A new apartment complex breaking ground in Albuquerque’s West Old Town aims to fill a gap in New Mexico’s housing market for working households that earn too much for most subsidies yet struggle to afford market-rate rents or homeownership, KOB 4 reports.
Gov. Michelle Lujan Grisham, Albuquerque Mayor Tim Keller, developers and business leaders marked the start of construction Oct. 5 on La Curva Apartments. Palindrome Development is replacing a former motel site along Central Avenue with the project, which targets households earning between $54,000 and $81,000 a year, a group officials describe as the "missing middle." Keller said the project reflects a vision for a more vibrant, mixed-use and mixed-income Route 66 corridor.
The $22.35 million project is financed in part by a $15 million loan from the state’s Opportunity Enterprise Fund and a 14-year tax abatement. In return, developers must offer below-market rents to qualifying households. Rebecca Valarde, director of development for Palindrome, said the project serves people who are working but do not have the incomes to qualify for traditional affordable housing.
According to New Mexico’s Housing Needs Assessment, the statewide median rent is $1,021 a month, and a household needs to earn at least $41,000 a year, about $20 an hour, to afford it, yet roughly half of New Mexico households earn less. Households earning between 80% and 120% of area median income make up about one in five New Mexicans, and the assessment identifies a shortage of new rental housing for that income range.
What's Next
The first phase is expected to deliver 70 units in 2027, with a possible second phase adding another 70.
Why It Matters
City officials said the development will also help revitalize vacant and deteriorating properties along the Central Avenue corridor.
About This Story
Daily Reports is Brant.One’s news roundup. Each day we gather the New Mexico stories worth knowing from newsrooms across the state, sum them up and point you to the source. This one comes from KOB 4’s reporting, and their original story has the interviews and full details.
Editor’s note: Updated Oct. 31, 2026. This story is now part of Daily Reports, our New Mexico news roundup, and was revised to credit KOB 4’s original reporting. Learn how Daily Reports works in our editorial standards.
