City Finalizes Development Agreement for Major Reuse of Park Central Tower
Long-vacant 10-story tower to become 110 new homes, including 41 affordable units
ALBUQUERQUE – The City of Albuquerque has signed a Development Agreement with Silverstone Equity Partners, solidifying a major public-private partnership that will convert the long-vacant 10-story tower at San Mateo and Central into Serenade at Park Central, a 110-unit mixed-income housing community.
“After years of sitting empty, we now have a committed partner and a clear path forward,” said Mayor Tim Keller. “Now we can move from possibility to action and deliver the housing Albuquerque families urgently need.”
The signing marks a crucial step forward for one of the most prominent vacant buildings in the Near Heights Metropolitan Redevelopment Area, providing the certainty needed to advance design, permitting, and construction planning.
“The San Mateo Towers have been a symbol of stalled potential in our community for years,” said Councilor Nichole L. Rogers, District 6. “Today we turn the page. By securing this agreement, we’re not just redeveloping a building, we’re sending a message that District 6 is rising, reinvesting, and ready to lead Albuquerque’s next generation of housing solutions.”
Once complete, Serenade at Park Central will include 21 studios and 89 one-bedroom units, with 41 affordable homes reserved for households earning at or below 80% AMI.
The City’s $2 million gap-financing investment will leverage $23 million in private capital, a tangible step toward moving this long-stalled property into active redevelopment. The project also received a Redevelopment Tax Abatement valued at roughly $750,000 over seven years, helping make the mixed-income model financially viable.
“Signing this agreement is a turning point for the building and the neighborhood,” said Terry Brunner, Director of the Metropolitan Redevelopment Agency. “It locks in commitments, gives the project a clear path forward, and sets the stage for the larger redevelopment that the community has waited for.”
The tower’s reuse represents the first phase of a broader vision for a property that has faced years of vandalism, vacancy, and safety concerns. The redevelopment supports the City’s Housing Now strategy, which focuses on converting underused commercial buildings into new homes and driving reinvestment in historically underserved areas.
With the agreement executed, the development team will begin finalizing plans and securing the site for construction. A public groundbreaking event will be scheduled in early 2026.