Construction kicks off on apartment complex
$22M project offers affordable housing
A Portland, Ore-based developer has begun construction of a 190-unit apartment complex on a formerly vacant site near Interstate 25 and Montgomery Boulevard NE.
Pavilion Construction will build the $22 million Arroyo Vista apartments, an affordable infill housing community that will create 320 jobs “between the different trades” over the course of construction, which should be completed by May 2018. That’s according to Casey Cameron, project manager for developer Tirol Housing Communities, which is Pavilion’s parent company.
“We’re just about done with the concrete foundation work,” Cameron said. “Truckloads of lumber are now rolling to the site” for framing of the structures, he added.
Once construction is wrapped up, the complex will provide four permanent jobs at the site, mostly in property management and maintenance.
Arroyo Vista LLC, a development subsidiary of Tirol, received Bernalillo County Commission approval in December for up to $11.5 million in project revenue bonds. The developer will receive property-tax breaks of $29,291 per year for 52 years. However, the developer will also be required to pay the county $11,000 a year in administration fees.
The bonds are privately financed.
Pavilion is building on a nearly seven-acre property east of the North Diversion Channel, south of Montgomery Boulevard and north of Vassar Place.
The new apartments will offer one- to three-bedroom units ranging from 680 square feet to 1,200 square feet. The complex includes five three-story buildings, with one community clubhouse. All units will be income-restricted.
The energy-efficient development planned for 4201 Bryn Mawr NE is being built to LEED Platinum certification, said Cameron. “The finishes are comparable to high-end homes,” he said.
Tirol is a familiar name in Albuquerque. It also owns Volcanes Commons near West Mesa High School, a 198-unit development previously known as Glenrio.
Cameron called Montgomery Boulevard the “apartment epicenter” of Albuquerque, with most complexes having been built over 30 years ago.
He said the first Arroyo Vista units should be available for renters by the end of the year. “We call it phased occupancy,” he said.