Geltmore’s $20M Mixed-Use Project in Downtown Albuquerque to Receive Tax Credit

Albuquerque-based family-owned real estate firm, Geltmore LLC, has scheduled to start construction by the end of the year on a mixed-use development at 205 Silver Avenue SW, between Second and Third Streets; the project consists of a grocery store of 12,000 square feet and 74 residential units.

Albuquerque-based family-owned firm Geltmore LLC has scheduled to start construction by the end of the year on a mixed-use development at 205 Silver Avenue SW, between Second and Third Streets.

The project consists of a grocery store of 12,000 square feet, retail space, eateries, and 74 residential units.

The Imperial Building will be the result of a public-private partnership. Geltmore will work with YES Housing on the living spaces. The estimated cost for the project, which will occupy about one acre, is almost $20 million.

Recently, the project received a preliminary award for a 9 percent low income housing tax credit through the New Mexico Mortgage Finance Authority, becoming the first urban mixed-use developments to receive funds from the NMMFA. David Silverman, principal at Geltmore, told Albuquerque Business First that they anticipate to receive the final award at the NNMFA’s May board meeting. The tax credits will be applied to the residential units.

The project has received the support of several city institutions, including the Metropolitan Redevelopment Agency, Family & Community Services Department, Bernalillo County, the New Mexico Environmental Department and the NMMFA.  “It is very exciting that the grocery store, which will be the catalytic project for Downtown Albuquerque, will soon be a reality. We are confident that our city will have the opportunity to start shopping at the grocery store in the first quarter of 2016,” David Silverman added.

Photo courtesy of Geltmore LLC