City Council Approves Tax Abatements for Two Redevelopment Projects
New Housing Developments to Transform Abandoned and Vacant Sites
June 16, 2025
ALBUQUERQUE — Tonight, the Albuquerque City Council approved Redevelopment Tax Abatements (RTAs) for two transformative development projects that will revitalize vacant, underutilized sites and bring much-needed housing and economic development to the city: Sycamore Plaza and a new warehouse and flex space development at Vassar & Phoenix.
Sycamore Plaza, proposed by F&A Development, LLC, will convert a long-abandoned office building at 1400 Central SE into a vibrant mixed-use community space with 20 residential units and nearly 5,000 square feet of commercial space. Located in the Sycamore Metropolitan Redevelopment Area, the project will bring new housing options, commercial opportunities, and public improvements to a key corner that has long posed safety and health hazards to the neighborhood.
“This RTA is the kind of private investment incentive that creates housing at all income levels in Council District 6,” said District 6 Councilor Nichole L. Rogers. “Without access to affordable housing, businesses can’t attract workers. This approach addresses our housing urgency and future economic development.”
The Vassar & Phoenix project, led by Cornerstone Capital, LLC, will transform a vacant lot in the Menaul MRA into a new 15,000 square foot office and warehouse space, contributing to jobs and economic development in the area. This project is envisioned as the first phase of a multi-unit residential and mixed-use project for the development site.
“We welcome the revitalization planned for the vacant lot at Phoenix and Vassar,” said District 7 Councilor Tammy Fiebelkorn. “It incorporates community suggestions from public meetings over the past four years. It improves the area’s safety and walkability and will contribute to the reinvigoration of the Menaul Metropolitan Redevelopment Area.”
“We’re committed to transforming underutilized sites into real assets for the community,” said Mayor Tim Keller. “Sycamore Plaza and Vassar & Phoenix are models for how we can reimagine existing infrastructure to meet today’s needs – building much-needed housing and growing our job market.”
The RTA will freeze property taxes at pre-development levels for seven years, offering crucial financial support to make these projects feasible. The Sycamore Plaza abatement is valued at approximately $250,000, while the Vassar & Phoenix abatement is estimated at just under $200,000.
“These two projects show how effective our redevelopment tools can be when aligned with community needs,” said Terry Brunner, MRA Director. “We’re helping turn vacant, underperforming properties into quality housing that meets our city’s most urgent challenge.”
Construction on both projects is expected to begin within the next year.