Downtown's next mixed-income apartment project, the Sterling Building, is set to take off.

The developer of the 111-unit project, Greater Albuquerque Housing Partnership, was granted a $10 million multifamily housing revenue bond through Bernalillo County. County commissioners approved the bonds during their Sept. 27 meeting. The $10 million refers to how much the project costs to acquire the land and construct the building, not how much the county is paying toward the project.

The new four-story, 78,000-square-foot development will be located on the southwest corner of Silver Avenue and 8th Street, adjacent from the former Flying Star Cafe. The property is currently used as a parking lot.

A report from Bernalillo County shows the majority of the apartments will be affordable units, while only 10 percent of the units will be market rate. Most of the units will either be studio units or one-bedrooms. There will only be 13 two-bedroom units. Rents will range from $291 for a studio to $776 for a two-bedroom, depending on income levels.

The complex will also have community gathering spaces, an internet cafe, a dog wash station, a bike storage area and a health and fitness area.

"At this time, the lots are vacant and without purpose, the apartment complex will bring much needed affordable housing to this established and growing neighborhood while increasing quality of life," said a report prepared by county staff.

Bradbury Stamm will handle construction of the building, which is expected to create 200 construction jobs. The project will create four long-term jobs.

To round out funding for the project, the Greater Albuquerque Housing Partnership will apply for a $10 million Private Activity Bond through the New Mexico State Board of Finance, as well as low-income housing tax credits from the New Mexico Mortgage Finance Authority.

The County Commission also approved an $18 million multifamily housing revenue bond for the renovation of the 316-unit La Vida Nueva Apartments. Click here to read the full article.