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Wells Fargo Tower moves closer toward affordable housing development
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A piece of the Albuquerque skyline is set to undergo a new lease on life.
The Wells Fargo Tower, or Lomas Tower, located Downtown at 200 Lomas Boulevard, received approval for a $35 million project revenue bond (PRB) after a unanimous vote from the Bernalillo County Commission.
The bond helps the developer to receive affordable housing federal and state tax credits, which are key for pricing the apartment units below market value. It also exempts the development from property taxes for 30 years.
The plan included in the PRB presentation shows that the Wells Fargo Tower will have 60 one-bedroom apartments and 40 two-bedroom apartments. The residential section will occupy twelve floors and feature access to community amenities, including a fitness room. The tower will also have retail and office space on the two lower levels.
“Over 140 residents will be able to be housed in this facility,” Economic Development Director Marcos Gonzales said at the commission meeting on June 24.
According to a 2021 analysis, Albuquerque is short of meeting the demand for housing by about 13,000 to 28,000 units. When the supply is short, the cost of housing increases, sending more people into homelessness, as shown in peer-reviewed research.
This project aims to help bridge that gap, Gonzales said.
Documents presented to the commission also show that the Lomas Tower developer, California-based Lincoln Avenue Communities, is working with the New Mexico Environment Department to remove asbestos from the property.
Construction on Lincoln Avenue Communities is expected to break ground in October.
