SANTA FE – The State Fairgrounds District Board today voted 6-1 to approve the first phase of a redevelopment plan that will transform the central Albuquerque site into a walkable, mixed-use destination designed to improve public safety, create new jobs and generate economic activity.

The redevelopment initiative will reorganize and consolidate existing State Fairgrounds facilities to make room for new development, create a walkable mixed-use core and establish a modern stadium to anchor the project. The plan’s financing includes $92 million in bonding capacity and $114 million from the state’s general fund.

“Today’s vote is a major step toward revitalizing the heart of Albuquerque as a meaningful economic engine that creates jobs, draws visitors, and builds lasting value for the surrounding neighborhoods,” said Governor Michelle Lujan Grisham. “The Fairgrounds have always been a gathering place for New Mexicans, and we want to improve the property to ensure future generations will continue to benefit from the site for years to come.”

The first phase positions the Fairgrounds as a premier year-round destination with housing, parks and community spaces that will serve residents across the city for generations.

The State Fairgrounds District Board’s next meeting is scheduled for May 7, 2026 and will include further discussions on housing and the stadium. No tenant for the stadium has been selected, nor will be selected until approved by the State Fairgrounds District Board.

Image below of the phase one plan: