Group looks to turn Wells Fargo building into affordable housing in Albuquerque

ALBUQUERQUE, N.M. (KRQE) – A joint city-county effort aimed at building more metro-area affordable housing is now trying to tackle some big projects. That includes a big idea that could transform one of Albuquerque’s most iconic downtown buildings.

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Most people know the downtown Wells Fargo building for its green glow at night. That building’s now up for sale at the same time Albuquerque and Bernalillo County’s new Middle Rio Grande Housing Collaborative is looking to raise millions for some big housing projects.

“Gives us the power to act as a small independent department of government, with the understanding that what we’re doing is working with the city and the county together to specifically solve for affordable housing,” said Talia Freedman, Chair of the MRGHC.

The collaborative passed its first resolution last month asking the state legislature for $261 million to help fully fund developer-led housing projects. They’re eyeing t24 projects across Bernalillo County including the idea of redeveloping the seventeen-story Wells Fargo Bank building downtown which is currently on the market.

“I think there is a lot of value in taking up an existing structure that’s being underutilized in the most urban part of Albuquerque and turning that into housing and creating a more vibrant downtown and also a vibrant community for affordable housing living,” said Talia Freedman, Chair of the MRGHC.

Some city councilors believe the new collaborative can help supercharge their approach toward building new housing.

“It’s just so much more effective to have an entity that’s looking at every opportunity in our community rather than I’m looking in District 7 and the county commission is looking in the county,” said Albuquerque City Councilor Tammy Fiebelkorn.

“If we could get even a quarter of the projects done that are on that list that are being submitted, it would be huge for the city. We’re so short on housing, it’s such a big, big issue,” said Albuquerque City Councilor Joaquin Baca.

The county has approved that list of 24 housing projects and the funding request from the state legislature now Albuquerque City Council is expected to vote on the ideas later this month. If it passes the funding request would be reviewed by lawmakers in January. Here is a full list of the locations the collaborative is looking to building affordable housing.

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