ALBUQUERQUE, N.M. – There are new plans in the works for the old Bank of the West building and its sister tower on San Mateo and Central.

The main goal for the towers is to create more affordable housing in the area. The project is called Park Central. It’s meant to not only redevelop the old landmarks, but re-beautify the area that’s sat vacant for a while. 

The Metropolitan Redevelopment Agency says a developer from out of state is now looking to bring new life to the property. 

To get the project up and running, the city is offering a tax abatement incentive. That  means the property doesn’t get taxed additionally for seven years, which gives the developer more money on the front end to complete the project.

But the city will continue collecting the same level of property taxes during that time. 

Terry Brunner, the Metro Redevelopment Agency director, says the plans are to start with the smaller tower behind the old Bank of the West Tower. 

100 apartment units are planned to be put in. Brunner says it will be mixed incomes, some at market value, and others at workforce housing prices, meaning just below market price. 

“In that part of town we have the Rapid Transit Bus system, we have a lot of people looking for housing and access to things. So having an apartment complex that provides some affordability, and market rate to that complex will really help people in that area. It brings people back to San Mateo and Central. So we hope that incentivizes more stores or more retail and activities in the area,” said Brunner. 

Brunner says the plans include EV charging stations, a green space, bike storage and all electric apartments. 

After the smaller tower is completed, there are plans to create more apartments in the old Bank of the West Tower. 

Brunner says city council is set to discuss the tax abatement at the next meeting. He says there is a sense of urgency to getting the abatement because then the project can get underway sooner rather than later. 

“These are two really prominent office towers that people see all the time on San Mateo and Central. They sometimes attract an undesirable element to people trying to break in or start fires, or vandalize those properties. The city has had to work extra hard to secure that area and put up extra infrastructure, and policing to try to make sure nothing bad happens. So that’s why we offer this incentive package to get that developer moving as quickly as possible,” Brunner said. 

Right now, all that’s been done is some demolition on the property that does not require special permits. 

There’s still no timeline on when construction could get underway.