INTER-OFFICE MEMORANDUM July 22, 2025
TO: Brook Bassan, President, City Council
FROM: Timothy M. Keller, Mayor
SUBJECT:
title
Approving as to form the Development Agreement for Serenade at Park Central
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On July 26, 2024, the Metropolitan Redevelopment Agency (“MRA”) released the Housing Conversion RFP #01-2025, offering up to $4 million in gap funding for a project that would convert an existing non-residential building (e.g. hotel or office) to residential use, and with at least 20% of the units affordable to households at or below 80% area median income (“AMI”) (i.e. “Workforce Housing”). Silverstone Equity Partners, LLC (“Developer”), in response to the RFP, submitted a proposal to redevelop the currently vacant “Two Park Central Tower,” located at 300 San Mateo Blvd NE, in the Near Heights Metropolitan Redevelopment Area.
The project application was deemed complete by MRA staff and determined to meet the threshold and review criteria of the RFP. Therefore, at their December 19, 2024 meeting, the Albuquerque Development Commission (“ADC”) recommended approval of the award of $2,000,000 in gap financing to the Developer and directed MRA staff to proceed with the negotiations of the development agreement.
City of Albuquerque staff, including MRA and Health, Housing and Homelessness (“HHH”), have now negotiated a mutually-agreeable Draft Development Agreement with the Developer, for the conversion of the existing 10-story tower to be named “Serenade at Park Central” into a mixed-income, multi-family development, comprised of 110 rental units, 41 of which are proposed to be income-restricted Affordable to households at 80% AMI.
At their July 17, 2025 meeting, the ADC reviewed the draft Development Agreement and recommended Approval of the Agreement to City Council.
The development agreement and supporting materials are attached.
Approving, in form, the Development Agreement for Serenade at Park Central
Approved: Approved as to Legal Form:
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Dr. Samantha Sengel Date City Attorney Date
Chief Administrative Officer
Recommended:
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Terry Brunner Date
Director