City releases more information on hotel to affordable housing renovation
ALBUQUERQUE, N.M. – Albuquerque city officials provided more details Tuesday about the planned renovation of an old hotel into a new, city-owned apartment complex.
It was announced on Monday that the city is purchasing the SureStay Hotel near Eubank and Lomas, with plans to renovate it into new housing units. Officials say the new complex will include around 100 apartment units.
During a community meeting Tuesday, officials said the first phase of construction is expected to begin in May. Leasing could begin in January is everything goes according to schedule.
“What we’re trying to do is create new housing units, and so this, the idea is to get some get people into housing as quickly as possible,” said Rick Giron, a project manager for the city’s Family and Community Services Department.
The majority of new apartment units will be around 250 square feet in size – mostly studio or single-bedroom units.
Officials say the renovated units will likely reuse some hotel furniture. Each unit will come with a condensed kitchen limited to a small cook top, a microwave, and a large fridge.
City officials say the goal is to have a mixed-income complex that can accommodate retired adults, college students, low-income families, and people exiting homelessness.
Despite the broad approach, officials say the complex will not serve as transitional or specialized housing. Tenants will be required to provide a security deposit, pass credit and background checks before they can move in.
On Tuesday, officials said the goal is to provide 1-year leases.
“The idea behind this property is that it will operate as an apartment complex, and it will have to be financially sustainable,” Giron said.
Monarch Properties, which already operates several city-owned properties, was contracted to manage the new complex.
Company representatives say there are no estimates on potential rent prices, because they still need to conduct a market study to determine the best prices.
City officials said Monarch will be required to hire an on-site services coordinator to assist tenants with budgeting, food preparation, and other similar tasks. Monarch will also be responsible for hiring and maintain security at the complex.
The Family and Community Services department is holding a contest to pick the new name of the complex.
People are asked to email your suggestions to FCSinfo@cabq.gov for a chance to win a basket of OneABQ merchandise.