A plan to build nearly 60 apartment units for mixed-income seniors may soon be taking a big step forward.
What is being called Valle del Rio Apartments would go up off of Bridge Boulevard near the intersection of La Vega Drive SW.
That 2.2-acre site has been abandoned and boarded up for several years, but was formerly the home to a small motel.
DBG Properties of Albuquerque, working with the nonprofit Bernalillo County Affordable Housing Nonprofit, is hoping to secure some $8 million in funding for the project through the county’s Multifamily Housing Revenue Bonds.
That idea has received an initial tentative green light with a vote taken by members of the Bernalillo County Commission officially allowing the project’s application to be accepted for review.
If commission members ultimately agree to approve those bonds, they would be repaid from revenue generated by the new complex itself.
The site for the project is adjacent to both the Atrisco Riverside Drain, as well as Bosque Open Space, in a neighborhood of one-story restaurants, shops, and businesses.
According to county documents, the site is described as populated with “unused or dilapidated structures.”
If the project receives bond backing, work on the complex could begin later this year, with a general spring 2021 completion date.
DGB Properties has spearheaded the building of the Silver Moon Lodge Apartments in downtown Albuquerque, as well as the 240-unit Village at Avalon apartment complex on the northwest side of the city.
By Garry Boulard
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