Contacts
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Tai Bixby
Real Estate Advisors, LLC
Property Details
- Property Type Retail
- Property Size 26,427 SF
- Lot Size 26,427 SF
- Zoning BCD
- Additional Rent Contact for pricing
- Date Updated Jun 7, 2024
This restaurant building with excess land is one of the last developable sites near the center of Santa Fe for retail. The existing structure can be updated and expanded, or the site can be cleared to develop an entirely new concept.
The real estate is an offering of several components of a commercial condominium known as the Pen Road Center Condominium, branded “Crossroads Center” at 1005 South St Francis Drive in Santa Fe, New Mexico. The existing building houses Tiny’s Restaurant and Lounge, a local favorite for decades. The building constitutes condominium unit A and which measures 5,051sf as well as the associated limited common elements which include a 1,100 sf interior patio.
The building (Unit A) and associated parking are on the Parcel C Reserved Development Right (“RDR”) measuring 22,267sf± plus a triangular parcel measuring 4,160sf. The triangle can be added to the condominium and the excess land can be developed for more retail. Under the New Mexico Condominium Act, and per the terms of the Condominium Declaration, the RDR can be converted to up to 6 condominium units once construction of the new units have been substantially completed. The Parcel C RDR expires on June 25, 2025.
In addition, the offering includes a 50% undivided interest in the Parcel B RDR. The other 50% undivided interest belongs to another owner who also owns reserved development rights in Parcel A. See condominium plat later in this offering memo for details. Development of Parcel B RDR would require consent and cooperation of both the owners of the Parcel B RDR but would not require consent of the condominium association. Parcel B currently used for parking and cross access.
Construction on the Reserved Development Rights is subject to permitting and development requirements of the City of Santa Fe and depends on factors like the intended use, parking requirements, access, traffic and other factors. Cannabis not allowed at this location due to proximity to other licensees.
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Highlights
- Located in a dense commercial corridor between Whole Foods, Trader Joes, Walgreens, CVS and many other national credit businesses.
- High Traffic Corner at intersection of St Francis & Cerrillos Rd with 60,000 VPD±
- BUILDING: 5,051 sf existing restaurant building (Condo Unit A) with 1,100sf± patio
- LAND: 26,427 sf (Parcel C & Triangle)
- Offering includes existing condo units and reserved development rights covering a parking area that can be converted to additional condominium units.
- High Traffic Corner at intersection of St Francis & Cerrillos Rd with 60,000 VPD±
- Zoning: BCD (Cerrillos Subdistrict) allows for retail, banking, restaurants, drive through, quick serve restaurants, hospitality, office and most commercial uses. Residential not allowed per condominium rules.
- Maximum development height: 45 feet
- Parking spaces: 152± parking spaces shared with all Crossroads Center tenant. BCD zoning requires parking ratio of 1:350sf for retail or 1:500 for office.
Attachments
Getting around
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Location
- City Santa Fe, NM
- Neighborhood Don Diego
- Zip Code 87505
Points of Interest
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Santa Fe Depot
0.56 miles
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Zia Road
2.19 miles
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Drive-up Window
9.29 miles
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Allsup's Gas
0.31 miles
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ChargePoint
0.92 miles
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Galisteo Allsup's
1.04 miles
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eVgo
1.08 miles
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Smith's
1.44 miles
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Smith's Fuel
1.97 miles
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Alon
2.11 miles
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Brewer Gas
2.22 miles
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Maverik
2.46 miles
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Murphy USA
3.05 miles
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Design Center Employee Parking
0.63 miles
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Sandoval Garage
0.91 miles
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San Francisco Plaza
0.92 miles
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El Patio
0.94 miles
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Water Street Municipal Lot
0.95 miles
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Santa Fe Public Library Parking
1.17 miles
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Scholar Parking
1.19 miles
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Recyclables
1.86 miles
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Student Activities Center Parking
2.24 miles
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La Cuchara Trailhead
2.31 miles
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El Chile Toreado
0.02 miles
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Chipotle
0.03 miles
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McDonald's
0.08 miles
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La Choza
0.09 miles
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Bambini's Phillys Cheesesteaks
0.12 miles
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Domino's
0.15 miles
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Dunkin'
0.20 miles
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Paper Dosa
0.25 miles
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Maria's of Santa Fe
0.25 miles
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Belle and Cora Larson Dining Hall
0.27 miles
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Whole Foods Market
0.16 miles
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Natural Grocers
0.23 miles
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Trader Joe's
0.33 miles
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Design Center Santa Fe
0.65 miles
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Kaune's Neighborhood Market
0.86 miles
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Five and Dime
0.97 miles
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Santa Fe Arcade
0.98 miles
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Sprouts Farmers Market
1.04 miles
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De Vargas Center
1.04 miles
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Ross
1.06 miles
In-Depth Research Available for this Property
Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.
Contact Listing Broker
![broker]( https://cdn.commercialsearch.com/ILSContent/Images/no_broker_photo_sm.png?width=96)
Tai Bixby
Real Estate Advisors, LLC