Former convent in Downtown Albuquerque transformed into market-rate apartments

A public-private housing development two years in the making is now complete, breathing new life into Downtown and a former convent.

The 15-unit Villa Agave complex, at 205 7th NW, was completed this month. Mark Baker of Baker Architecture + Design told the Journal in an email that the project cost $2.7 million, about $400,000 of which came in the form of gap financing from the city of Albuquerque’s Metropolitan Redevelopment Agency.

The project, which also received a tax abatement, ultimately transformed the former St. Mary’s Convent into market-rate housing, a goal for city officials to bring a stronger residential presence to the area as they look at ways to revitalize the heart of Albuquerque.

“Although working with old buildings brings additional challenges, as an architect I recognize that the most sustainable building is the one that’s already built,” Baker said in a statement. “Revitalizing a building such as this one, especially in the Downtown core, has a much, much lower carbon footprint than a similar sized new build on the edge of town.”

Baker said the “going rate” for new apartments like those at Villa Agave runs approximately $2 a square foot, which averages out to about $1,000 per month for a 500-square-foot unit. He said tenants are beginning to move in this week. About 1/3 of the units have already been leased.

The 15,000-square-foot Villa Agave complex features five studios, six one-bedroom units, three two-bedroom units and a “mega loft,” which is in the former convent chapel, Baker said. The redesigned spaces include new finishes and appliances, such as wood floors, specialty tile, quartz countertops and new heating and cooling. There are also shared outdoor spaces, including a portal, a large balcony and a courtyard barbecue patio, he added.

The project itself was years in the making.

The city put out a request for proposals in September 2021 for housing projects in the Downtown and Railroad metropolitan redevelopment areas that needed funding due to rising construction costs caused by the downstream effects of the COVID-19 pandemic. Two projects were submitted — Villa Agave and the Downtowner — that ultimately received approval, according to city documents.

But the Downtowner is still awaiting a building permit following the approval of a tax abatement and the development and disposition agreement earlier this year by the city council. The permitting process will likely push construction back to late next year or early 2025 for the Downtowner, said city spokeswoman Sarah Allen.

Villa Agave was fully completed despite experiencing some delay in the timeline. Baker said the project, initially slated to be finished by the end of September, experienced a holdup “due to the labor shortage in the construction trades.” He said it also exceeded original cost projections due to increased labor and material prices.

Allen said an amendment to the original agreement for the Villa Agave project allowed for it to be completed by the end of this year.

Villa Agave marks a major milestone for the MRA, which is overseeing a group of other projects such as the Imperial Inn, The Sixty-Six and Nuevo Atrisco.

“Villa Agave breathes new life into our Downtown, while still embracing the history of the neighborhood,” said Terry Brunner, director of the MRA. “Through this partnership, we are working towards our goals of creating a sustainable and thriving urban core for Albuquerque residents and families.”