Developers outline Uptown Connect transit-oriented project; Housing New Mexico clarifies funding split
Palmetto and city partners presented Uptown Connect, a mixed-use, transit-oriented development in Albuquerque that includes 176 apartments (126 deeply affordable). The city contributes land and a $25M RAISE grant will fund a parking garage; Housing New Mexico will finance the apartment portion only (apartment floors 2'5 = 138,590 sq ft), with an eligible apartment cost of about $290 per sq ft.
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Developers and city housing staff presented Uptown Connect, a mixed-income, transit-oriented development sited at the Uptown A/MT transit station in Albuquerque. The development includes a mixed-use program with retail, market-rate housing and a deeply affordable apartment component of 126 units targeted between 30% and 80% AMI. City staff said the project leverages a $25,000,000 federal RAISE grant to build a structured parking garage and transit plaza; city contributions and grant funds were cited as roughly $34 million of public support in the overall financing.
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