Office buildings at Central and San Mateo could bring some relief to housing crisis

ALBUQUERQUE, N.M. (KRQE) – They’re hard to miss: the two massive office buildings towering over Central and San Mateo. In recent weeks, they have been touted as a way to expand housing options in the area, but what exactly is coming, and when?

On August 12, the city officially announced their plans for the two vacant buildings at San Mateo and Central. One tower, at the corner of Central and San Mateo, was once a bank. The other tower used to be an office building.

While they’re empty now, the city said the shorter of the two will be the first to see changes. To get the Park Central Project done, the city is offering the developers tax breaks.

The Metro Redevelopment Agency said so far, the tax abatement application that is currently pending council approval is only for the smaller of the two buildings on the property. While the taller tower is still in an earlier phase of development.

The city said the smaller of the two buildings will have 101 units of housing with some rents below market rates.

“When people are living in a place and a place becomes a viable place to live work and play, you reduce the amount of crime in the area,” said Fair West Neighborhood Association Vice President Katherine Turner.

Turner added the area is excited to see new life coming to the empty buildings.

“I absolutely hope both will be developed. The more development of housing we have and the people we have raising children and working and living, the more opportunities we have to revitalize that area.”

The city said the taller building will eventually see changes too. In the meantime, however, the owners of the property, Route 66 Multifamily ABQ LLC, have faced some challenges including vandalism and fires.

City council still needs to sign off on the tax break for the smaller building. The property owner told KRQE the 10-story redesign is complete and will be submitted for permitting next month. They hope to begin construction this year. They said construction on the taller tower will start next year.

City officials have said their upcoming projects will create more than 300 new housing units in Albuquerque. The mayor has said the metro is short 30,000 homes.

The projects also include the Highlands Central Market and Residence Inn Project, which will offer extended-stay hotel rooms. Then, the ‘SOMOS’ project will turn a now-vacant lot on Central and Alcazar into affordable housing units for seniors. A fourth project will bring townhomes to Garfield Avenue in Nob Hill. These projects are also awaiting approval for tax abatements.

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