Albuquerque Development Thread

[ABQalex]

Albuquerque Business First has a story about two new senior living projects planned by an Ohio development company in Albuquerque and Los Lunas that will total 107 units. Housing New Mexico at its meeting last week approved various funding sources and financing tools for both projects.

Plaza Luna Lofts will have 57 units and is a project that I've posted about before that is planned for the Los Lunas Transportation Center and land just southeast of the Rail Runner station.

San Mateo Manor is a project that I've also posted about before among a listing of affordable housing projects that the city and county identified as shovel-ready and a priority to receive funding help to come to fruition. It will be a 50-unit project located on an empty lot along San Mateo Boulevard just south of Zuni Road in the International District.

https://www.bizjournals.com/albuquer...-projects.html

An Ohio-based developer made key strides May 21 toward addressing Albuquerque’s housing shortage and lack of senior housing supply.

Spire Development’s multifamily projects in Albuquerque and Los Lunas received recommendations of approval for low-income housing tax credit (LIHTC) awards and several loan awards in Housing New Mexico’s May 21 meeting.

Founded in 2018, Spire Development is a Columbus-based firm that focuses on developing working-class and senior housing and is the developer and majority general partner of 36 LIHTC projects across five states.

The two projects would bring a combined 107 affordable, age-restricted apartment units to Albuquerque and Los Lunas.

Here’s a look at each of Spire Development’s projects.

Albuquerque — San Mateo Manor

Spire Development will turn the vacant one-acre lot at 612 San Mateo Blvd. SE into a 50-unit affordable apartment complex called San Mateo Manor.

It will cost $14.9 million to develop San Mateo Manor, according to a presentation given during the May 21 meeting.

Spire Development is partnering with New Life Homes for the project, and Jeebs and Zuzu LLC is the architect.

During the presentation, Spire Development co-founder and President Tom Grywalski said that Spire Development had selected a local general contractor, but he did not disclose the company’s name.

The three-story complex will feature 40 one-bedroom units, 10 two-bedroom units, an on-site walking path, a gym, a large community area and a laundry room.

The one-bedroom units will be approximately 642 square feet, and the two-bedroom units will be approximately 810 square feet, a Housing New Mexico document showed.

The units will be age- and income-restricted as follows, according to a Housing New Mexico document:

• 40 units will be age-restricted to 55+
• 10 units will be income-restricted to households earning 80% or less of the area median income (AMI)
• 10 units will be income-restricted to households earning 70% or less of the AMI
• 15 units will be income-restricted to households earning 50% or less of the AMI
• 15 units will be income-restricted to households earning 30% or less of the AMI

Housing New Mexico’s board unanimously recommended approval of a $1.39M LIHTC award for San Mateo Manor.

The board also unanimously approved a National Housing Trust Fund loan of $400,000, a New Mexico Housing Trust Fund loan of $3 million and a HOME loan of $375,000.

A HOME loan is funding for state and local governments to create affordable housing for low-income households through the U.S. Department of Housing and Urban Development (HUD).

Los Lunas — Plaza Luna Lofts

Spire Development will turn the property at 880 Juan Perea Road SE in Los Lunas into 57 affordable, age-restricted apartments called Plaza Luna Lofts.

The cost of development for Plaza Luna Lofts is $17.6 million, according to a presentation given during the May 21 meeting. That’s an increase from the estimate of $14.5 million in January 2025.

Spire Development is partnering with New Life Homes for the project, and Jeebs and Zuzu LLC is the architect.

Grywalski said that Spire Development had selected a local general contractor, but he did not disclose the company’s name.

Spire Development plans to start construction on Plaza Luna Lofts no sooner than early 2026 but more likely in 2027, previous Albuquerque Business First reporting shows.

The three-story apartment complex will feature 46 one-bedroom units, 11 two-bedroom units, a community room, a kitchen area, a covered outdoor community space, a fitness center, an on-site leasing office, sustainable and energy-efficient design and educational programs.

The educational programs will include health and nutrition, technology, security, finance and estate planning.

The one-bedroom units will be 642 square feet, and the two-bedroom units will be 810 square feet, according to the presentation.

Of the 57 units, 43 will be income-restricted to households earning 60% or less of the AMI.

Housing New Mexico’s board unanimously recommended approval of a $1.69M LIHTC award for Plaza Luna Lofts.

The board also unanimously approved a New Mexico Housing Trust Fund loan of $3 million and a HOME loan of $500,000.