Redevelopment projects in Albuquerque to bring housing options to the central corridor

ALBUQUERQUE, NM (KRQE) – Cleaning up dilapidated urban areas was a huge priority for the city. A new report shows how much progress they have made.

In one project, affordable terraced houses are already on the rise and construction of another complex with 150 units will begin shortly. Your neighbor is Silver Street Market in the heart of downtown Albuquerque.

“We have several apartment complexes nearby,” said Albert Chavez, a store manager at Silver Street Market. “Different income levels, so we see quite a variety of customers.”

You are also seeing a lot of construction now. Across Silver, the Palladium project is building more than a dozen affordable townhouses, just one of many projects by the city’s Metropolitan Redevelopment Agency, which is responsible for revitalizing Central. On the other side of 2nd Street, you will also see a complex of more than 150 micro-apartments – part of another project.

“We are seeing a really strong housing market after the pandemic,” said Karen Iverson, manager of the Metropolitan Redevelopment Agency. “We see that everywhere in the city that rent out, the vacancy rate is really high.”

The large number of projects along the central corridor was originally intended to bring fresh light into the rooms. A new report shows how much progress has been made – like adding 178 residential options like Nuevo Atrisco and Broadstone Highlands and 218 hotel units with Springhill Suites by Presbyterian; the city contributed by investing $ 78.7 million. Some stores near recent renovations like the Imperial Inn tell KRQE this is a welcome change.

“It’s amazing what a project like this can do to really change the atmosphere in the surrounding neighborhood,” said Iverson. “To see new shops open up and new residents coming into these depraved areas.”

Iverson says many of the projects are progressing on schedule despite the pandemic. This includes more living and shopping opportunities in the Highlands, as well as the Rail Trails project along the Railyards.

“How do we bring companies back to reduce vacancy,” said Iverson. “What kind of infrastructure projects do we need to help people get around the area and move around on foot.”

Studies are also being conducted to consider redevelopment along Central between University and Nob Hill. They hope to complete these results by early next year. Back at Silver Street Market, they hope the surge in homes and jobs will be a welcome addition to the neighborhood.

“I’m particularly happy after the last few years,” said Chavez. “It’s always good to see new doors and new people. It would really help us here. “

With these projects, the agency also wants to attract companies to the city center. Their new window dressing grants will provide up to $ 30,000 to businesses opening in the area. With the 14 current renovation projects, the city is investing more than 160 million US dollars.