Success Stories
Industrial Revenue Bonds Fuel Manufacturing Comeback in Southeast Albuquerque
Creative Financing Revives Vacant Facility, Sparks Economic Growth
The IRB, approved unanimously by the Albuquerque City Council, is enabling Geltmore Karsten LLC to invest $6.5 million to restore the 56,000 square-foot facility. Once left behind after the 2023 bankruptcy of a former tenant, the building is now poised to support two growing local manufacturers and serve as a cornerstone for neighborhood revitalization.
“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.”
The IRB program, which carries no financial risk to the City, allows qualified companies to receive tax relief in exchange for commitments to invest in local infrastructure, job creation, and economic development. In this case, the bond enables significant improvements to the Karsten Court facility while making room for manufacturers to expand operations and scale their businesses.
“Returning this facility to productive use marks an important step in strengthening Albuquerque’s industrial base,” said Paul Silverman, President of Geltmore Karsten, 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.”
Silverman is also the CEO of Bee Clean Spot, LLC which will be one of the two manufacturing companies at the location. The project is expected to generate 80 new full-time jobs, with salaries ranging from $30,000 to $100,000, while also delivering a broader economic impact. A fiscal impact analysis by UNM’s Bureau of Business and Economic Research projects the redevelopment will generate $9 million in tax revenue by 2043.
Beyond the numbers, the project supports Albuquerque’s broader goals: activating industrial properties, strengthening the local manufacturing sector, and encouraging investment in the city’s core. It’s a success story made possible by a proven financial tool—and a clear commitment to growth.
With site work underway and tenant build-outs beginning soon, operations at the revitalized facility are on track to begin by mid-2025.