top business stories

Teya Vitu, The Santa Fe New Mexican
·4 min read

Dec. 25—The elevation isn't the only thing high about Santa Fe.

The top business story for 2023 is the at least 44 cannabis shops now operating in the City Different.

Santa Fe had just 13 medicinal marijuana shops as recreational cannabis became legal in New Mexico in April 2022. Not much more than a year later, the number of cannabis shops tripled. That's more than twice as many McDonald's, Burger King, Taco Bell, Sonic Drive-In and Blake's Lotaburger locations combined and four times the number of Starbucks'.

The question eventually will be how many cannabis shops can Santa Fe and New Mexico support?

The big business story heading into the future is Anchorum St. Vincent transforming into the Anchorum Health Foundation. Anchorum relinquished its half-owner share in Christus St. Vincent, which includes Christus St. Vincent Regional Medical Center, to Christus Health, the other half-owner. In exchange, Christus Health will pay Anchorum $500 million over 10 years to fund improvements in local "social determinants" — factors that impact health such as housing, education, senior care and access to health care.

Two large affordable housing apartment projects were announced just beyond the city limits on N.M. 14 near Santa Fe Brewing. Cresta Ridge proposes 240 units and Turquoise Trail on a neighboring property wants to build 312 units.

Both will have all units meeting federal affordable housing requirements. They are the first two local large-scale, private-sector affordable housing projects among 35 new apartment complexes in the past five years. Both developers are using federal Low-Income Housing Tax Credits to finance the projects.

Meow Wolf's ceaseless expansion continued in 2023 with the July opening of Real Unreal in Grapevine, Texas. This is Meow Wolf's fourth permanent exhibition after the House of Eternal Return in Santa Fe in 2016 and Omega Mart and Convergence Station in Las Vegas, Nev., and Denver, respectively, in 2021. Meow Wolf plans to open another interactive attraction in Houston in 2024.

Meow Wolf this year also diversified into virtual reality in collaboration with Mighty Coconut to create a Walkabout Mini Golf: Meow Wolf game. Meow Wolf also went airborne at the Albuquerque International Balloon Fiesta with a balloon it designed called Skyworm in collaboration with Rainbow Ryders Hot Air Balloon Ride Co.

There were a number of high-profile business closings. Bed Bath & Beyond collapsed nationally in bankruptcy. Regal Santa Fe Stadium 14 closed permanently, with property owner Jeff Branch seeking another operator that will use fewer screens and incorporate other uses in the remaining space. Local chains Del Norte Pharmacy and Pharmaca Integrative Pharmacy shut down in April and February, respectively.

There were also some notable openings, including Dutch Bros at the former Cheeks location and 1610 Hardware in a long-vacant Office Max in the Zia Road shopping center with Albertsons.

Bill Banowsky was maneuvering at The Railyard, first opening the long-delayed Nuckolls Brewing and then selling his three Violet Crown Cinema ventures to EVO Entertainment Group, though he remains minority owner and will continue to operate the Violet Crown in Santa Fe.

New owner Phillip Gesue converted the Shellaberger Tennis Center into Midtown Santa Fe Production Studio and now is working to merge with the neighboring Garson Studios and add a four-story apartment building. All this is at the former College of Santa Fe/Santa Fe University of Art and Design but is on privately owned land and not part of the city-owned midtown campus.

The saga of the New Mexico Public Regulation Commission's rejection of the merger between the Public Service Company of New Mexico and Avangrid in 2021 continues, as the state Supreme Court considers whether to affirm or deny the PRC's decision.

Texas oil magnate Scott Sheffield and wife Kimberley Sheffield are funding the $13 million construction of the First Serve/Forked Lightning Racquet Club that started in January between the Genoveva Chavez Community Center and Rodeo de Santa Fe and behind the Santa Fe County Fairgrounds. The 12-court tennis complex will be the new home of First Serve New Mexico's after-school tutoring and tennis program and a new Forked Lightning Racquet Club formed by the Sheffields.

Now the question is what will happen with the Fashion Outlets of Santa Fe under new owner local commercial real estate broker Carlos Garcia? First clue: Garcia sees a similar format to the Shops at The Design Center, which he also owns.