New apartment complex to be built near Santa Fe Place mall
October 23, 2018 06:56 PM
ALBUQUERQUE, N.M.— A new 240-unit apartment complex will go up on the south side of Santa Fe, near the Santa Fe Place mall.
The city's planning commission already gave the developer approval to build the apartments, which will rent at market rate.
“In terms of people living in apartments, that's a nice, convenient location. The mall has transportation and there's a bike path. So all of that is really great and it'll create a real improvement for that part of town,” said Alexandra Ladd, director of the city's Office of Affordable Housing.
Ladd said the company building the apartments has decided to pay the city a fee, instead of making 15 percent of the apartments affordably priced under a city ordinance.
"I suspect the market rate will be fairly moderate market rate given that part of town, so there will be people are who have fairly moderate incomes living there," said Ladd.
Ladd estimates the city is still short 2,500 affordably-priced apartments to serve lower-income renters.
"But we also know there's a gap for the market rate rentals as well and what happens to a market is that the rents just keep going up and the people who have the higher incomes are competing for those few units on the market which it further affecting the people who don't have high incomes,” said Ladd.
The Santa Fe New Mexican reports the company building the apartments plans to break ground in the second quarter of next year.
Updated: October 23, 2018 06:56 PM
Created: October 23, 2018 06:27 PM
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