Reasonably priced Housing Venture Opens Downtown »Albuquerque Journal
ALBUQUERQUE, NM – Town and county leaders and developers today celebrated the completion of the Sterling $ 13.6 million mixed-income downtown apartment project with a ceremonial ribbon cut.
The 107-unit home at 800 Silver Ave SW was developed by the Greater Albuquerque Housing Partnership with financial support from the City of Albuquerque and Bernalillo County.
The building has 28 efficiency, 67 one bedroom and 12 two bedroom units.
The move began two weeks ago, and the Sterling Downtown is 37 percent occupied and 57 percent rented, a GAHP spokesman said.
According to the GAHP, the four-story pound is home to individuals and families on incomes 30 to 60 percent or less of the median income in Albuquerque.
To get the project off the ground, the county issued a $ 8.6 million block of flats receipts. The city contributed $ 4 million through the Workforce Housing Trust Fund. and the New Mexico Mortgage Finance Authority lent $ 1 million through the New Mexico Housing Trust Fund.
Separate from development costs are low-income tax credits from the New Mexico Mortgage Finance Authority totaling $ 594,000.
The architect was Dekker / Perich / Sabatini and the general contractor was Bradbury Stamm.
“Today we are delighted to welcome all of the residents of Sterling Downtown as their home,” said Felipe Rael, GAHP executive director, in a statement. “The best part is that the residents have more money in their pockets thanks to the energy-efficient design and affordable rents.”
The residents’ amenities include a storage and repair room for bicycles, an indoor dog washing area, a fitness room, an open-plan room and an internet café on the 4th floor with a roof terrace. There is a café in the lobby operated by Plata Coffee.
Each condominium has a washer and dryer, built-in desk, and stainless steel appliances.