ALBUQUERQUE, N.M. (KRQE) – Albuquerque city councilors approved a major tax incentive to spur the growth of housing and hospitality in the Sawmill District near Old Town. The plan is the work of the Heritage Group, which was also behind the nearby Sawmill Market and Hotel Chaco. The new development near Rio Grande Blvd. and I-40 is slated to include three major facilities: the 115-room Sawmill Hotel, an extended-stay housing complex called the Chaco Residences, and a mixed-use development with dining, retail, and 140 apartments.
A handful of community members spoke against the tax break, some arguing the city should be focusing on affordable housing instead. Councilors argued that those projects lift up the entire area. The council unanimously approved nearly a quarter-million dollars in industrial revenue bonds for the project. Even though the developer must pay that money back, the bonds allow for major property tax breaks in the coming years. Developer Jim Long told councilors Tuesday night that without those incentives, the project would not be feasible.
