The City of Albuquerque’s Metropolitan Redevelopment Agency issued a Request for Expressions of Interest to construct new housing projects downtown on Thursday.
According to the request, 50 new housing units in the form of new construction, redevelopment or a mix must be included in proposals by developers for the greater downtown area. The three million in funds would require gap financing structured as equity, loan or grant, said the request.
Those proposing the projects would enter future exclusive negotiation agreements with the city where the development process would be directed and financially analyzed.
“The City anticipates awarding several projects through this RFP,” said the request.
The designated areas include Downtown, East Downtown, Historic Central, Barelas, Sawmill, Railroad, McClellan park, Soldiers and Sailors Park, portions of South Broadway and North Corridor metropolitan redevelopment areas.
Projects will be limited to these areas and the required unit count can be met only within three scattered sites. The proposed sites must be in these designated areas where the proposer has site control in the form of a deed or a long-term lease.
Evaluation of the projects include a point system which accounts for development experience, environmental sustainability, economic impact and the extent of which it meets housing needs, said the request.
On October 17th, Mayor Tim Keller and the city held a press conference announcing a strategic initiative for new housing titled Housing Forward ABQ. The initiative plans to build 5,000 additional housing units using $20 million in gross receipt tax bonds.
The optional pre-proposal conference is November 30th, 2022 at 10:00 a.m and can be attended by phone or via Zoom. The deadline for questions is February 17th, 2023 and the deadline to upload proposals electronically is March 3rd, 2023 at 4:00 p.m.
By Dane Vaughn
