The Middle Rio Grande Housing Collaborative (MRGHC) recently released a list of projects it thinks are primed and ready to help increase the availability of affordable housing in the Albuquerque metro area. One of the more intriguing prospects on the list is an office-to-apartment conversion at the Wells Fargo Bank building Downtown.
The 17-story office tower at 200 Lomas Blvd. NW was built in 1973 and has about 145,500-square-feet of available office space along with hundreds of parking spaces. The Albuquerque office of Colliers International has the property listed as an “excellent redevelopment opportunity.”
An MRGHC analysis found that $15 million in gap funding would be needed to get the project rolling. Gap funding is used as an incentive to get an investor or developer to close a deal.
“We’re figuring out what projects might be the most practical and quickest to focus on,” MRGHC Chair Talia Freedman said. “I think that conversions will definitely be a priority.”
The city-county collaborative was launched last year as a way to speed up housing projects by pooling city and county funds and leveraging property and resources.
The group — five commissioners appointed by city and county officials — estimates a total need of $262 million in gap funding to ramp up all the projects it identified, which would create about 2,100 new housing units in all. The projects not only include conversion and redevelopment, but new construction and the acquisition of vacant land.
Albuquerque City Councilor Tammy Fiebelkorn said the collaboration is “unprecedented.”
“What sets it apart is its innovative approach,” she said. “Instead of spending years raising funds for specific projects — which can lead to delays and feasibility issues — the new joint powers agreement enables MRGHC commissioners to quickly and flexibly provide gap financing for emerging projects.”
The commission consists of Freedman, Steve Anaya, Dan Majewski, Ian Robertson and Lawrence Rael, former City of Albuquerque chief administrative officer. It has steadily ramped up efforts this year, including a request for significant funds from the state.
The collaborative adopted a resolution in late September asking for $100 million in next year’s 60-day Legislative Session, which included an appeal to support Housing New Mexico’s request of $500 million, with a local government set aside of 10% to 20%. If approved, the set aside could generate an additional $50 million to $100 million for housing projects.
The resolution was approved by the Bernalillo County Commission on Wednesday and is expected to be considered by the City Council on Oct. 21.
Meanwhile, Freedman said the collaborative is on the hunt for a planning and operations director. Those interested in the position can find details here.