BernCo advances housing bond

Mixed-income apartment complex would be funded with bond package

A new mixed-income apartment project for seniors that officials hope will help revitalize the Bridge Boulevard corridor took a step forward this week as Bernalillo County Commission approved introduction of an $8 million bond package.

The multifamily housing revenue bonds would help cover the costs of building the 58-unit development, Valle del Rio, at the intersection of Bridge and Orchard Garden SW.

DBG Properties LLC and the Bernalillo County Affordable Housing Nonprofit are partnering on the project, which would cater to low- and moderateincome seniors. Walter Grodahl, DBG’s managing partner, said construction could begin later this year and the apartments could open by spring 2021.

The County Commission still must give final approval before the bonds can be issued.

Commissioner Steven Michael Quezada expressed optimism that Valle del Rio will finally be the catalyst the area needs after some previous efforts to redevelop that property — a former motor lodge — have stalled.

It “is a really sad piece of property; we’re really hoping this is going to be the magical one and we’re going to transform it,” he said prior to the commission’s vote on the bond introduction.

The bonds are repaid by the developer through income generated by the project.

The county previously worked with DBG on The Village at Avalon, a 240-unit apartment project in northwest Albuquerque near Interstate 40 and 98th Street.