City places $744K bet on eyesore at troubled intersection

One of the city’s highest profile eyesores is poised to be energized with $744,332 in tax incentives designed to motivate private developers to invest in areas that are underdeveloped.  

Park Central — a boarded-up 10-story office building on the northeast corner of Central Avenue and San Mateo Boulevard — is one of four housing projects that are collectively set to get $2.4 million to develop 300 units.    

The Park Central office-to-residential conversion would create 101 apartments with green features and all-electric amenities, city officials said in a news release. The Albuquerque Development Commission (ADC) approved the Metropolitan Redevelopment Agency tax abatement incentive for Silverstone Equity Partners and Equiterra Regenerative Design.

Park Central is in the International District — a crime-ridden area with many people living on the streets who often use illicit drugs openly. The deteriorating environment is one of the reasons the former 206,000-square-foot Walmart Supercenter, located on the southwest corner of the intersection, closed its doors 16-months ago. It left many International District residents without a convenient location to buy groceries and fill prescriptions. 

All four projects — which officials said would feature a mix of affordable and market-rate units — have been approved by the ADC for seven-year property tax abatements. Before the money starts to flow, the City Council must vote to approve the projects, which it will likely take up at its Aug. 19 meeting.

City officials say the new housing is sorely needed.

“We’re short up to 30,000 housing units in our city — there’s no question about it — we need to build more houses so everyone can find a place to live that they can actually afford,” Mayor Tim Keller said at a news conference at Park Central earlier this week. 

The other three projects are:

Highlands Central Market & Residence Inn

Developer: Titan Development

Incentive amount: $998,128

This development features a 14,900-square-foot food hall and a 126-unit Residence Inn. The location is just east of I-25 along Central Avenue adjacent to Presbyterian Hospital.

SOMOS

Developer: Sol Housing

Incentive amount: $514,376

This development, located at Central Avenue and Alcazar Street, would transform city-owned land into a 70-unit affordable housing complex with 1,000-square-feet of commercial space. Officials said 84% of the housing units will be income-restricted, meaning monthly rent is based on a percentage of income.

Garfield Townhomes

Developer: Sunlight Properties

Incentive amount: $151,209

This 16-unit townhome project would consist of two separate buildings containing two-story, one-bedroom loft-style units. Officials said the development would be LEED platinum-certified and 100% electric.