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Mar. 13, 2013

Yes Housing, Romero Rose Break Ground on $16.2M Downtown Affordable Project

By Camelia Bulea, Associate Editor

Romero Rose LLC, in partnership with Yes Housing Inc., recently broke ground on Casitas de Colores, a $16.2 million multifamily affordable project in downtown Albuquerque.

The 71-unit development targets people with incomes that range from 30 percent to 60 percent of Area Median Income. Featuring mostly two- and three-bedroom units, the affordable project will also include four units that will be offered to homeless families, reported the Albuquerque Business First. Additional plans include on-site laundry facilities and a community building.

Casitas de Colores sits on a 1.23-acre site, just west of Romero Rose’s Silver Gardens development – a mixed-income rental project – and east of another Romero Rose townhome project – the Elements Town Homes, according to the Albuquerque Journal.

The designer of the downtown project is Dekker/Perich/Sabatini. Bradbury Stamm is the general contractor.

Just a year ago, Romero Rose LLC held a ribbon cutting ceremony for Silver Gardens II, the second phase of the affordable housing development totaling 121 units. The $21 million Silver Gardens development is considered to be the first LEED Platinum affordable housing project in the Southwest.

Expected to complete in the fall, the Casitas de Colores project is also designed to attain LEED Platinum green building status. In 2012 the project won the first place in the LIHTC Design Competition, which was an important step in making this project a reality. The mayor of the Duke City noted the two affordable projects and the huge number of applicants for affordable housing. According to the Albuquerque Journal, the city’s affordable-housing needs assessment lists a shortfall of about 8,000 affordable-housing rental units.

Rendering of the Silver Gardens project, courtesy of PRWeb

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