Palindrome unveils Uptown Connect development featuring affordable housing in Albuquerque

The recent Biz Moments meeting in Bernalillo County highlighted significant developments in local real estate, featuring a discussion with Rebecca Velarde, director of development for Palindrome. The meeting focused on Palindrome's ongoing projects and its commitment to affordable housing and community development.

Palindrome, a real estate developer with 25 years of experience, has a strong foundation in affordable housing but also engages in various projects, including market-rate housing, commercial spaces, and hotels. Notable projects include the redevelopment of the El Vado site into a hotel and market hall, as well as the recent opening of the Imperial Motel in the Edo District, which features a mid-century modern theme.

A key topic of discussion was the Uptown Connect project, a unique development in partnership with the city of Albuquerque. This project will transform an underutilized bus transfer station into a mixed-use space that includes 239 apartments, with 203 designated as affordable housing for low-income families. Additionally, it will feature approximately 17,000 square feet of commercial space aimed at supporting emerging small businesses, office space, and an underground parking garage for park-and-ride users. The project will also maintain the bus transfer station and include a public plaza for community engagement.

Velarde expressed enthusiasm for collaborating with local businesses, emphasizing Palindrome's commitment to providing affordable rental spaces with minimal upfront costs for new entrepreneurs. The anticipated timeline for the Uptown Connect project includes closing within a year, followed by a two-year construction period.

This meeting underscored Palindrome's role in addressing housing needs and fostering local business growth in Bernalillo County, marking a significant step towards enhancing community development in the region.