The Imperial Building apartment complex formally opened Monday with a ceremony attended by government officials and others, adding 74 rental units to the growing mix of housing Downtown.
Community leaders, residents and development partners celebrated the grand opening of the apartment building during a ribbon cutting and open house that brought together hundreds of people to tour the affordable housing project.
The units are a mix of studios, and one- and two-bedroom apartments. They were developed by YES Housing in partnership with the city of Albuquerque, Geltmore LLC, Bernalillo County, New Mexico Mortgage Finance Authority and UnitedHealthcare. The Imperial is part of a larger $19 million complex at 205 Silver Avenue SW that features a grocery store that opened last week, below-grade parking, three floors of multi-family housing and a rooftop garden terrace.
“Today’s celebration is the culmination of many years of hard work and planning,” Chris Baca, CEO of YES Housing said in a statement.
“We are extremely grateful forthe support we have have received from so many partners whose passion helped create the beautiful, high-quality, affordable-housing community.”
Rents for 54 apartments are set between 30 percent and 50 percent of the area median income. Twenty of the apartments will have rents that are set at about 10 percent below market prices in the area. Fifteen have been set aside for special-needs residents.
The apartment building is 100 percent leased.