Developer plans to build affordable apartments near Santa Fe
Nov. 8—The elusive $1,000-a-month apartment unit could be in the works in Santa Fe.
Santa Monica, Calif.-based developer Lincoln Avenue Capital intends to build an affordable housing project with up to 240 apartments at a site off N.M. 14 and Interstate 25 just south of the city.
Ben Taylor, vice president of Lincoln Avenue Capital and a project partner in the company's Denver office, said the monthly rental cost at the proposed Cresta Ridge would be a maximum $1,022 for a two-bedroom unit and $1,175 for a three-bedroom unit. If the project moves forward, he said, residents would move in by the end of 2025 at the earliest but more likely would have to wait until 2026.
Before it breaks ground on Cresta Ridge, Lincoln Avenue must secure approval from Santa Fe County for variances to height restrictions and limits on how many units it can include in each structure.
The project would be rare in Santa Fe — one of few composed of affordable housing units, as defined by the U.S. Department of Housing and Urban Development. Cresta Ridge would be financed through federal Low Income Housing Tax Credits.
The units would be restricted to tenants with a maximum income of $33,900 for a one-person household and $48,360 for a family, Taylor said, adding the affordable housing restrictions would remain in place for 30 years.
"This is a family development," he said. "This is for families that can't afford to buy a home. You have to have a job. You have to have income. This is not Section 8 housing."
Plans for the development call for eight three-story buildings near Santa Fe Brewing Co. Two-bedroom units with two bathrooms would be about 970 square feet, the plans show, with 1,160 square feet for three-bedroom units. The apartments would have balconies and walk-in closets, and the complex would offer a clubhouse fitness room, yoga studio and community room, Taylor said.
After the apartments are complete at Cresta Ridge, Albuquerque firm Geltmore will develop five lots of commercial space at the site.
A Santa Fe County hearing officer will review Lincoln Avenue's request for variances Thursday, and the issue will come before the Santa Fe County Planning Commission on Dec. 15.
The property's zoning has a height limit of 30 feet and allows for a maximum of 12 units per building. Lincoln Avenue, however, hopes to build 35-foot structures and plans 24 and 36 units per building, Taylor said.
In the past four years, only two new housing complexes in Santa Fe, out of 20 in various stages of completion, have offered affordable units, with 65 at Siler Yard and 87 at Soleras Station.
Developers of nearly all other recent apartment projects have opted to pay the city a fee in lieu of a requirement to offer 15 percent of units at an affordable rate. Market rate apartments have monthly rents typically starting at around $1,700.
While most apartment developers invariably describe their tenant mix as Los Alamos National Laboratory employees, young professionals and empty-nesters, Lincoln Avenue describes Cresta Ridge as a home for those in the workforce at lower income levels — beginning teachers, supermarket workers and those in the retail and hospitality industries.
Lincoln Avenue describes itself as "one of the nation's fastest-growing developers, investors and operators of affordable and workforce housing." It has developed or acquired more than 100 affordable housing projects in 22 states with more than 19,000 units.
Taylor launched the company's office in Denver in February 2021 and has a handful of projects in Wyoming, Montana, Arizona and Colorado.
"Santa Fe County has been a huge benefit," he said. "Being in the county is an appeal."
Lincoln Avenue is well aware of Santa Fe's housing crisis.
"What attracted us to Santa Fe, honestly, is the need," Taylor said. "We target markets that need large amounts of affordable housing."
