A PROPOSED DEVELOPMENT PROJECT FOR DOWNTOWN ALBUQUERQUE THAT GOT THE SUPPORT OF A CITY COUNCIL COMMITTEE LAST WEEK GOES BEFORE THE FULL COUNCIL TONIGHT. THE SEVEN STORY MIXED USE PROJECT WOULD GO IN AT THIRD AND LOMAS. CARMELINA HART WITH THE PLANNING DEPARTMENT SAYS THE DEVELOPERS WOULD GET A PROPERTY TAX BREAK.
HART SAYS THE DEVELOPERS ARE PAYING PROPERTY TAXES AS IT STANDS RIGHT NOW, AND WILL CONTINUE TO PAY THE LOWER AMOUNT FOR THE NEXT SEVEN YEARS. AFTER THAT, HART SAYS THEY’LL PAY FULL PROPERTY TAXES.
THE PROJECT INCLUDES NEARLY 200 APARTMENT UNITS…PLUS SPACE FOR RESTAURANTS AND RETAIL.
