Albuquerque’s Iconic Wells Fargo Tower Set for $65M Change into Affordable Housing
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A notable step toward addressing Albuquerque’s housing shortage was taken on December 5th with the finalized sale of the former Wells Fargo building in Downtown Albuquerque. The 13-story structure, located at Third Street and Lomas, is slated for a comprehensive redevelopment into roughly 100 units of mixed-income housing, a project spearheaded by local real estate firm Geltmore LLC-a local real estate firm-and california-based affordable housing developer Lincoln Avenue Communities-an affordable housing developer.
Addressing a Critical Housing Need
The acquisition marks a pivotal moment in the effort to alleviate Albuquerque’s severe lack of affordable housing options. A recent study by Root Policy Research-a research firm-estimates the city is short 13,000 to 28,000 units needed to meet current demand. This redevelopment is viewed as a proactive “21st century solution” to repurpose existing assets and accelerate the delivery of much-needed residential spaces.
“It was critical” to finalize the sale, stated a representative from Geltmore, emphasizing the importance of gaining access to the building to begin the necessary preparatory work. The developers have already sealed off the ground floor and initiated interior demolition and asbestos abatement-a safety measure-while concurrently working to secure additional funding and tax credits.
Project Details and Timeline
The planned transformation will create a mix of one- and two-bedroom apartments, with half designated for individuals earning 70% or below Albuquerque’s median income, and the othre half for those earning 50% or below. The second floor will feature community amenity rooms and a fitness center for residents. The ground floor is envisioned as a vibrant space with publicly accessible commercial, retail, and office uses.
Lincoln Avenue Communities-the residential manager-will manage the residential portion of the project, while Geltmore LLC-the progress overseer-will oversee the development and leasing of the commercial spaces. According to a project partner at Lincoln,the structure is expected to be fully prepped for construction by early summer 2026,followed by an 18-month build-out.
Funding and Financial Considerations
The total project cost is estimated between $50 and $65 million.While the acquisition price remains undisclosed, a senior official with Geltmore jokingly noted that the asbestos remediation will likely exceed the building’s purchase cost.
The project is receiving significant financial support from multiple sources. The city has committed a $2 million grant through the Metropolitan Redevelopment Agency-a city agency-, contingent upon the completion of a development agreement, anticipated by January or February. In August, the project also secured $10 million as part of a $120 million statewide initiative to address housing and homelessness, allocating roughly $80 million to Albuquerque and Bernalillo county. Additionally, $35 million in project revenue bonds are pending final approval from the county, dependent on approvals from the state Board of Finance-a state board.
A Vision for Downtown Revitalization
The redevelopment of the Wells Fargo building represents more than just an increase in housing units; it embodies a broader vision for revitalizing Downtown Albuquerque. “I think everybody in the county, in the city and the state, (is) interested in seeing Downtown be turned around,” a representative from Geltmore stated. “And this is a very grate way to do it.”
The project’s success could serve as a model for future office-to-residential conversions in New Mexico, demonstrating the viability of increasing density within existing urban areas. “We do need density in our town,” a company spokesperson explained. “There’s only so many places we can grow horizontally.” If completed as planned, this conversion will be the largest of its kind in the state’s history.
The Lomas Tower apartments, as the project is currently known, are poised to be “an critically important addition to our housing stock in the Downtown area,” according to a city official.
