The 8.6-acre facility in Santa Fe, N.M. was purchased for $6.7 million by Phillip Gesue, principal of PE Real Estate Holdings, a New York City real estate development company. Gesue rented an apartment in Santa Fe a couple of weeks ago and will spend time in Santa Fe as he determines his plans for the seven-court tennis complex that was built in 2002 on what was the campus of the College of Santa Fe. “To come up with the right project, you need to immerse yourself in the community,” Gesue says.
A New York developer has bought the privately owned 8.6-acre Shellaberger Tennis Center in Santa Fe, N.M., located just beyond the southeastern corner of the city-owned midtown campus, The Santa Fe New Mexican reported.
The $6.7 million sale closed Oct. 31 for the 65,000-square-foot indoor tennis center. It was acquired by Phillip Gesue, principal of PE Real Estate Holdings, a New York City real estate development company, The Santa Fe New Mexican reported.
Gesue rented an apartment in Santa Fe a couple of weeks ago and will spend time in Santa Fe as he determines his plans for the seven-court tennis complex that was built in 2002 on what was the campus of the College of Santa Fe.
Today, the Shellaberger is not part of the city’s midtown property, The Santa Fe New Mexican reported.
“To come up with the right project, you need to immerse yourself in the community,” Gesue said in a phone interview. “I intend to spend a lot of time there, maybe staying there [in Santa Fe].”
Previous owners Eric Rose and Sam Hitman announced an unnamed buyer in May, but that deal fell through, The Santa Fe New Mexican reported. Gesue came along in July.
“When I looked at the property in July, it looked good for residential,” Gesue said. “Today it is not.”
He ended up buying it anyway, with no preconceived plan.
“For me to come into town and say what should be there would be presumptuous,” he said.
Gesue will spend the next few months thinking and studying the market for demands of today and the future, The Santa Fe New Mexican reported.
Whether the Shellaberger structure will remain is an open question, The Santa Fe New Mexican reported. There is an outdoor stadium court with two wings of three indoor courts flaring out on two sides.
“We’re trying to decide that now,” Gesue said. “We might try to do an adaptive reuse. There are a lot of things it can be repurposed as.”
PE Real Estate Holdings has done $10 billion of real estate development of 14 million square feet over 25 years, developing or acquiring more than 5,000 multifamily units, 2,000 hotel rooms and 1 million square feet of office and retail, according to their website.
PE Real Estate projects are predominantly on the East Cost with some in California, The Santa Fe New Mexican reported. None was in the Southwest until now.
“It has a lot of potential,” Gesue said about Shellaberger. “It is a spectacularly beautiful environment in Santa Fe. It is a privilege to get to do something in a place like this. Seeing this pretty large parcel, something neglected for a while, it needed a new eye.”
The projects featured on the PE Real Estate website include the 72-unit, mixed-use Solaris Lofts in Jersey City, N.J.; the 180-unit mixed-use Fifty 26th in Pittsburgh; and the 300-unit multifamily Casa Mara in West Palm Beach, Fla.
“I don’t think I’ve ever done anything that wasn’t on an urban infill site,” Gesue said. “Urban development has a tendency to be mixed use. Having a good pedestrian environment is No. 1. I’ve walked a number of times from [Shellaberger] to downtown.”
Gesue said he is well aware of the city’s attempts to revitalize the adjoining, mostly abandoned, 64-acre midtown campus, The Santa Fe New Mexican reported.
“Because of what’s happening with the midtown campus, there is the potential [for me] to be very imaginative and do something important for midtown.”
He said he intends to align his project with the city’s vision for the midtown campus.
Shellaberger was home to tennis aficionados for two decades, funded by $6 million from Rosemarie Shellaberger, who had previously funded eight outdoor courts at the college in the 1970s, The Santa Fe New Mexican reported. Rose and Hitman acquired the center in 2011, three years after the College of Santa Fe stopped operations. The center was in operation until early June.
“It’s that time in life to make a change,” Rose said in May. “You’re always trying to determine what is best for you and your family. I look forward to the next chapter. We may move out to Hawaii as well.”