Friedman Development Advisors, LLC
The overlay prioritizes denser, mixed-use buildings, but such development has not occurred in the area
MIDTOWN LINC OVERLAY DISTRICT
▪ The Midtown Local Innovation Corridor (LINC) Overlay District is a zoning
overlay adopted by the City of Santa Fe in 2016. The purpose of the Midtown
LINC is to strengthen the built environment, support redevelopment, and
enhance connectivity within Santa Fe’s geographic and demographic center.
▪ The overlay established design standards that prioritize four-story mixed-use
buildings, street facing architecture and enhanced landscaping to foster a more
cohesive urban fabric. The overlay also prohibits certain uses that are not
aligned with the district vision.
▪ Residential projects and certain non-residential uses that meet development
standards pay reduced development budget water fees and are exempt from
various impact and review fees. Additionally, qualifying projects go through a
more streamlined, administrative plan review process.
▪ However, despite these changes, the qualifying projects that the overlay
intended to facilitate have not yet been developed, though one such project—
the Arthouse—is currently under construction. Real estate market interviews
indicated that strict design standards, insufficient incentives, and unwilling
property owners have limited new, residential development within the LINC.
12
Milagro
Middle
School
General
Franklin E
Miles Park
Toyota of
Santa Fe
St Michaels
Village West
Santa Fe
High
School
Santa Fe
Public
Library
Nava
Elementary
School
Fiesta
Hyundai
Fiesta
Nissan
MIDTOWN LINC OVERLAY DISTRICT
Source: City of Santa Fe, Pland Collaborative, SB Friedman
Midtown LINC

SB Friedman Development Advisors, LLC
Midtown is primarily zoned for commercial uses with some residential, light industrial and office
ZONING
▪ Most of the base zoning in the Midtown LINC is for general commercial uses.
Other uses include light industrial, planned shopping centers, single family
residential, and office and related commercial uses.
▪ The Midtown LINC overlay allows for residential uses throughout the area,
regardless of base zoning, while prohibiting certain uses that are not aligned
with the district vision. The design overlay also sets design standards that
prioritize four-story mixed-use buildings, street-facing architecture and
enhanced landscaping to foster a more cohesive urban fabric.
13
C1 Office and Related Commercial
C2 General Commercial
SC2 Planned Shopping Center
R5 Single Family, 5-6 DU per Acre
R29 Multifamily, 29 DU per Acre
I1 Light Industrial
MIDTOWN ZONING
Source: City of Santa Fe, SB Friedman
Midtown LINC

SB Friedman Development Advisors, LLC
Future land use of Midtown generally reflects current zoning with some adjustments
FUTURE LAND USE
▪ The future land use of the Midtown LINC includes public/institutional,
community commercial, transitional mixed use, business park and office uses.
▪ Much of the land that is currently zoned for single family residential will be
public/institutional in the future, which is in line with the current public sector
ownership of the site.
▪ Some of the land currently zoned for general commercial uses is designated to
be transitional mixed use in the future. This transitional mixed use portion of
the site includes the core Midtown site.
▪ The land along Cerrillos Road and St. Michaels Drive is anticipated to remain
designated for commercial uses.
14
Public/Institutional
Community Commercial
Transitional Mixed Use
Business Park
Office
MIDTOWN FUTURE LAND USE
Source: City of Santa Fe, SB Friedman
Midtown LINC

SB Friedman Development Advisors, LLC
Existing and planned anchors will generate activity and help make Midtown a destination
MIDTOWN CAMPUS ANCHORS
Plans for the Midtown campus include several anchors that will generate activity on
the site and help contribute to a sense of place. Some of these uses are currently
operating while others will reactivate or redevelop existing structures on the former
SFUAD campus.
Garson Studios: Existing studio facilities were redeveloped and now include 24,100
SF of soundstages and over 27,000 SF of office and production support space.
Santa Fe Art Institute: SFAI currently operates a 17,000 SF facility that includes art
studios, a gallery, a library, and artist living accommodations.
15
CURRENTLY OPERATING USES
PLANNED USES
Visual Arts Complex: Existing SFUAD facilities will be redeveloped into a creative
cultural hub that will provide accessible arts, design and cultural programming and
education to the community.
Greer Garson Theatre Center: Currently not operational, the facility includes a
500-seat theater, a 100-seat black box theater, classrooms and additional
amenities. After renovations, the facility will be reactivated as a performing arts
venue with additional community-oriented uses.
Fogelson Library: The former SFUAD library will be converted to a branch of the
Santa Fe Public Library complete with a community learning and innovation center.
Aspect Media Village Movie Theater: An existing theater space in Garson Studios
will be opened as a 2,500 SF commercial movie theater.
Aspect Media Village Restaurant and Bar: Part of the existing Driscoll Hall
building will be developed into a 4,000 SF restaurant space.
Future Visual Arts Complex
Future Fogelson Library Garson Studios

SB Friedman Development Advisors, LLC
Aspect Media Village is the largest film and tv production studio in northern New Mexico
ASPECT MEDIA VILLAGE
▪ Aspect Media Village encompasses approximately
23 acres within the Midtown LINC and is located
on the southern end of the former SFUAD campus.
▪ Aspect Media Village is the largest film and tv
production studio in northern New Mexico. It
includes six soundstages totaling over 75,000
square feet, as well as 90,000 square feet of office
and support space.
▪ In addition to the studio space, there are several
planned development and redevelopment projects
planned for Aspect Media Village, including the
129-unit Arthouse multifamily development,
another future multifamily development, a movie
theater and restaurant.
16
Source: Aspect Media Village

INDUSTRY & DEMOGRAPHIC TRENDS
17

SB Friedman Development Advisors, LLC
7%
25%
31%
14%
1%
2% 3%
1%
1%
2%
2% 11%
14%
14%
14%
13%
7%
7%
6%
6%
5%
4%
4%
3% 3%
Over half of Midtown LINC jobs are in public administration or retail trade
SANTA FE EMPLOYMENT BASE
There are approximately 50,140 jobs in Santa Fe and 2,530 jobs in the Midtown LINC. Health Care and Social Assistance, Public Administration and Retail Trade are the top
sectors in Santa Fe, each making up 14% of jobs. Meanwhile, Retail Trade and Public Administration are the top sectors in the Midtown LINC, making up 31% and 25% of
Midtown LINC jobs, respectively. While 56% of jobs in the Midtown LINC are within these two sectors, they make up only 28% of jobs in the whole city. The Midtown LINC
also has a larger share of jobs in accommodation and food services and finance and insurance than the city.
18
Source: US Census Longitudinal Employment Household Dynamics (LEHD), 2022
50,140
Jobs in Santa Fe
2,530
Jobs in Midtown LINC
Construction
Retail Trade
Information
Finance and Insurance
Professional, Scientific & Technical Services
Admin & Support, Waste Mgmt & Remediation
Educational Services
Health Care and Social Assistance
Arts, Entertainment & Recreation
Accommodation and Food Services
Other Services (Excluding Public Admin)
Public Administration
Other
5%OF SANTA FE JOBS ARE
IN MIDTOWN

SB Friedman Development Advisors, LLC
The City and Santa Fe County target similar industries, including creative and film industries
SANTA FE COUNTY AND CITY TARGET INDUSTRIES
Santa Fe County and the City of Santa Fe hope to attract similar clusters, particularly in the outdoor recreation, creative, and film industries. As part of Santa Fe County
Economic Development Division’s goal to “promote a sustainable and equitable community,” the County aims to incentivize sustainable economic development through
strategies including enhancing four target industry clusters. The City of Santa Fe Office of Economic Development similarly focuses on strengthening target industry cluster
development.
19
Source: City of Santa Fe Office of Economic Development, Santa Fe County Economic Development Division, SB Friedman
OUTDOOR RECREATION
CREATIVE INDUSTRIES
FILM INDUSTRIES
AGRICULTURE
OUTDOOR RECREATION
CREATIVE/EXPERIENCE
FILM INDUSTRIES
THE ARTS
FOOD SECTOR
TECH & ADVANCED MANUFACTURING
HEALTHCARE
TOURISM & HOSPITALITY
FILM
OUTDOOR RECREATION
CREATIVE
SANTA FE COUNTY CITY OF SANTA FE
OTHER

SB Friedman Development Advisors, LLC
Hospitality and Tourism
Performing Arts
Healthcare
Education and
Knowledge
Creation
Life Sciences
Information Technology
Distribution and
Electronic Commerce
Transportation
and Logistics
Business Services
Financial Services Engineering
Services
Marketing, Design,
and Publishing
Legal Services
Agricultural Inputs and Services
Food Processing and Manufacturing
0.0
0.5
1.0
1.5
2.0
2.5
3.0
-40% -20% 0% 20% 40% 60% 80% 100% 120%
Information Technology was the fastest growing sector in Santa Fe County over the last decade
SANTA FE COUNTY MAJOR ECONOMIC CLUSTERS
20
Santa Fe County has experienced growth across many economic clusters since 2014. The Information Technology cluster grew by over 110% (+360 jobs) from 2014 to 2024,
making it the fastest growing sector in the county. Despite its significant growth, it only provides 691 jobs, making it the fifth largest sector in the county. The two largest
sectors, Hospitality and Tourism and Healthcare, which provide over 11,500 and 2,700 jobs, respectively, had more moderate growth rates of 18% (+1,790 jobs) and 40%
(+800 jobs).
Source: Lightcast, SB Friedman
2024 LOCATION QUOTIENT
Higher value indicates greater
regional specialization
PERCENTAGE GROWTH IN JOBS, 2014-2024
Higher value indicates greater percentage growth
Bubble Size =
Job Counts
111 up to
11,644
Agriculture, Forestry, Livestock and Mining
Information Technology
Knowledge, Research and Healthcare
Manufacturing
Professional, Business and Consumer Services
Tourism and Entertainment
Transportation, Warehousing and Utilities

SB Friedman Development Advisors, LLC
Hospitality and Tourism
Performing Arts
Healthcare
Education and Knowledge Creation
Life Sciences
Information Technology
Distribution and
Electronic Commerce
Transportation and
Logistics
Business
Services
Financial
Services
Engineering Services
Marketing, Design,
and Publishing
Legal Services
Agricultural Inputs and Services
Food Processing and
Manufacturing
0.0
0.5
1.0
1.5
2.0
2.5
3.0
-20% -10% 0% 10% 20% 30% 40%
Job growth is projected to be driven largely by Hospitality and Tourism
SANTA FE COUNTY PROJECTED ECONOMIC CLUSTER GROWTH
21
Hospitality and Tourism is projected to remain the largest employment cluster, adding over 1,770 jobs to the county from 2024 to 2034. Hospitality and Tourism’s growth will
account for 47% of projected new jobs during the period. Healthcare is projected to remain the second-largest economic cluster, adding over 470 jobs to the county and
accounting for 13% of new jobs during the period. While Food Processing and Manufacturing and Information Technology are projected to be the fastest growing clusters,
their growth will only account for a combined 9% of new jobs.
Source: Lightcast, SB Friedman
2034 LOCATION QUOTIENT
Higher value indicates greater
regional specialization
PERCENTAGE GROWTH IN JOBS, 2024-2034
Higher value indicates greater percentage growth
Bubble Size =
Job Counts
119 up to
13,418
Agriculture, Forestry, Livestock and Mining
Information Technology
Knowledge, Research and Healthcare
Manufacturing
Professional, Business and Consumer Services
Tourism and Entertainment
Transportation, Warehousing and Utilities

SB Friedman Development Advisors, LLC
Most clusters are projected to grow after experiencing job losses from 2014 to 2024
HISTORIC & PROJECTED MAJOR ECONOMIC CLUSTER GROWTH
Hospitality and Tourism has remained the largest employment cluster in Santa Fe County since 2014. Hospitality and Tourism provides over four times as many jobs as the
second-largest cluster. Although Hospitality and Tourism is the largest sector, it has the lowest average wage of the ten largest employment sectors. The second-largest
cluster has shifted from Education in Knowledge Creation in 2014 to Healthcare in 2024. Healthcare is projected to remain the second-largest cluster while Education and
Knowledge Creation remains the third-largest after experiencing negative growth from 2014 to 2024.
22
Source: Lightcast, SB Friedman
EMPLOYMENT CHANGE AMONG TOP ECONOMIC CLUSTERS IN SANTA FE COUNTY, 2014-2034Employment,
2014
Employment,
2024
Employment,
2034
Employment CAGR,
2014-2024
Employment CAGR,
2024-2034
Weighted Average
Wage, 2024
Hospitality and Tourism 9,851 11,644 13,418 1.7% 1.4% $41,700
Healthcare 1,982 2,783 3,255 3.5% 1.6% $103,300
Education and Knowledge Creation 2,382 1,943 2,105 -2.0% 0.8% $54,100
Business Services 763 920 972 1.9% 0.6% $108,600
Information Technology 328 691 900 7.7% 2.7% $150,900
Life Sciences 564 632 647 1.2% 0.2% $110,300
Financial Services 531 470 479 -1.2% 0.2% $285,000
Legal Services 573 450 387 -2.4% -1.5% $131,400
Performing Arts 376 446 466 1.7% 0.4% $96,700
Distribution and Electronic Commerce 429 344 377 -2.2% 0.9% $95,400

SB Friedman Development Advisors, LLC
Santa Fe is projected to see an increase in households earning above $100k annually
SANTA FE HOUSEHOLD AGE & INCOME
▪ As of 2024, Santa Fe has a population of 90,187 and has a total of 41,335
households. While median household income is $74,200, over 35% of Santa Fe
households have incomes of over $100,000.
▪ Between 2024 and 2029, Santa Fe is projected to gain 1,300 net new
households. Santa Fe is projected to lose approximately 900 households
earning less than $25,000 and 750 households earning between $25,000 and
$50,000 over this period.
▪ Santa Fe is projected to gain approximately 100 households earning between
$50,000 and $100,000 and 2,900 households earning over $100,000 during this
period.
23
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Under $25k $25k-$50k $50k-$100k Over $100k
Under 25 25 to 44 45 to 64 Over 65
SANTA FE HOUSEHOLDS BY AGE & INCOME, 2024
Source: Esri Business Analyst (2024), SB Friedman
6,970 HHs
7,260 HHs
11,950 HHs
15,260 HHs
$74,200MEDIAN HOUSEHOLD INCOME
46MEDIAN AGE

SB Friedman Development Advisors, LLC
Total population has increased while total jobs have decreased
SANTA FE POPULATION & JOB GROWTH
▪ The total population of Santa Fe increased from 67,588 in 2010 to 87,617 in
2022. From 2014 to 2015, the population increased by 13,763, at least 13,200 of
which was due to the annexation of 4,400 acres by the City of Santa Fe.
▪ From 2015 to 2022, the total population of Santa Fe grew at a compound
annual growth rate of 0.8%.
▪ The total number of jobs in Santa Fe decreased from 50,035 in 2010 to 50,136
in 2022. Santa Fe lost more than 5,000 jobs between 2010 and 2012. Since
2012, the total number of jobs has increased but has yet to recover to 2010
levels.
24
¹Annexation of 4,400 acres to Santa Fe in 2014 added approximately 13,200 residents to Santa Fe.
Source: American Community Survey (ACS) 5-Year Estimates (2010-2023), US Census Longitudinal Employment Household Dynamics (LEHD) (2010-2022), SB Friedman
50,305
50,847
45,261
47,095
47,679
49,053
49,032
49,494
49,843
49,092
47,230
46,598
50,136
0
10,000
20,000
30,000
40,000
50,000
60,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
SANTA FE TOTAL POPULATION, 2010-2022¹ SANTA FE TOTAL JOBS, 2010-2022
67,588
67,909
68,298
68,800
69,245
83,008
82,927
82,980
83,847
83,922
84,418
86,935
87,617
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

SB Friedman Development Advisors, LLC
154,823
164,745
168,149
165,657
145,000
150,000
155,000
160,000
165,000
170,000
2020 2030 2040 2050
Santa Fe County projected to add over 13,300 net new residents between 2020 and 2040
SANTA FE COUNTY PROJECTED POPULATION GROWTH
▪ The Santa Fe County population is projected to increase by over 13,300 from
2020 to 2040. Approximately three-quarters of the population growth from
2020 to 2040 is projected to occur from 2020 to 2030. County population is
projected to reach 164,745 by 2030 and 118,150 by 2040.
▪ After reaching 168,149 in 2040, Santa Fe County’s population is projected to
decrease by almost 2,500 by 2050. Although population is projected to
decrease from 2040 to 2050, it is projected to remain higher than the 2030
population.
25
+9,900
+3,400 -2,500
Source: University of New Mexico Population Projections (2010-2050), SB Friedman
SANTA FE COUNTY POPULATION PROJECTIONS, 2020-2050

SANTA FE REAL ESTATE SUPPLY
26

SB Friedman Development Advisors, LLC
Since 2018, the majority of the residential units permitted in Santa Fe have been multifamily homes
SANTA FE RESIDENTIAL BUILDING PERMITS
27
0
100
200
300
400
500
600
700
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Single-Family
Multifamily
SANTA FE RESIDENTIAL UNITS PERMITTED, 2000-2023
Since 2000, the majority (74%) of residential units permitted in Santa Fe have been single-family homes. In 2016, Santa Fe amended its affordability requirements to allow
developers of multifamily projects to pay a fee in lieu of affordable units. This amendment was followed by an increase in multifamily development. Since 2019, an average of
446 units have been permitted in Santa Fe annually. In the year 2019 alone, 245 multifamily units were permitted – more than the combined total of multifamily units
permitted in the prior 18 years. Every year since 2020, more multifamily units have been permitted than single-family units. In 2023 alone, over 660 multifamily units were
permitted, marking the largest number of any type of units permitted in a single year since at least 2000.
Source: U.S. Census Bureau, Building Permits Survey, SB Friedman
Single-Family Multifamily
2000-2005 3,110 128
2006-2011 1,126 0
2012-2017 898 24
2018-2023 1,535 2,260
TOTAL UNITS PERMITTED
15% affordability requirement for multifamily rental developments Fee in lieu of allowed by right

SB Friedman Development Advisors, LLC
There are thousands of multifamily units under construction or proposed in Santa Fe
SANTA FE MULTIFAMILY INVENTORY
▪ Santa Fe has over 8,400 multifamily rental units (market-rate and affordable).
Approximately 2,090 market-rate multifamily rental units have been built in
Santa Fe since 2015. New development since 2015 comprises 36% of the
existing multifamily inventory. Santa Fe has 1,090 units currently under
construction and an additional 4,430 units proposed.
▪ Market interviews revealed that given the recent pace of development, some
real estate professional believe the Santa Fe market-rate multifamily market
may currently be overbuilt. The pace of new market-rate development may
slow in the near-term, particularly with uncertainty about tariffs increasing
construction costs.
▪ However, there continues to be an overall regional housing shortage –
particularly for homes affordable to lower- and moderate-income households.
Given broader regional housing needs, multifamily is expected to remain a
strong real estate market segment over the medium- to long-term.
28
¹Multifamily unit inventory market-rate units, affordable units and assisted/independent living developments, but does
not include short-term rentals or mobile home parks.
²Multifamily properties without year-built values in CoStar are assumed to be built before 2015 and symbolized as such.
Source: CoStar, SB Friedman
Built 2015+
Under Construction
Proposed
Built Before 2015²
<50 Units
50 to 200 Units
200+ Units
8,425EXISTING MULTIFAMILY
UNITS IN SANTA FE¹
7.2%STABILIZED MARKET-
RATE VACANCY RATE
$2.22MARKET-RATE
AVERAGE RENT PER SF
MULTIFAMILY INVENTORY IN SANTA FE
Map includes market-rate and affordable residential rental units
1
42
3

SB Friedman Development Advisors, LLC
New multifamily development have average rents around ±$2.40/SF
SAMPLE RECENT MULTIFAMILY PROJECTS
29
1 | Acequia Lofts 2 | Olympus de Santa Fe 3 | Capitol Flats 4 | Arthouse
Address 2725 Agua Fria St 995 Richards Ave 950 W Cordova Rd 1952 Siringo Rd
Units (Studio/1B/2BR/3BR+) 120 Units (0/63/57/0) 180 Units (0/68/96/16) 139 Units (20/90/29/0) 129 Units
Year Built 2023 2021 2020 Proposed
Average Unit SF 909 SF 940 SF 676 SF --
Average Unit Rent $2,171 $2,250 $2,100 --
Average Rent/SF $2.39/SF $2.39/SF $3.11/SF --
Parking Type Detached Garage & Uncovered Detached Garage & Covered Uncovered --
Source: CoStar, SB Friedman

SB Friedman Development Advisors, LLC
54 64 32
467
586
314
120
453
3.9%
10.6%
16.9%
0%
6%
12%
18%
24%
30%
36%
42%
-
100
200
300
400
500
600
700
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
$1.58
$2.22
$1.97
$2.39
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
New multifamily units command a ±$0.30/SF rent premium over the market average rent
SANTA FE MULTIFAMILY PERFORMANCE
▪ Approximately 2,090 market-rate multifamily rental units have been built in
Santa Fe since 2015. After the delivery of more than 450 new units in 2024, the
multifamily vacancy rate in Santa Fe reached 10.6% in 2024. Before 2020, when
the number of new deliveries sharply increased, vacancy had consistently been
around 4-5%.
▪ Vacancy falls as new product is absorbed. The stabilized vacancy rate is 7.2%.
▪ Since 2015, market-rate rents across all units have increased from $1.58 per SF
to $2.22 per SF, a compound annual growth rate of 3.9%. Average rents for
units built since 2015 similarly increased from $1.97 per SF to $2.39 per SF over
the same period, a compound annual growth rate of 2.2%.
▪ Since 2015, new multifamily rental units have had a $0.30-0.39 per SF rent
premium relative to the overall market.
30
SANTA FE MARKET-RATE MULTIFAMILY DELIVERIES AND VACANCY, 2015-2024
ALL MARKET-RATE UNITSMARKET-RATE UNITS BUILT SINCE 2015
SANTA FE MARKET-RATE MULTIFAMILY EFFECTIVE RENT PER SF, 2015-2024
Unit Deliveries Overall Vacancy %
Source: CoStar, SB Friedman
Vacancy % of Product Built Since 2015

SB Friedman Development Advisors, LLC
Only 2% of the over 7 million square feet of office space in Santa Fe was built since 2015
SANTA FE OFFICE INVENTORY
31
7.16MTOTAL OFFICE
SQUARE FEET
1.6%OVERALL MARKET
VACANCY RATE
$23.68OVERALL AVERAGE
RENT PER SF (NNN)
Built 2015+
Under Construction
Proposed
Built Before 2015¹
10,000 to 25,000 SF
25,001 to 50,000 SF
50,000+ SF
¹Office properties without year-built values in CoStar are assumed to be built before 2015 and are symbolized as such.
Source: CoStar, SB Friedman
Map excludes office properties smaller than 10,000 SF
▪ Santa Fe has over 7.16 million SF of existing office space. The overall vacancy
rate is 1.6%. Triple-net rents average $23.68 per square foot.
▪ Approximately 116,000 SF have been delivered since 2015; therefore 98% of the
existing office inventory was built before 2015. Much of the office inventory is
concentrated downtown, along US-285, or along St. Michael’s Drive.
OFFICE INVENTORY OVER 10,000 SF IN SANTA FE
2
1

SB Friedman Development Advisors, LLC
One large medical user (Nexus Health) is responsible for 82% of new office space built since 2015
SAMPLE RECENT OFFICE PROJECTS
32
1 | Nexus Health 2 | The Studios at 1300 3 | 530 A Harkle Rd 4 | 301 E Palace Ave
Address 4200 Beckner Rd 1300 Rufina Cir 530 Harkle Rd 301 E Palace Ave
Type Medical Office Office and Retail Medical Office Office
Tenants Nexus Health Palo Santo Designs, Kakawa
Chocolate House, Photo-Eye
Gallery, Photo-Eye Bookstore
Various professional and medical
tenants
Year Built 2024 2018 2020 2015
RBA 95,000 10,000 2,214 3,614
Average Rent/SF ±$20.25 ±$18.48 ±$25.49 ±$17.64
Class B B B B
Source: CoStar, SB Friedman

SB Friedman Development Advisors, LLC
Despite the COVID-19 pandemic, net office absorption has been positive in eight of the last ten years
SANTA FE OFFICE PERFORMANCE
▪ Net office absorption has remained positive in all but two years since 2015. Net
absorption was negative in 2020 due to the COVID-19 pandemic and again in
2023.
▪ Since new office development has been limited, Santa Fe’s office vacancy rate
has decreased from 6.8% in 2015 to 1.6% in 2024.
▪ Continued absorption and a low vacancy rate indicate that Santa Fe’s office
market is much stronger than in many peer cities, where office performance
has been persistently weak since the COVID-19 pandemic.
▪ Future demand appears to be strong for developers seeking to develop multi-
tenant speculative office or larger businesses that seek a build-to-suit office
development in a new upcoming mixed-use center. While Midtown is not
currently a core office market, its central location in Santa Fe and availability of
land could make it a strong contender to capture future office development.
33
Net SF Absorption Vacancy %
99,146
147,617
62,101
41,414
24,251
(81,826)
100,073
76,855
(7,163)
119,414
6.8%
1.6%
-4%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
7%
8%
(100,000)
(50,000)
-
50,000
100,000
150,000
200,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: CoStar, SB Friedman
SANTA FE OFFICE ABSORPTION AND VACANCY, 2015-2024

SB Friedman Development Advisors, LLC
Hotel supply is concentrated near downtown and along Cerrillos Road
SANTA FE HOTEL INVENTORY
34
Source: CoStar, TOURISM Santa Fe, SB Friedman
4,430TOTAL HOTEL KEYS
68.4%OVERALL MARKET
OCCUPANCY RATE
$182OVERALL HOTEL
AVERAGE DAILY RATE
Built 2015+
Under Construction
Proposed
Built Before 2015
<50 Keys
50 to 100 Keys
100+ Keys
▪ Santa Fe has over 50 hotels with a total of over 4,400 hotel keys. More than 25
hotels are located along Cerrillos Road and another 20 are in the historic
downtown.
▪ There has only been one new hotel built since 2015 (91 keys). However, there
are three hotel projects with a total of approximately 220 hotel keys in the
pipeline.
▪ Santa Fe’s hospitality market has largely recovered post-COVID. The citywide
average occupancy rate is 68%, and the average daily rate is $182.
▪ Tourism is the primary driver of hotel demand in Santa Fe. Travel + Leisure
readers recently voted Santa Fe as their #1 favorite city in the United States.
▪ Santa Fe has attracted an average of two million overnight visitors annually in
recent years. The most popular months for visitors are April through October
peaking in July and August.
HOTEL INVENTORY IN SANTA FE

SB Friedman Development Advisors, LLC
56.2%
61.5%
65.9%
73.4%
69.7%
68.4%
20%
30%
40%
50%
60%
70%
80%
90%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
$63.05 $56.31
$88.24
$101.33 $95.30
$161.32$164.89 $145.84
$257.03
$0
$50
$100
$150
$200
$250
$300
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Santa Fe’s hospitality market has largely recovered post-COVID
SANTA FE HOTEL PERFORMANCE
35
SANTA FE HOTEL AVERAGE DAILY RATE BY CLASS, 2015-2024 SANTA FE HOTEL OCCUPANCY BY CLASS, 2015-2024
Source: CoStar, SB Friedman
▪ Across all of 2024, the average daily rate was $257 for Luxury/Upper Upscale
hotels, $161 for Upscale/Upper Midscale, and $88 for Midscale/Economy
hotels. Market-wide rates averaged $182.
▪ In 2024, Upscale/Upper Midscale hotels had $73 nightly premiums over
Midscale/Economy hotels, and Luxury/Upper Scale hotels had $96 nightly
premiums over Upscale/Upper Midscale hotels.
▪ Overall average hotel occupancy was 68% in 2024 but varied by hotel class.
Upscale/Upper Midscale hotels performed the strongest, with an overage
occupancy of 73%. Midscale/Economy hotels and Luxury/Upscale hotels had
an average occupancy of 61.5% and 68%, respectively.
▪ Hotel occupancy fell sharply during the pandemic, particularly for
Midscale/Economy and Luxury/Upper Scale hotels.
Upscale/Upper MidscaleMidscale/Economy Luxury/Upper Upscale
$96 premium
$73 premium
Upscale/Upper MidscaleMidscale/Economy Luxury/Upper Upscale

SB Friedman Development Advisors, LLC
Most retail was built before 2015 and is located along major transportation corridors
SANTA FE RETAIL INVENTORY
36
Built 2015+
Under Construction
Proposed
Built Before 2015¹
5,000 to 10,000 SF
10,001 to 20,000 SF
20,000+ SF
7.27MTOTAL RETAIL
SQUARE FEET
2.3%OVERALL MARKET
VACANCY RATE
$18.45OVERALL AVERAGE
RENT PER SF (NNN)
¹Retail properties without year-built values in CoStar are assumed to be built before 2015 and are symbolized as such.
Source: CoStar, SB Friedman
Map excludes retail properties smaller than 5,000 SF
▪ Santa Fe has over 7.27M SF of retail space and an overall market vacancy rate
of 2.3%. Average triple-net rent for retail is $18.45 per SF. Most retail space is
located along major transportation corridors and in downtown.
▪ Much of Santa Fe’s retail inventory was built before 2015. Less than 350,000 SF
(less than 5%) of retail space has been delivered since 2015.
RETAIL INVENTORY OVER 5,000 SF IN SANTA FE

SB Friedman Development Advisors, LLC
Retail centers can be categorized into three major typologies based on several factors
RETAIL TYPOLOGIES
Retail clusters are categorized into three major typologies: Downtown Retail, Regional-Serving and Community-Serving. Typologies differ based on scale, number and type
of anchors, and size of trade area. More detail on retail typologies near Midtown and regional retail centers is provided on the following pages.
37
DOWNTOWN / EXPERIENTIAL
▪ Mixed-use
▪ Ground-floor retail
▪ Walkable pedestrian
environment
▪ SIZE VARIES
DOWNTOWN RETAIL
REGIONAL MALL /
SUPER-REGIONAL MALL
▪ Anchored by 2+ full-line
department stores
▪ ~500,000-1,000,000+ SF
REGIONAL-SERVING
COMMUNITY CENTER
▪ 1+ category-dominant
freestanding anchors of
~100,000+ SF
-- OR --
▪ 1+ grocer anchors of
~50,000+ SF and
additional category
dominant retailers
▪ ~100,000-250,000 SF
COMMUNITY-SERVING
LIFESTYLE CENTER
▪ Upscale national-chain
specialty stores
▪ Dining/entertainment focus
▪ ~250,000-500,000 SF
POWER CENTER
▪ 2+ category-dominant
freestanding anchors of
~100,000+ SF
▪ General merchandise,
home improvement
▪ ~250,000-750,000 SF
NEIGHBORHOOD CENTER
▪ 1+ grocer anchors of ~50,000
SF or more
▪ Additional supporting retail
▪ ~75,000-150,000 SF
FREESTANDING / STRIP RETAIL
▪ Small convenience center with
goods and services
▪ Limited trade area
▪ ~5,000-150,000 SF

SB Friedman Development Advisors, LLC
The Midtown LINC encompasses a power center containing major anchors
EXISTING RETAIL CLUSTERS
38
Santa Fe has several retail clusters of various scales, most of which are located along
Cerillos Road, the major transportation corridors through the city. Collectively, these
retail clusters contain over 5.4 million SF of retail space, or approximately 75% of all
retail space in Santa Fe. Clusters include both national and regional anchor tenants
as well as local businesses. The Midtown LINC encompasses a power center
containing major anchors like Smith’s, Office Depot, and Petco.
Retail Typology Total SF Vacancy Select Tenants
1 | Cerrillos & Tierra
Contenta
Community
Center 290,132 SF 0%
Walmart, Subaru, Dodge
Jeep RAM, Lexus, Dollar Tree,
CarMax
2 | Santa Fe Place /
Plaza Santa Fe Regional Mall 1,854,322 SF 2.4%
Hobby Lobby, JCPenney,
Dillard’s, Target, Albertsons,
Sam’s Club, Lowe’s
3 | Cerrillos & Richards Power Center 522,006 SF 0.5% Home Depot, Walmart, Joann
Fabric, Savers
4 | Midtown Power Center 784,562 SF 2.5% Petco, Smith’s, Office Depot,
Toyota
5 | Railyard Community
Center 349,783 SF 3.4% Whole Foods, Natural
Grocers, Trader Joe’s
6 | Downtown Downtown /
Experiential 1,302,229 SF 0.3% Smaller-scale and local
businesses
7 | Devargas Center Community
Center 347,906 SF 2.1% Office Depot, Ross, CVS,
HomeGoods
7
6
5
4
1
2
3
EXISTING RETAIL CLUSTERS
Midtown LINC
Source: CoStar, SB Friedman
Regional Mall
Power Center
Community Center
Downtown/Experiential

SB Friedman Development Advisors, LLC
Retail rents have increased but deliveries have decreased since the COVID-19 pandemic
SANTA FE RETAIL PERFORMANCE
▪ Since 2015, 348,000 SF of retail space has been delivered. Deliveries have
decreased over time and since 2021, only 21,000 SF of retail space has been
delivered.
▪ Retail vacancy remained low, at or below 3.7% from 2015 to 2024. Retail
vacancy reached a low of 0.7% in 2023.
39
SANTA FE RETAIL DELIVERIES AND VACANCY, 2015-2024 SANTA FE RETAIL TRIPLE-NET RENT PER SF, 2015-2024
90,760
37,372
26,535
66,075
57,291
49,125
17,000
4,000
3.4%
2.3%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
-
20,000
40,000
60,000
80,000
100,000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
$15.97
$18.45
$0
$5
$10
$15
$20
$25
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: CoStar, SB Friedman
▪ Average triple-net rent per SF in Santa Fe has increased from $15.97 in 2015 to
$18.45 in 2024. Average triple-net rents increased from 2015 until the COVID-
19 pandemic when they dropped below the 2015 average to $15.27 per SF.
Since 2020, average rents have recovered to above pre-pandemic levels.
SF Deliveries Vacancy %

MARKET ANALYSIS CONCLUSIONS
40

SB Friedman Development Advisors, LLC
New speculative office deliveries have
been fairly limited since 2015, which
has led to very low vacancy. The State
cannot pay the rents needed to
support new office construction, but
there may be demand for new space
from medical users, National Lab
spinoffs, federal agencies, or private
businesses willing to pay higher rents
associated with new class A office.
MULTIFAMILY
The Santa Fe multifamily market is
strong. Over 2,000 units have been
built since 2015, with more than 1,000
additional units under construction.
There is one project (129 units) in the
pipeline for the Midtown LINC. Short-
term, there may be a temporary
slowdown in multifamily development
given market uncertainty.
Santa Fe has strong market potential for a variety of product types
REAL ESTATE MARKET ANALYSIS – MARKET SUMMARY
41
Tourism is the primary driver of hotel
demand in Santa Fe. Hotels in Santa Fe
are primarily clustered downtown or
along Cerillos Road. Overall market
occupancy has recovered to pre-
pandemic levels, with Upscale/Upper
Midscale class hotels performing
especially well. ADR growth has been
strong since 2020.
Retail is generally performing well in
Santa Fe, particularly in the primary
retail clusters like at Midtown. Overall
market vacancy continues to be low.
However, rent growth and new
deliveries have both slowed in recent
years.
OFFICE HOTEL RETAIL

SB Friedman Development Advisors, LLC
Demand appears to be strong for
speculative office citywide. Midtown’s
central location and availability of land
could make it a strong contender to
capture future office development,
though any development at Midtown
should complement the mixed-use
neighborhood vision.
MARKET POTENTIAL
STRONG
10-YEAR DEMAND
150,000 SF
Midtown Santa Fe could
accommodate development beyond
the current pipeline. Developing
market rate housing along with
affordable housing can simultaneously
help create a mixed-income
neighborhood and help address
regional housing needs.
MARKET POTENTIAL
STRONG
10-YEAR DEMAND
800 UNITS
Multifamily, mixed-use, and retail development is most viable in the near-term
REAL ESTATE MARKET ANALYSIS – DEVELOPMENT POTENTIAL
42
MARKET POTENTIAL
MODERATE
10-YEAR DEMAND
120,000 SF
Hotel development could potentially
be feasible at Midtown after initial
phases of development. Future hotel
development should include a mix of
hotel types (i.e., larger conference
hotels and smaller boutique hotels) to
capture different travel sectors. Hotel
visitors to the area could help support
the retail and add to the tax base.
Future retail in Midtown is likely to be
ground-floor retail in mixed-use
buildings or standalone, specialty
retail. Sites within the Midtown campus
lacking frontage on the main roads
should seek to attract destination retail
and entertainment users that can draw
customers from a wider geography.
MARKET POTENTIAL
MODERATE
10-YEAR DEMAND
250 KEYS
Source: CoStar, Google, SB Friedman
MULTIFAMILY OFFICE HOTEL RETAIL

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Chicago, IL 60602
312-424-4250 | sbfriedman.com
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