Silver Ave. going golden for properties, »Albuquerque Journal
ALBUQUERQUE, NM – When it comes to downtown real estate development, Silver Avenue suddenly looks golden.
A former downtown parking lot is being converted into a mixed-income apartment complex located on the southwest corner of Silver Avenue and Eighth Street.
It is one of several infill apartment projects that have already been built or are in the works – projects that are supported by both private and public investors.
Construction is in full swing for The Sterling Downtown, a 111-unit home being developed by the Greater Albuquerque Housing Partnership.
Last September, Bernalillo County approved a resolution to issue $ 10 million of multi-family housing bonds through the allocation of bonds for personal activities by the New Mexico State Board of Finance. The sale of these bonds helped fund the land purchase and much of the construction costs for the $ 16 million development. To round out funding for the project, the Greater Albuquerque Housing Partnership also received low-income residential property tax credits from the New Mexico Mortgage Finance Authority.
Bradbury Trunk is overseeing construction of the four-story, 78,000-square-foot building, which is expected to be completed this coming June, said Felipe Rael, executive director of the Housing Partnership. The pre-letting of the shares begins in March.
The Sterling will mainly consist of studios and one-bedroom units, with amenities such as a common room, storage, bike storage and maintenance room, dog washing station, internet cafe and fitness center.
Monarch Properties Inc. will manage the property, which Rael said would be ideal for “millennials and their grandparents”.
According to the county’s report, 90 percent of homes will be affordable units, which means renters won’t pay more than 30 percent of their rental income. Another 10 percent will be customary and 5 percent will be for tenants with special needs. “There is a great need for affordable housing in our community,” said Rael, whose nonprofit recently opened CUATRO, a 56-unit, low-income senior apartment project on North Fourth Street.
Occupancy in the Housing Partnership’s shared flats is “typically over 95 percent,” and waiting lists for available units are long, Rael said.
The Imperial Building apartment complex, which opened at 205 Silver Avenue last year, added 74 new apartments to the growing downtown residential mix. A private consortium called Silver Avenue Flats LLC plans to redevelop a city-owned property on the northeast corner of Second Street and Silver Avenue. According to the city, the initial development cost of the public-private partnership is “more than $ 24 million”.