ABQ Times

Today, four Redevelopment Tax Abatement (RTA) applications for significant development projects have been approved by the City Council. These projects are poised to bring substantial investment and revitalization to Albuquerque.

The RTA program is a pivotal incentive offered by the Metropolitan Redevelopment Agency (MRA) that provides a seven-year property tax abatement on the incremental property taxes for all taxing districts. This program aims to attract private investment, foster high-quality sustainable development, and deliver tangible benefits to the community.

“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,” said Mayor Tim Keller. “The City can’t build it all alone, but we can provide incentives to support developers who want to invest here and help us build the future of Albuquerque.”

The first project is SOMOS in the Near Heights Metropolitan Redevelopment Area (MR Area). This development, located at Central & Alcazar next to Talin Market, will transform MRA-owned land into a 70-unit affordable housing complex with 1,000 square feet of commercial space. Notably, 84% of the housing units will be income-restricted, addressing a critical need for affordable housing in Albuquerque. The RTA is valued at nearly $1 million ($998,128) over the seven-year period.

In addition to the RTA for the SOMOS project, City Council approved donation of the City-owned parcel for the development. To ensure long-term affordability, the project has also received over $3.56 million in infrastructure cost supports with assistance from the Department of Health, Housing, and Homelessness ($3.4 million of which is pending City Council approval) and $1.6 million in Low-Income Housing Tax Credits.

“We are excited to partner with the MRA to achieve the goals of the Near Heights plan,” said Felipe Rael, Executive Director of Sol Housing. “With the construction of 70 apartment homes and commercial space to support local small businesses, SOMOS can achieve the vision of an international marketplace providing much-needed housing and economic benefits to International District residents.”

The second project is Highlands Central Market & Residence Inn. Located in Sycamore Redevelopment Area, this development features a 14,900 sq ft food hall and a 126-unit Residence Inn. This project aims to enhance local economy by creating jobs and stimulating business while providing new vibrant spaces for residents and visitors alike. The RTA is valued at approximately $514,000 over seven years.

“Titan Development is pleased to announce our collaboration with City of Albuquerque once more as we embark on forthcoming project at The Highlands,” said Josh Rogers Partner at Titan Development.“This mixed-use endeavor comprising Residence Inn Highlands Central Market stands address demand additional accommodations along Central corridor introduces exhilarating addition area form dynamic food hall.”

The third project Garfield Townhomes University Metropolitan Redevelopment Area consists two separate buildings containing two-story one-bedroom loft-style units certified LEED Platinum energy efficient incorporate cooling design features materials colors enhance efficiency RTA valued approximately $151000 seven years

“Having lived neighborhood many years I excited turn what been eyesore property into much needed sustainable housing” said Evan Davis Developer Designer Sunlight Properties LLC“These sixteen one-bedroom loft style townhomes going perfect students professionals alike targeting LEED Platinum certifications they will be energy efficient beautiful very grateful MRA their much-needed support make this reality”

Final tax abatement approval Park Central Near Heights MR Area commercial-to-residential conversion create101units new abandoned office tower Additional features include green roof EV charging stations street-facing mural painted local artist bike storage dedicated car share space electric apartments RTA valued approximately$744000 seven years

"The Silverstone Equity Partners team along Equiterra Regenerative Design Sterling Engineering Design Group thrilled upcoming redevelopment iconic Park Central Tower Bank West Tower” Saad Khalid Silverstone Equity Partners“We grateful City Albuquerque's considerations regarding property tax abatements assist efforts goal work closely local leaders restore towers former glory help address acute shortage eagerly anticipate positive transformation revitalized towers bring community"

“The resources offer instrumental attracting kind investment needed rejuvenate underdeveloped areas” Terry Brunner MRA Director“These projects reflect mission build vibrant sustainable communities”

MRA remains committed supporting initiatives drive economic growth enhance community well-being create opportunities all Albuquerque residents families For more information updates Redevelopment Tax Abatement Program other incentives please visit webpage

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