ALBUQUERQUE, N.M. (KRQE) – The City of Albuquerque said it has reached an agreement with Silverstone Equity Partners to convert the tower at San Mateo Boulevard and Central Ave. into housing. The community will be called Serenade at Park Central and will have 21 studios and 89 one-bedroom units. The city said that 41 of the units will be for households making at or below 80% Area Median Income.
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The City of Albuquerque will provide $2 million, with an additional $23 million coming from private funding. The city is also providing a Redevelopment Tax Abatement worth $750,000 over seven years.
“Signing this agreement is a turning point for the building and the neighborhood,” said Terry Brunner, Director of the Metropolitan Redevelopment Agency in a news release. “It locks in commitments, gives the project a clear path forward, and sets the stage for the larger redevelopment that the community has waited for.”
A groundbreaking will be held in early 2026…