By NM State Land Commissioner
SANTA FE, NM – Efforts to develop the Garrett’s Desert Inn property in downtown Santa Fe have resumed after State Land Commissioner Aubrey Dunn disqualified the first winning bidder for the project selected in November.
Commissioner Dunn is seeking the highest and best bid for the 2.72 acres of State Trust Land located at 311 Old Santa Fe Trail.
Per the provisions of the long-term business lease, the minimum base rent is set at $18,750 a month, or $225,000 per year. On the lease anniversary dates, the base rent amount will escalate by two percent. The term of the lease is 20 years, with two optional 20-year renewal periods.
The University of New Mexico is the beneficiary of revenues earned from the lease.
“This property is a tremendous asset for the community and the beneficiary it supports and we will not compromise when selecting a lessee,” said Commissioner Dunn. “The property is an attractive option for hoteliers and our commercial operations team is marketing the property globally.”
The bid packet can be downloaded from the State Land Office website or interested parties can contact New Mexico State Land Office economic development representative, James White, (505) 827-5731 or firstname.lastname@example.org. Bid packets can also be picked up in person at 310 Old Santa Fe Trail in Santa Fe. More details are available at www.nmstatelands.org.
The deadline to submit a sealed bid is Monday, April 16, 2018, at 4:00 p.m. Bids will be opened Monday, April 23, 2018.