The City Council approved $2.4 million in tax incentives for four housing projects Wednesday night.
During their Wednesday meeting, city councilors unanimously passed four bills from the Metropolitan Redevelopment Agency for housing projects expected to add 300 housing units across four developments.
The bills were sponsored by Councilor Nichole Rogers and introduced at the last council meeting but pushed to Wednesday after councilors decided they wanted more time to review them.
Councilor Renée Grout said Wednesday night that she was uncomfortable voting on the incentives at the last meeting but is now excited to see the housing projects developed.
City spokesperson Ava Montoya said the tax incentives will not be “enacted until the project is completed.” Montoya said the developers of the projects have three years to complete the developments.
One of the projects would transform the boarded-up 10-story office building on San Mateo Boulevard just north of Central Avenue into a complex with 101 apartments called Park Central. If it all goes according to plan, Park Central could receive $744,332 in tax incentives.
Read more about the projects here.
The other projects are Highlands Central Market & Residence Inn, SOMOS and Garfield Townhomes.
The Highlands Central Market & Residence Inn could get $998,128 in tax incentives. It is set to be east of I-25 along Central Avenue adjacent to Presbyterian Hospital and feature 126 housing units.
The SOMOS could get $514,376 in tax incentives. It is set to be in the International District at Central Avenue and Alcazar Street and feature 70 housing units.
The Garfield Townhomes could get $151,209 in tax incentives. It is set to be north of Fairview Cemetery near Yale Boulevard and Garfield Avenue and feature 16 housing units.
I’m happy to hear of townhomes being built. As a retiree, I’m hoping for more of this type of housing in Albuquerque.
Thanks for reporting on this. I’m excited at the prospect of more rental housing in my area. Will the new housing at Park Central be subsidized or market rate?
A neighbor expressed concern that tall buildings can become controlled by gangs, as has happened in new york and Chicago in the past. How will that kind of situation be avoided in this case?