The city of Albuquerque’s work to increase the available housing stock advanced yesterday, bringing 191 residential units in the downtown area closer to groundbreaking. “The Downtowner,” a six-story residential project designed to fill a critical gap for workers’ housing, was recommended by the Albuquerque Development Commission.
The proposed $ 30 million infill project, a public-private partnership between the Metropolitan Redevelopment Agency (MRA) and REMBE Urban Design and Development, will be located on the southwest corner of First Street and Silver Avenue. It will comprise 191 apartments with an average of 400-500 square meters, nine residential / work units, a café / retail space and capacities for hosting events. The plan of the building in the form of a large E would have two courtyards above street level. Sixty parking lots and 200 bicycle parking spaces would be provided to serve a target market using nearby transportation.
“Apartments that are tailored to the needs of our local workforce are a proven strategy for attracting businesses and their employees to city centers,” said Mayor Tim Keller. “The Downtowner will not only add 191 great downtown units, it will create new space and pedestrian traffic for businesses and will contribute to public safety as we bring more activity to the area. This is only part of our efforts to ensure that people of all income levels can find safe and healthy homes. “
REMBE Urban Design and Development will own and manage the project. The local company was the only respondent to a call for proposals (RFP) issued by the MRA in July 2020. The RFP was looking for proposals to transform the 0.8 acre city-owned land into a high-density residential or mixed-use project. The city is contributing the land and negotiating additional investments. The project includes a 19 percent equity contribution from the development team.
“This unique project checks several boxes on MRA’s list of goals for sustainable and catalytic downtown regeneration,” said MRA manager Karen Iverson. “It increases residential density, supplements the residential mix with units in line with the market, promotes economic development and creates new spaces for activities and events.”
REMBE Urban Design and Development has managed infill projects in Albuquerque valued at more than $ 80 million, including the Brick Light District in Nob Hill, the Country Club Plaza / The Franz Luxury Apartments in West Downtown and the Residences at Anasazi im Heart of downtown.
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