Major Redevelopment Launches at 300 San Mateo Blvd NE

ALBUQUERQUE – Mayor Tim Keller joined city officials and development partners today to break ground on Serenade at Park Central, a major project that will transform a long-vacant 10-story office tower at 300 San Mateo Blvd NE into 110 new homes.

“This building has been a burden on the neighborhood for years, and today marks a clean break from that past,” said Mayor Tim Keller. “With strong partners and strategic city investment, we’re changing the story of this corridor. What once stood as a symbol of vacancy will now stand as a symbol of progress.”

Forty-one of the 110 homes will be reserved for households earning at or below 80% of the Area Median Income.

This redevelopment is the first significant phase on a larger property that has struggled with chronic vacancy and vandalism. Converting the tower will create 21 studio apartments and 89 one-bedroom homes. Affordable units will be distributed throughout all 10 floors, supporting an inclusive, mixed-income community.

Located within the Near Heights Metropolitan Redevelopment Area and along a key transit corridor, Serenade at Park Central brings much-needed stability, investment, and housing options to an area that has long experienced underinvestment.

“This groundbreaking marks more than the start of construction, it represents a step toward restoring safety, dignity, and opportunity to this site and to the surrounding community,” said Councilor Nichole L. Rogers, District 6. “We’re turning the page: this building is moving from a liability to an asset, from a source of fear to a source of hope. This is what happens when neighbors, the City, and property owners work together to bring vacant spaces back to life.”

The Metropolitan Redevelopment Agency (MRA) and the Health, Housing & Homelessness (HHH) Department jointly negotiated the development agreement with Silverstone Equity Partners LLC. A $2 million City investment will leverage $23 million in private capital, significantly amplifying the project’s impact.

The project was also approved for a Redevelopment Tax Abatement (RTA) valued at nearly $750,000 over seven years. This incentive helps offset development costs and encourages reinvestment in historically underserved areas.

“Silverstone Equity Partners stepped up to partner with us on a tough building, and together we’re creating 110 new homes that will bring stability and safety back to this block.” said Terry Brunner, MRA Director. “This redevelopment is a great example of how strategic reinvestment can change a community’s future.”

“Mixed-income housing is not just about units—it’s about creating healthier, safer, and more connected communities,” said Gilbert Ramirez, HHH Executive Administrator. “The Serenade at Park Central demonstrates how Albuquerque can grow in a way that supports residents today while investing in long-term opportunity for this neighborhood.”

Serenade at Park Central is part of the City’s broader Housing Now strategy, which includes zoning changes to support adaptive reuse, incentives for housing production, and a continued push to convert vacant commercial properties into homes.

Construction is expected to take approximately 18 months, with completion anticipated in 2027.