The economic development arm of the University of New Mexico has received a $1.5 million federal grant for creating a new high-tech business district in downtown Albuqueruque.
U.S. Sens. Tom Udall and Martin Heinrich Wednesday announced the Commerce Department funding for the Innovate ABQ initiative.
The grant brings funding for the project to $6.5 million, or close to the appraised value for the seven-acre First Baptist Church site that the project hopes to purchase.
Acquiring the property is the first piece of Innovate ABQ, which aims to help attract more business and create new companies from the research powers of UNM and New Mexico's government, education, and business communities.
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