Homer Robinson, project manager with developer Romero Rose LLC says the 55-unit second phase has been designed and planned. When it breaks ground will depend on the tax credits. "This is a subsidized development and 85% are tax credit units," he tells GlobeSt.com. "We've applied for the 2009 tax credits, but don't know if we're building the second phase in the coming year."
The environmentally friendly project at 100 Silver Ave. SW, the site of a former Greyhound Bus station, represents Romero Rose's first project with the non-profit Supportive Housing Coalition of New Mexico, Inc. The unit mix consists of studios as well as one and two bedrooms, ranging from 461 square feet to 847 square feet. Rents are between $278 and $739 a month and are directed to families earning from $12,200 to $34,800 per year.
Construction on Silver Gardens is being launched just weeks after Romero Rose started work on at the 72-unit Elements Townhomes at Third and Lead streets. Elements is being built in partnership with local developer SG Properties.
Romero Rose, the local affiliate of New York City-based Jonathan Rose Cos. of New York City, is also busy with other area projects. Robinson says the company is hard at work developing three blocks called the Alvarado Transportation District, located near the downtown Albuquerque New Mexico Rail Runner Express train depot. The District will encompass Silver Gardens, Elements and a green office complex.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.