City leaders will consider a crucial part of Mayor Tim Keller's push to bring Theia Group, an aerospace company with plans to bring 1,000 jobs to town through the proposed Orion Center. The company plans to use satellites to surveil the planet.
On April 19, city council is set to hear a proposed lease and development agreement with Theia Group for a 114-acre plot of land near the Albuquerque International Sunport where the development could potentially be built. The development's first phase is estimated to be about 4.1 million square feet, according to Jonathan Small, a spokesman for the Albuquerque International Sunport. The campus would have manufacturing operations, laboratories, a hotel and amenities, according to a November notification of decision from the city's Planning Department.
The proposed agreement has an initial term of 30 years, with options to extend to 50 years. The anticipated commencement of the agreement is June 1. Upon commencement, $1 million would be paid to cover rent for the first two years of the lease. Another payment in the same amount for rent during the third and fourth years of the lease would be made in June 2022.
Monthly rent payments totaling $1.24 million per year would begin in 2025. Rent will increase at 2% per year for four years and then be set by appraisal, according to the proposed agreement, which also includes certain milestones for Theia Group in order to "ensure expeditious development" of the site.
Theia Group must develop about 95 acres by 2029 and all remaining acres by 2031. The city can reclaim any undeveloped parts of the site if it determines the milestones are not met, as well as adjust the cost of rent, the proposed agreement says.
Some phases of construction for the Orion Center could be completed by late 2023, according to the city, the same year satellite launches are intended to begin. The company says its satellites will provide real-time imagery of national borders and provide information to first responders, among other things.
Satellites would be assembled at the Orion Center.
The city's Development Review Board is also combing over the project. A site plan, site infrastructure list and plat will be submitted in April, with a DRB review this month, according to Small.
Project plans include at least 1,000 jobs, which would make Theia Group one of the larger employers in the state, according to the New Mexico Partnership.
Despite steps that still need to be taken, Theia Group has started hiring for tech positions in Albuquerque. As of March, the company had openings that appeared on job boards, including those for a spacecraft systems engineer and software operations lead. It also recently expanded in Albuquerque with the takeover of facilities formerly occupied by Raytheon Co. — representing a multiyear commitment to establishing a presence here.
If it came to fruition, the Orion Center would be massive in both scale and expense. One research report from real estate firm Colliers International says the construction costs for the project are estimated to be between $8 billion and $10 billion throughout a decade. And at more than 4 million square feet, the Orion Center would be larger than One World Trade Center in New York.
Theia Group Vice President James Reid Gorman previously said in a statement the development will be "one of the largest construction projects in the United States."
— Editor's note: This story has been updated to clarify details about the first phase of the proposed Orion Center provided to Business First from a city of Albuquerque spokesperson.
