ALBUQUERQUE, NM--(Marketwired - August 29, 2016) - Mayor Richard J. Berry, along with business and economic development leaders, officially opened the Imperial Building, downtown's newest mixed-use building that is home to 23,000 feet of commercial space including the Silver Street Market (downtown's first grocery store), The Monk's Corner (brewery and tap room), Maya - A Culinary Experience, Crackin' Crab and Salon Jerome; 74 apartments, a rooftop urban garden and 90 parking paces. The project is a partnership between the City of Albuquerque, YES Housing, Inc., Geltmore, LLC, Bernalillo County and the Mortgage Finance Authority.
"This is the first major mixed-use development to open in Downtown since the recession," said Chris Baca, CEO of YES Housing, Inc. "It's significant, because as we add residents and new businesses to downtown, it creates a multiplier effect. This development is centrally located to all transportation modalities -- the Albuquerque Transit Center and the new Albuquerque Rapid Transit, the Railrunner, I-25 and the Sunport -- making this location one of the most desirable in town."
David Silverman of Geltmore, LLC, the company leasing the commercial space, echoed his sentiment. "We only have three retail commercial spaces left for lease, and the apartments are 100 percent leased," he said. "It's a testament to what we've needed in downtown -- more great restaurants, a local grocery store, and great living spaces."
"The City of Albuquerque transferred city-owned property to make this project happen," explained Mayor Richard J. Berry. "We are hopeful that this building will be the catalyst to take the revitalization of downtown to the next level."
UnitedHealthcare is the largest investor providing $11.9 million in equity through the use of Low Income Housing Tax Credits (LIHTC) approved by the New Mexico Mortgage Finance Authority. UnitedHealthcare has partnered with Enterprise Community Investment to provide $34 million to help build five affordable housing communities in New Mexico.
About YES Housing, Inc.
YES Housing, Inc., develops and owns multi-family and commercial developments. Its mission is to build and revitalize communities with quality, affordable housing and accessible social services and to be a positive agent for change within the community.
About Geltmore, LLC
Geltmore, LLC is a family-owned real estate and development firm based in Albuquerque. This local business has experience with over 44 unique development projects, including retail, office, warehouse, self-storage, hotel, restaurant and residential units.