New construction in Carlsbad: Apartment complex, oil company offices
Fueled by continued growth in the Permian Basin, the City of Carlsbad issued building permits valued at $16 million for expansion of an apartment complex and a new office building for an energy company.
A $14.5 million permit was issued Feb. 9 for phase two construction of the Cavern City Apartments at 451 West Chapman, according to building records from the City of Carlsbad Planning, Engineering and Regulation Department. Cavern City Apartments Manager Jovy Jackson said ground was broken nearly two weeks ago for the expansion.
More: Eddy County home prices rose 3.6% in December, with houses listed at a median of $310,850
Once construction is finished, Jackson said the complex would house 120 new units.
Nick Sullivan, City of Carlsbad building inspector, estimated the new housing unit would have around eight buildings once construction is complete.
The expansion comes at a time when apartment occupancies remain at or near capacity in the City of Carlsbad, according to January data compiled by the Carlsbad Department of Development (CDOD).
Pecos Vista, Cavern City, Arrowstone and Avalon Apartments had 98% of capacity during the first month of 2024, noted CDOD.
The Copperstone and Villages of Carlsbad had a 97% occupancy rate in January, according to the Carlsbad Department of Development.
Average rent for a one bedroom apartment in Carlsbad was $1,180 a month. While rent for a two bedroom apartment was $1,325 a month, according to the website Rent.com.
Texas based energy company builds new complex
A $2.5 million permit was issued Feb. 2 to Kodiak Gas Services for construction of office space at 1306 West Derrick Road, according to City of Carlsbad permit records.
Sullivan said construction has started as the Woodlands, Texas-based company planned to erect metal buildings and a warehouse.
More: Oil driller Apache agrees to $9.5 million air pollution settlement in Permian Basin
Kodiak has operations south of Carlsbad near the New Mexico-Texas state line and near Midland, Texas, per the company’s website.
Kodiak provides compression services for oil and gas providers and midstream companies, read its website.
Mining employment, which includes oil and gas development, was up 6.6% in December 2023 across New Mexico, according to the New Mexico Department of Workforce Solutions (NMDWS). Across the Permian Basin, employment and wages rose during the fourth business quarter of 2023, according to the Federal Reserve Bank of Dallas website.
Mike Smith can be reached at 575-628-5546 or by email at MSmith@currentargus.com or @ArgusMichae on X, formerly known as Twitter.
This article originally appeared on Carlsbad Current-Argus: Construction of new apartments, office buildings beginning in Carlsbad
