Albuquerque Journal: SunCal Project Sold for $148 Million, September 17, 2010
California-based SunCal Cos. lost control of its controversial 55,000-acre development on Albuquerque's West Side on Thursday when the property and related assets were auctioned on the Bernalillo County Courthouse steps for $148 million.
SunCal was a divisive presence in New Mexico, with some lawmakers and West Side activists rallying against the company for what they claimed was going to be a sprawling development.
But officials with the company promised the development would be a quality, master-planned community that would mean new jobs and revenues for the state. The development would have included space for residential, retail, office, industrial and recreational uses.
A tax incentive, known as a tax increment development district -- or TIDD -- that would have allowed SunCal to divert tax revenues from within its development to cover costs of infrastructure, was denied by the Legislature in 2009.