Sol Housing keeps housing plans moving at First and Silver

ALBUQUERQUE – Sol Housing will take on the development of the city-owned lot at First Street and Silver Avenue, bringing housing to a long-vacant Downtown site. The project, now called Sendero, reflects an updated approach to a site previously announced as the Downtowner, while maintaining the same goal of adding housing and activity downtown.

An updated agreement between the City’s Metropolitan Redevelopment Agency (MRA) and Sol Housing incorporates changes driven by rising construction costs, financing challenges, and market conditions affecting housing projects nationwide.

“Large housing projects take time, especially in today’s construction environment,” said Mayor Tim Keller. “What matters is staying committed to the outcome. This site has always been about housing, and Sendero keeps that commitment moving forward.”

The original Downtowner project was approved in 2023, but rising costs made the original plan harder to finance, prompting the City and development team to reassess the project. In 2024, Sol Housing took over the project with a financing plan designed to move the development forward.

During that transition, the site did not sit unused. MRA activated the lot as a temporary Downtown dog park, giving residents and visitors a place to gather and enjoy Downtown while long-term plans were refined. The temporary use reflects the City’s approach to keeping Downtown spaces active and welcoming, even during development pauses.

Sendero will deliver a five-story mixed-use building with 141 housing units and 193 bedrooms. The project includes ground-floor community space, secure bicycle parking, rooftop amenities, public art, and design features that connect to the future Albuquerque Rail Trail.

“When this project needed a new path forward, Sol Housing stepped in,” said Terry Brunner, Director of the Metropolitan Redevelopment Agency. “They’ve proven to be a dependable partner and have kept the focus on delivering much-needed housing to Albuquerque.”

The revised agreement keeps the City’s original financial support in place while adjusting unit sizes, commercial space, and timelines to better match today’s market. With the updated framework in place, Sol Housing will continue advancing financing, design, and permitting.

Construction timing will depend on financing milestones, with a public groundbreaking planned once those steps are complete.