332-units Arcadia apartment complex moves forward in Las Soleras on Santa Fe's south side
Dec. 18—Wood framing should start going up in about a month for the 332-unit Arcadia apartments at Las Soleras.
Tampa Bay-based DeBartolo Development started foundation and utility work on 17 acres in November 2022. The building permit was issued about a month ago. The property is located at 5300 Las Soleras Drive near Cerrillos Road, behind Dion's, McDonald's and the State Employees Credit Union.
DeBarolo is targeting Los Alamos National Laboratory employees and also staff at the neighboring Presbyterian Santa Fe Medical Center, said President and Chief Operating Officer Ed Kobel.
"The incomes at the top of the hospital and Los Alamos are pretty significant," Kobel said. "This is housing for a year or two until they find a place to buy."
Arcadia will have one-, two- and three-bedroom apartments with a monthly rent range of $1,500 to $1,800, Kobel said. He believes the first couple of three-story buildings could be ready for tenants by summer, with additional buildings coming on line at the rate of about one a month.
The units will have 9-foot ceilings, stainless steel appliances and granite counters. Flooring for some units will be wood, others carpet and some bamboo.
"We wanted to have some different combinations to make it interesting," Kobel said. "Everything is a little high-end. We want to create an interaction of people. What we find is if you make new friends, you stay another year."
Some 35 apartment projects have been proposed, built or are under construction in Santa Fe in the last five years.
"We saw the hospital next door and how there is a shortage of housing for staff," Kobel said. "Los Alamos is a juggernaut. We thought it would be interesting to come and provide quality housing. We think it will be the nicest building in town."
Arcadia is DeBartolo's first New Mexico project. DeBartolo currently is making initial entries in outlying markets such as Montana and Idaho after 20 years of developing primarily in Florida, with a half-dozen projects in Illinois and a scattering of others in California, Arizona, New Jersey, Texas, Pennsylvania, Georgia and Tennessee.
DeBartolo Development is owned by former San Francisco 49ers owner Edward "Eddie" DeBartolo Jr. DeBartolo typically develops and then sells projects, but Kobel said the company does operate eight apartment communities.
"You know, it's hard to say" if DeBartolo will operate Arcadia, Kobel said. "We're a family operation. It's a special location."
DeBartolo is paying fees into the city's Affordable Housing Trust Fund instead of providing below-market rental rates on 15% of the units as the city requires for new developments.
At 332 units, Arcadia would be the second-largest apartment project on one property in Santa Fe, behind 355-unit Madera Apartments under construction on South Meadows Road near N.M. 599. The three-phase Vizcaya apartments with 412 combined units has phases across the street from each other.
Madera will start leasing its first 60 units in January; within 60 days, the second set of 40 to 60 units will be available. This pattern will continue until the first phase of 220 units are complete; the second phase of 135 units is expected to start construction in late 2024 or early 2025, developer Carlos Garcia said.
