The City of Albuquerque has approved a building permit for Serenade at Park Central, a redevelopment project that will convert the vacant ten-story office building at 300 San Mateo Blvd. NE into 110 mixed-income apartments. The initiative is led by Silverstone Equity Partners and is part of the city’s ongoing efforts to repurpose unused commercial spaces for housing.
Mayor Tim Keller commented on the significance of the project, stating, “For too long, this tower stood as a reminder of what wasn’t working. Now, it’s part of a larger strategy to meet Albuquerque’s housing needs at every level of the market.”
Serenade at Park Central is located in the Near Heights Metropolitan Redevelopment Area along an important transit corridor. The development will include 41 affordable units designated for households earning up to 80% of the Area Median Income (AMI). The apartment mix consists of studio and one-bedroom units with amenities such as a fitness center, outdoor pool, and shared community areas. Affordable units will be distributed throughout the building to support an inclusive environment serving seniors, workers, and residents from various income brackets.
The City’s Metropolitan Redevelopment Agency (MRA) and Department of Health, Housing & Homelessness (HHH) negotiated with Silverstone Equity Partners on the development agreement. The city is contributing $2 million toward the $23 million total project cost—less than 10%—and has also provided a Redevelopment Tax Abatement valued at nearly $750,000 over seven years. These incentives are intended to attract private investment and address local housing needs.
Terry Brunner, Director of the Metropolitan Redevelopment Agency, said: “This project brings new housing and life to a property that stood empty for years. By aligning redevelopment tools with the City’s housing strategy, we’re turning underused properties into thriving communities and strengthening Albuquerque’s economic foundation.”
Construction on Serenade at Park Central is expected to start later this year with completion anticipated in fall 2027.
