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City of Albuquerque
File #: EC-23-223   
Type: Executive Communication Status: Approved
File created: 1/18/2023 In control: City Council
Final action: 3/6/2023
Enactment date: Enactment #:
Title: Approving the Downtowner Development & Disposition Agreement for housing projects in the Downtown and Railroad Metropolitan Redevelopment Areas
Attachments: 1. EC-223
Date Action ByActionResultAction Details
3/6/2023 City Council ApprovedPass Action details
2/22/2023 City Council Accepted with a recommendation Be Approved  Action details
2/13/2023 Finance & Government Operations Committee Sent to Council with a recommendation of Be ApprovedPass Action details
1/18/2023 City Council Received and Referred  Action details
1/18/2023 President Referred  Action details

 

 

INTER-OFFICE MEMORANDUM                                                                                                                                  12/19/2022

 

TO:                                          Isaac Benton, President, City Council

 

FROM:                     Timothy M. Keller, Mayor

 

SUBJECT:                     title

Approving the Downtowner Development & Disposition Agreement for housing projects in the Downtown and Railroad Metropolitan Redevelopment Areas

body

 

In September 2021, the Metropolitan Redevelopment Agency (“MRA”) released the Downtown Housing RFP (RFP #01-2021) soliciting proposals for housing projects in the Downtown and Railroad Metropolitan Redevelopment Areas. Developers were invited to propose projects that required gap funding in the face of rapidly escalating construction costs, caused by downstream effects of COVID-19. Total funding available from MRA was $2.2M. MRA received two responses to the RFP, including The Downtowner.

 

MRA staff have now negotiated a mutually-agreeable Development & Disposition Agreement with Alb. Downtowner, LLC (“Developer”), a partnership between Rembe Urban Design & Development, Insight Construction, and Mullen Heller Architects. Located in the Downtown MR Area and along the future Rail Trail at 1st and Silver (101 Silver Ave SW), the Developer will build a multi-story mixed-use multifamily property offering eleven live-work units, 208 dwelling units, and a neighborhood cafe (“Project”). If approved, the full MRA incentive package will include the land, and a $1,800,000 gap financing grant.

 

 

 

 

[Signature page follows]

 

 

 

 

 

 

APPROVING, IN FORM, THE DOWNTOWNER DEVELOPMENT & DISPOSITION AGREEMENT

 

Approved:                                                                                                                     Approved as to Legal Form:

 

 

 

________________________________                                                                  ____________________________

Lawrence Rael                                         Date                                                               City Attorney                                                      Date

Chief Administrative Officer                                                               

 

 

 

 

Recommended:

 

 

 

_________________________________________

Terry Brunner                                                                                                         Date

Director