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Transformation is in store for a longtime shopping center on the corner of Tramway and Montgomery NE in the far Northeast Heights.

Caracol Plaza, a 50,838-square-foot property situated at 12500 Montgomery NE, will undergo renovations next year as part of the new owner鈥檚 efforts to attract tenants and turn the largely vacant center into a vibrant community hub.

鈥淲e want to bring in some neighborhood amenities where the residents of the neighborhood can come in, relax, grab a bite and do some shopping,鈥� owner Peter Kapuranis said. 鈥淚 think it鈥檚 long overdue.鈥�

Kapuranis plans to update the plaza 鈥� built in 1985 鈥� with fresh stucco, improved signage and a new name, color palette, roof and parking lot, according to a Commercial Association of Realtors New Mexico listing. Vacant units will be prepped to offer prospective tenants a new HVAC unit, bare concrete floors, exposed ceilings and walls ready for design.

Construction work on the project 鈥� dubbed sa国际传媒官网网页入口鈥檚 鈥渕ost anticipated redevelopment鈥� by commercial real estate firm Resolut RE, which is handling the leasing of available units 鈥� is slated to begin in the second quarter of 2026 and finish by the end of next year, Kapuranis said.

A finalized project cost has yet to be determined, Kapuranis said.

鈥淭he property鈥檚 got really good bones,鈥� Kapuranis said. 鈥淚t was built really well, which is good news and that gives us a good base to build off of. A lot of what we鈥檙e doing is going to be cosmetic and rebranding the whole thing.鈥�

Kapuranis鈥� family, many of whom live in New Mexico, purchased Caracol Plaza in the 鈥�90s. Kapuranis inherited the property after his father, Frank Kapuranis, died two years ago.

Kapuranis is the principal of J&B Building Co., a Colorado-based commercial real estate company with experience in purchasing and rehabilitating distressed properties.

鈥淲e have lots of experience with breathing new life into older shopping centers like this,鈥� Kapuranis said, referencing a dozen or so similar projects in Colorado. 鈥淪o that鈥檚 why we鈥檙e holding on to it. We see a lot of value in the neighborhood and in the site there.鈥�

The property sits on a high-traffic corner, with exposure to more than 40,000 vehicles per day, according to the CARNM listing. Caracol Plaza is home to established longtime tenants, including Howie鈥檚 sa国际传媒官网网页入口 Page, Jazzercise, several salons and a voting center.

Despite its position in what the CARNM listing describes as one of the city鈥檚 鈥渕ost desirable trade areas鈥� 鈥� surrounded by dense residential neighborhoods with above-average household incomes 鈥� the shopping center鈥檚 occupancy rate is roughly 54%, with 23,160 square feet available to lease and a lease with a national retailer pending, according to listing agent Austin Tidwell with Resolut RE.

Not counting the pending lease, which would fill a roughly 10,000-square-foot lone-standing building on the property鈥檚 northwest corner, the shopping center is currently approximately 35% occupied, Tidwell said.

The current vacancies are what Kapuranis, Tidwell and co-listers Remsa Troy and Daniel Kearney are hoping to change.

鈥淲e see the opportunity,鈥� Tidwell said. 鈥淎s soon as we put a sign up, we started getting phone calls, emails and texts either from interested prospects or just from people in the community. ... The community at large wants to see this center thrive and fill up, and I think this is going to be something that鈥檚 really special to see come to fruition.鈥�

If the pending deal pans out, the national retailer will serve as the center鈥檚 anchor tenant and 鈥渞eally help鈥� Resolut RE鈥檚 leasing efforts, Tidwell said.

Kapuranis said he鈥檚 hoping to secure at least two restaurants as tenants to complement the property鈥檚 outdoor patio spaces and a variety of other retail and service offerings. The center鈥檚 existing tenants will remain at the center and in business during the renovations, Kapuranis said.

鈥淚鈥檓 just hoping to create a lot of synergy and a place where the community can gather and generate memories,鈥� Kapuranis said.