City Greenlights Central and San Mateo Housing Redevelopment
Building permit approved for 110 new apartments in a long-vacant office tower, advancing Albuquerque’s Housing Now vision
October 16, 2025
ALBUQUERQUE – The City of Albuquerque has issued a building permit for Serenade at Park Central, marking a major milestone in transforming the long-vacant ten-story office building at 300 San Mateo Blvd. NE into 110 new mixed-income apartments. The redevelopment, led by Silverstone Equity Partners, represents the next step in the City’s effort to convert vacant commercial properties into housing that meets the needs of Albuquerque’s growing workforce.
“For too long, this tower stood as a reminder of what wasn’t working,” said Mayor Tim Keller. “Now, it’s part of a larger strategy to meet Albuquerque’s housing needs at every level of the market.”
Located within the Near Heights Metropolitan Redevelopment Area and along a key transit corridor, Serenade at Park Central will transform the long-vacant tower into apartments, including 41 affordable units for households earning at or below 80% of the Area Median Income (AMI). The redevelopment will offer studio and one-bedroom apartments with modern amenities such as a fitness center, outdoor pool, and shared community spaces. Affordable units will be thoughtfully integrated throughout the building to create an inclusive community that serves seniors, workers, and residents across income levels.
The City’s Metropolitan Redevelopment Agency (MRA) and Department of Health, Housing & Homelessness (HHH) negotiated the development agreement with Silverstone Equity Partners, LLC. The City’s $2 million investment represents less than 10% of the total $23 million project cost and is complemented by a Redevelopment Tax Abatement valued at nearly $750,000 over seven years. Together, these incentives leverage significant private funding to deliver much-needed housing, with completion estimated for fall 2027.
“This project brings new housing and life to a property that stood empty for years,” said Terry Brunner, Director of the Metropolitan Redevelopment Agency. “By aligning redevelopment tools with the City’s housing strategy, we’re turning underused properties into thriving communities and strengthening Albuquerque’s economic foundation.”
Construction for Serenade at Park Central is expected to begin later this year.