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Developer seeks help to build apartments
Updated: Wednesday, 12 Dec 2012, 9:47 AM MST
Published : Wednesday, 12 Dec 2012, 9:47 AM MST
ALBUQUERQUE (KRQE) - A developer wants to build a major apartment complex on Central Avenue in downtown Albuquerque and is now asking for the county's help.
“The developer is requesting property tax abatement so they essentially wouldn't pay property tax in lieu of providing a lower rent rate for workforce housing,” Director of Economic Development, Mayling Armijo, said.
For now, the county commission has deferred taking any action the request.
The Silver Moon Lodge Complex, a three story 150 unit complex, would be built on the site of old Silver Moon Motel near 10th Street.
The city tore down the crime ridden motel last year and the property is now a large vacant lot.
The apartments would be reasonably priced and cater to people working downtown.
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