Albuquerque signs agreement with Silverstone, clearing path for vacant San Mateo tower conversion

City officials have reached a development deal with the Houston company that owns a vacant 10-story tower in the International District, a key step toward turning the building into housing.

“Signing this agreement is a turning point for the building and the neighborhood,” Terry Brunner, director of the city’s Metropolitan Redevelopment Agency, said on Friday. “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.”

The development agreement between the city of Albuquerque and Silverstone Equity Partners follows the approval of a building permit for the development in October. The company plans to renovate the property into housing, bringing 110 studios and one-bedroom apartments to the tower that sits at San Mateo and Central NE.

Sarah Supple, the city agency’s spokesperson, said the development agreement binds the city and company into terms that spell out who is paying for what. A groundbreaking is expected in January, Supple said, with project completion targeted for the first quarter of 2027.

Silverstone acquired the Two Park Central Tower, which will be called Serenade at Park Central, two years ago in an August 2023 auction.

The city has agreed to put $2 million into the project, which is expected to cost $23 million. The project, located at 300 San Mateo NE, will also benefit from a tax abatement the city approved in June, providing more than seven years of tax breaks valued at nearly $750,000.

Silverstone also owns the larger tower at the intersection that had featured the large Bank of the West logo. The developer plans to also renovate that tower, Supple said.

As part of Silverstone’s plans for the building, 41 of the 110 units will be affordably priced for families making at or below 80% of the area’s median income. The remaining units will be market rate.

“The San Mateo Towers have been a symbol of stalled potential in our community for years,” City Councilor Nichole Rogers said in a statement. “Today, we turn the page. By securing this agreement, we’re not just redeveloping a building, we’re sending a message that District 6 is rising, reinvesting, and ready to lead Albuquerque’s next generation of housing solutions.”