One of Albuquerque’s tallest buildings outside of Downtown is being turned into apartments, and a city councilor and the mayor want to incentivize the project with a tax abatement.
The city administration is also asking for tax abatements on three other housing projects: affordable housing in the International District, new townhomes near the University of New Mexico, and a food hall and long-term residency inn across the street from Presbyterian Hospital.
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The Two Park Central Tower first floor has been boarded up after several break-ins.
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The First National Bank building, pictured in the 1980s, is the taller of two vacant towers at the corner of San Mateo and Central and was built in 1962. The buildings sold for $16.5 million in 1985, according to Journal coverage. At the time, the taller tower was 99% occupied and the shorter tower, Two Park Central, was 97% leased. In 2023, the shorter tower was auctioned for just under $2 million.
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