ABQ coffee shop owner on brewing developments
Jacob Fox and Deep Space Coffee want to keep their Downtown footprint.
The shop is relocating from 504 Central Ave. SW to the One Central Entertainment District, which held a ribbon-cutting ceremony Thursday. Deep Space’s Central Avenue location closed earlier this week.
Fox is part of New Mexico Capital Partners, the owners of Deep Space, and said the letter of intent to reopen at One Central was signed earlier this week. He called the move a fresh start for the coffee shop and will be in the middle of more foot traffic at the new development with a proximity to First Plaza Galleria, Albuquerque Convention Center and a stop for Albuquerque Rapid Transit.
He cited the impending arrival of TaskUs — and its 700 jobs — as another boom to Downtown Albuquerque.
One Central will feature 68 apartments, 44,000 square feet of street-level entertainment and retail and over 20,000 square feet of patio space. Fox said Thursday that Deep Space will occupy a 692-square-foot space and is hopeful that Deep Space can help establish a community presence at One Central.
"Coffee should be an excuse to connect with people, not just a product," Fox said.
He said the primary reason for choosing the location at One Central is because of the lower rent the shop will pay. Fox declined to give specifics of the difference in rent but added the new location is "definitely cheaper" than Deep Space’s previous location.
For his old shop, Fox said crime was an issue in the sense that it influenced foot traffic. With the One Central location, there will be a security presence on-site so customers can feel safe.
In Deep Space’s Instagram post announcing the closure, the owner hinted at future expansions for its sister shop, Little Bear Coffee. On Thursday, Fox said there are plans to open another Little Bear in Nob Hill, but declined to name the specific location as the deal is still in the process of closing.
The median asking lease rate for Downtown retail space is $12.07 per square foot, according to CBRE’s latest market report.