Vacant Manufacturing Facility to be Restored
A $6.5 million dollar investment will revive the facility and boost neighborhood revitalization
ALBUQUERQUE – A long-vacant industrial facility in Albuquerque is poised for a major transformation. Geltmore Karsten LLC is investing $6.5 million to bring the 56,000 square-foot building at 2810 Karsten Court SE back to life as a modern manufacturing site. The project is supported by $5.6 million in City-issued industrial revenue bonds (IRBs), approved by the Albuquerque City Council.
The property, which had fallen into disrepair following the 2023 bankruptcy of its former occupant, will soon be home to two tenants. Both tenants are local manufacturers that need the additional space for future growth. The project aligns with Albuquerque’s broader economic development goals by activating an existing industrial space, supporting export-based business, and revitalizing an underutilized site in the city’s core.
“This is a great example of how we can strategically support economic development,” said Mayor Tim Keller. “It’s not just about jobs—though they matter—it’s about revitalizing key properties, encouraging innovation, and building a stronger foundation for the future of Albuquerque’s economy.”
While job creation is a component of the project, the broader goal is economic revitalization through targeted redevelopment. The project is expected to generate 80 new full-time positions with salaries ranging from $30,000 to $100,000, helping to strengthen the local workforce.
The project’s greatest impact lies in long-term tax revenue and the growth of local manufacturing capacity. A fiscal impact analysis by the University of New Mexico’s Bureau of Business and Economic Research estimates the project will generate roughly $9 million in tax revenue by 2043. The IRBs carry no financial risk to the City; they are self-funded by the company and do not require public dollars.
“Returning this facility to productive use marks an important step in strengthening Albuquerque’s industrial base,” said Paul Silverman, CEO of Geltmore LLC. “We’re proud to help bring manufacturing back to this site and to support a tenant with a clear vision for growth and innovation.”
With the City Council's approval of the ordinance authorizing the industrial revenue bond, the project is moving forward. Operations at the new facility are expected to begin in mid-2025.