The State Land Office is once again taking bids for redevelopment of the 2.7-acre Garretts Desert Inn property in downtown Santa Fe. (EDDIE MOORE/JOURNAL)
SANTA FE, N.M. — The State Land Office has reopened the bidding process for redevelopment of the Garrett’s Desert Inn property in downtown Santa Fe.
Land Commissioner Aubrey Dunn disqualified the first winning bidder selected in November. Dunn said the partnership of GreenTree Hospitality of Scottsdale, Ariz., and Peak Hospitality of Albuquerque failed to come up with a required $250,000 bond in time to take on the project by the end of 2017.
Minimum base rent for the 2.72 acres at 311 Old Santa Fe Trail is $18,750 a month, or $225,000 per year, according to a news release from the Land Office. On the lease anniversary dates, the base rent amount will escalate by 2 percent. The term of the lease is 20 years, with two optional 20-year renewal periods.
The State Land Office acquired the hotel property at Alameda and Old Santa Fe Trail in 2016 in a three-way deal involving Cochiti Pueblo and the former owners of Garrett’s.
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 4 p.m. April 16. Bids will be opened on April 23.