The long-vacant San Mateo Towers in Albuquerque are finally being torn open and rebuilt from the inside, with workers hauling out the old and crews upgrading the guts of the smaller tower. The twin high-rises on San Mateo just north of Central sat empty for at least five years, and the redevelopment is now on schedule for completion next year.
According to KOAT, workers are performing interior demolition and cleanup inside the smaller tower while crews upgrade the electrical system, plumbing and elevators. City officials told the station the property endured fires and vandalism during its vacancy. The station also reports the overall redevelopment is expected to cost tens of millions of dollars.
The scary-building reputation was earned. KOB reports the property was vandalized, fires were started, and as many as 100 people were living inside at least one of the buildings. To keep trespassers out now, KRQE notes the developer has full-time security watching the property.
From Office Shells to Apartments
The plan converts the two towers into a residential community called Serenade at Park Central, per the Albuquerque Journal. The smaller, 10-story tower goes first. KOAT's report says it is expected to become more than 60 apartments; the Journal's January account put the total at 110, including 41 affordably priced.
The larger tower is planned for mixed-use development, according to KOAT. As of a July report, KRQE said it was unclear when work on the taller building would begin.
Public Money, Private Developers
The City of Albuquerque signed a development agreement with Silverstone Equity Partners to convert the tower into housing. The city is investing $2 million and providing a tax abatement, KRQE reports. An earlier Journal story put the abatement at more than seven years of tax breaks valued at nearly $750,000.
Reported costs differ. KOB describes a $30 million project financed by the city and led by private developer Metz Kelly, while a December Journal report said the project was expected to cost $23 million. Completion timing also varies, from a September 2027 finish in KOB's account to the city telling KRQE it could run well into 2027.
What the Neighborhood Is Betting On
KOAT reports the Houston-based developer chose the site for its access to the Albuquerque Rapid Transit line. Terry Brunner, director of the city's Metropolitan Redevelopment Agency, said the project could lock down the corner, incentivize others to consider the area, and bring population to support local businesses and activities. He said that population should support grocery stores, restaurants, bars and other activities.
Nearby, the Trade Winds Shopping Center at 5400 Central SE is watching closely. The Journal reported the center was roughly 35% occupied after Fiesta Auto Insurance left, and its new owner hopes to reach 80 to 90% occupancy within three years as incoming housing brings more people to the area.
