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CABQ purchases hotel to convert into affordable apartments

The former SureStay hotel located at Eubank and Lomas in Northeast Albuquerque will serve as the first location the city will convert into 100 efficiency one-bedroom apartments, with the goal of providing affordable housing to low and moderate-income households.

The purchase of this property brings to life one of the core goals of Mayor Tim Keller’s “Housing Forward” initiative. Back in October of 2022, when Keller first announced this, he expressed interest in looking into hotels first as a source for space to expand housing in Albuquerque.

Several posters shared during Monday's press conference that explain the process of converting these hotel rooms into apartments
Gino Gutierrez
/
KSFR News
Several posters shared during Monday's press conference that explain the process of converting these hotel rooms into apartments

Fast forward to Monday and Keller said the goal for expanding housing is not just limited to hotels, but also in commercial and retail properties and adjusting zoning codes.

Mayor Tim Keller stops to speak with city officials and partners prior to Monday's press conference
Gino Gutierrez
/
KSFR News
Mayor Tim Keller stops to speak with city officials and partners prior to Monday's press conference

“This is part of a border housing forward strategy. We want to do this with hotels, we want to convert commercial and retail empty real estate into residential and of course we want to continue work on zoning issues that I’m sure folks are aware of to make it easier to have casitas and so forth. Overall what we need in our city is 30,000 units of housing. So, this is part of a five-pronged approach to try and get there in a time that isn’t too far away, anyway from 3, sort of 5-7 year time horizon for all of these different things to take effect.”

At a cost $5.7 million to acquire the property and renovations costing anywhere from $3-4 million, the city is hopeful the property will be fully converted and ready to take on residents in approximately 6-9 months.

The monies that funded this purchase were a mix of city and state.

Governor Michelle Lujan Grisham’s administration awarded $3 million to Albuquerque through the Casa Connections grants.

The remaining costs were covered by federal funds the city received during the COVID-19 pandemic.

Family and Community Service Director Carol Pierce said this project and future ones like it, will help bridge the housing gap that currently exists in the city.

Family and Community Service Director Carol Pierce addresses the media as Mayor Tim Keller looks on
Gino Gutierrez
/
KSFR News
Family and Community Service Director Carol Pierce addresses the media as Mayor Tim Keller looks on

“This is important because it will be a mixed income for a variety of people who need that affordable housing and as the Mayor said, we have a big gap in our community and this is a step in achieving that gap.”

The property will be managed by the city’s partner Monarch Properties and will have an “on-site coordinator” who will assist residents with budgets, housing questions and provide direction on accessing different types of support programs.