Image of what The Rock redevelopment project will look like. Courtesy VE Holdings
Image of what The Rock redevelopment project will look like. Courtesy VE Holdings
BY MAIRE O’NEILL
maire@losalamosreporter.com
Los Alamos County Councilors meeting in White Rock June 23 heard about the proposed Local Economic Development Act (LEDA) Public Participation Agreement high level terms for The Rock Redevelopment Project (former Time Out Pizza Building) located at 116 and 118 State Route 4 in White Rock.
Introducing the agenda item, County Manager Anne Laurent noted that the County is very excited to partner with managing developer Janet Lovato of VE Holdings on the project, which is located within the White Rock Centralized Downtown Redevelopment Project.
Laurent said the LEDA participation agreement for the project involves It is also a LEDA a zero interest $868,000 loan over the next 10 years, which is currently 80 percent of the current appraised value. She said the collateral will be the value of the property.
“The County will be the mortgage holder for that property as it’s redeveloped and increases because of that redevelopment. Similarly it is creating both gross receipts tax (GRT) based on construction, based on sales, and also it is creating jobs,” Laurent said.
To view the video clip of the presentation to Council by Janet Lovato, go to
https://losalamos.granicus.com/player/clip/4808
VE Holdings is a partnership comprised of local residents Janet Lovato and Timoteo Martinez. Their initial LEDA application was submitted to the County on September 19, 2025, and it took this long to work out a participation agreement between the two entities.
The proposed project will include a bar, a frozen yogurt shop, laundromat and infrastructure for food trucks as well as new electric vehicle chargers. The estimated project construction cost is $1.2 million and the public participation funding does not restrict market rate sales, rents or require an all electric building, according to the information provided in the agenda package.
“The requested County fiscal participation from the Economic Development fund is a total of $868,000 dollars in the form of a 10-year, zero interest loan to be paid back starting in year three through year 10 o f the participation agreement. The economic benefit of the redevelopment project is estimated to exceed 1 million dollars of gross receipts tax on construction and food/beverage and retail sales over ten years of the participation agreement term. Additionally, the project is anticipating to generate 17 new full-time equivalent jobs,” the agenda back-up material states.
VE Holdings has stated their intent to apply for an additional $400,000 dollars of Metropolitan Redevelopment Area (MRA) funding for exterior building and site improvements and amenities. The hearing for approval consideration before Council is expected to occur before the end of July.
Image of what The Rock redevelopment project will look like. Courtesy VE Holdings