Plans are now underway to repurpose one of the most well-known and visible structures in downtown Albuquerque.
Located at 200 Lomas Avenue NW, the Wells Fargo building tops out at 13 floors and has for years been the home to offices belonging to dozens of different companies.
Last summer the Albuquerque-based Geltmore LLC entered a purchase agreement to acquire the property and shortly signed on with Lincoln Avenue Communities of Santa Monica, California on a vision to transform the building into affordable housing.
With that acquisition now finalized, it is expected that work on the project may launch sometime early next summer.
As currently planned, the project will see the building of exactly 100 residential units geared for affordable workforce housing. As reported in the Albuquerque Journal, fifty of the one- and two-bedroom units will be “priced for those who make 70% or below Albuquerque’s median income, and the other half will go to those who make 50% or below the area’s median income.”
The project, which has already received some state and local funding, is expected to cost upwards of $65 million to complete.
January 5, 2026
By Garry Boulard
Photo courtesy of Loopnet
