Albuquerque exploring P3s for downtown redevelopment
New Mexico – The city of Albuquerque Metropolitan Development Agency will host a pre-proposal conference on October 6 for potential public-private partnerships (P3s) to develop two downtown revitalization initiatives. The virtual pre-proposal conference is scheduled for 9 a.m.
City officials are looking for innovative housing developments to help fill a residential gap downtown, and grants are being made available to qualified small businesses that activate and occupy storefront space downtown.
Albuquerque has up to $2.2 million in American Rescue Plan Act (ARPA) grant funds available to provide “gap financing” to support a residential project that meets the goals and objectives of either the Downtown or Railroad Redevelopment Areas.
Applicants are encouraged to propose innovative projects, such as those that repurpose existing buildings including office or hotel space or incorporate sustainable design elements. Priority will be given to projects that are naturally affordable to median income households.
The city also has $500,000 in ARPA funding to use toward grants of up to $30,000 each for small businesses that occupy vacant street-level property or that expand a current downtown storefront footprint by at least 50 percent. Additional funding may also be available for applicants that demonstrate their business will attract visitors to the downtown area between 5 and 10 p.m. at least four days per week. The downtown area is generally defined as the area between Lomas, Coal, and Broadway avenues, and 11th Street.