Price Land Development Group addresses housing crisis by creating a walkable community to meet diverse future homeowners needs
(Albuquerque, NM.)—September 26, 2024 – Although national interest rates have been moving in a downward trajectory, the housing market shortage and low affordability has many Americans still struggling to become home owners, especially first-time buyers. But for New Mexico residents, there will soon be more options as Price Land Development Group recently received approval on Phase 1 of its new residential development, Esencia de Santa Fe. The community will offer more than 700 homes including market-rate, affordable and multifamily options, along with 140 acres of usable open space for future buyers.
Esencia Holdings, which is comprised of New Mexico-based Price Land Development Group (Price), has been approved by Santa Fe County as the developer for the 277-acre property located west of Rancho Viejo in the Community College District. Price is a highly regarded local consultancy and development company specializing in acquisition, entitlement and development of residential communities and residential/mixed-use master plans in New Mexico.
“Esencia de Santa Fe will include a wide variety of homes to suit a diverse homeowner base to help alleviate Santa Fe’s current housing shortage,” said Garret Price, President of Price Land Development Group and Managing Member of Esencia Holdings, LLC.
Esencia will create 510 new homes delivered over the next six to seven years and 15% or 79 of those proposed homes will be set aside for Santa Fe County’s Affordable Housing program. Esencia Holdings was also approved to create 200 multifamily units within the project.
“Planning for the community has been focused on sustainability and responsible water use, preserving native flora and fauna, creating a strong sense of community, plus walkability for future residents and better connectivity to the land and wildlife through numerous trails, pond observation areas, a proposed strider pump track, trailheads and breathtaking views of the surrounding mountains,” shared Price. “The project will take approximately 10-12 months to prepare the lots in Phase 1 with builders likely able to start home construction at the end of 2025 and the first homeowners expected to move in as soon as late 2026.”
The pedestrian-friendly community is unique in that it will offer many lots that back up to preserved open space, which consists of half the land – almost 140 acres – dedicated for recreational use. The development will include 4.5 miles of onsite trails, ponds, a natural arroyo and four neighborhood parks as well as a centrally located seven-acre community park.
Additionally, Esencia Holdings will be focused on several offsite improvements including investing more than $2 million in the planning, engineering and completion of the much-needed Avenida del Sur roadway located on the north side of the development.
“Santa Fe County is committed to sustainable growth in our designated growth areas. We facilitate such growth by investing in backbone infrastructure like major roads, sewer trunklines, and water mainlines in designated growth areas, like the Community College District. The Avenida del Sur expansion will increase connectivity and maintain adequate levels of service for the Esencia development and beyond. Our collaboration with Esencia Holdings, memorialized in a cost-share agreement, helps ensure that construction and development timelines are coordinated, and public and private resources are leveraged. The result being that much needed market rate and affordable housing will come online more quickly,” County Manager Gregory S. Shaffer said.
Price added, “Avenida del Sur will become a critical east west connector road to State Road 14 and is the result of years of thoughtful planning and the implementation of public-private partnerships with the county. We are grateful for the opportunity to collaborate with county leadership and our industry partners on this significant project for the area.”
In addition to county collaboration, Price is partnering with a variety of Santa Fe-based industry experts including Landscape Architect Faith Okuma, principal at Surroundings Studio; Jennifer Jenkins, principal of JenkinsGavin on entitlements for Esencia; plus Deborah Ramirez, chair of Rodey Law’s business department. Additionally, Price is partnering with Albuquerque-based Bohannan Huston for civil engineering at the project.
To learn more about how Price Land Development Group continues to preserve the beauty of New Mexico while contributing to healthy economic growth, visit pricedevgroup.com
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“Thank you for growing with us” was the message that greeted Aspire residents at their second annual Aspire Party in the Park on June 1 from 10 a.m. to noon. It was also the theme of this budding community event designed to strengthen neighborhood bonds and culture at one of the area’s fastest selling communities.
Albuquerque-based Price Land Development Group (Price) was proud to sponsor the community event alongside Yellowstone Landscaping in conjunction with Associated Asset Management (AAM) and their talented onsite team. More than 130 attendees enjoyed the summer kickoff celebration that featured a neighbor cornhole tournament, lawn games and soccer, music, face painting, food trucks and a range of impressive raffle prizes including:
- Soccer Balls
- Gift cards to local culinary hotspot Dion’s Pizza
- Pop-up Tent perfect for weekend sporting events or outdoor adventures
- Propane Grill ready to fire up just in time for Father’s Day fun
- A 4-pack of tickets to a New Mexico United Soccer game this summer
- Other gift cards and plants for each attendee
The plant gifts were part of the developer’s larger commitment to creating sustainable culture through community gardens and resources provided to Aspire residents. Attendees were invited to take the plants home or add them to the community gardens.
The gated Aspire community features seven acres of parks, playgrounds and landscaped gathering spaces for young families and individuals, plus breathtaking views of the surrounding mountain ranges. The 83-acre Aspire community will ultimately deliver 506 entry-level homesites for builder D.R. Horton as the top active project in the Albuquerque MSA according to Zonda’s recent May 2024 reports.
Since May 2017, Price has contributed significantly to healthy economic growth in the area while preserving the unmatched beauty of New Mexico. Additionally, in its six-year history, Price has developed 70 acres of parks, trails and open space in the communities of Colibri, Seasons at Monarch, Aspire, Trails, Los Diamantes, Jemez Vista, Bedrock and High Range. These communities feature desirable amenities including neighborhood parks, picnic ramadas, basketball courts and dog parks.
To learn more about how Price Land Development Group continues to preserve the beauty of New Mexico while contributing to healthy economic growth, visit pricedevgroup.com
Photo credit: Arturo Merino
