Tower's progress advances for low-cost housing project
In a bid to address Albuquerque's housing shortage of up to 28,000 units, the city is set to welcome a significant development. The Lomas Tower and the Wells Fargo Tower, both located in the heart of the city, will undergo conversion to provide new residential apartments.
The Lomas Tower, with a total of 100 apartments, will offer 60 one-bedroom and 40 two-bedroom units. Meanwhile, the Wells Fargo Tower, located at 200 Lomas Bouquerque Boulevard, will accommodate over 140 residents.
The Lomas Tower project, led by California-based developer Lincoln Avenue Communities, is working closely with the New Mexico Environment Department to remove asbestos from the property. The developer is also seeking affordable housing federal and state tax credits, with a bond helping facilitate this. Notably, the project will exempt the development from property taxes for 30 years.
The residential sections of both towers will occupy twelve floors and feature community amenities, including fitness rooms. Additionally, the Lomas Tower will also have retail and office space on the two lower levels.
The Wells Fargo Tower project, spearheaded by local development company Geltmore, has received key approval for the $35 million incentive package, with the county contributing an additional $10 million. The initiative is part of a broader city program accelerating residential development, including 23 residential projects in Albuquerque's key areas.
While the exact construction timeline for both projects has not been explicitly mentioned, it is anticipated that construction on the Lomas Tower will commence in October. Further details on the number of apartments and specific amenities may be revealed through local announcements or future updates from the developers or city authorities.
It is widely understood that when the supply of housing is short, the cost of housing increases, potentially sending more people into homelessness. By addressing this shortage, these projects aim to create a more affordable and sustainable housing environment for the city's residents.
- The Lomas Tower project, led by Lincoln Avenue Communities, is seeking affordable housing federal and state tax credits, with a bond assisting in this goal, aiming to provide a more affordable housing environment for Albuquerque's residents.
- The Wells Fargo Tower project, spearheaded by local development company Geltmore, has received a $35 million incentive package, with the county contributing an additional $10 million, aligning with the city's program that accelerates residential development in key areas.
- The news of these significant developments in Albuquerque's real-estate market, including the Lomas Tower and Wells Fargo Tower projects, promises to address the city's housing shortage of up to 28,000 units, contributing positively to the general-news landscape.
