01-06-2025
New proposal looks to bring more housing, hotel, and entertainment to Old Town
ALBUQUERQUE, N.M. (KRQE) – A significant new project is on the horizon, aiming to bring new housing, attract tourists, and create more jobs in the Sawmill District.
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Old Town is thriving, and the Sawmill area is also experiencing growth. The Sawmill Market has become a staple in the Old Town area and is looking to expand further. This new development will greatly enhance the area, particularly with the desperately needed market-rate housing.
The proposed multimillion-dollar project will go before the city council and consists of three major components: a new hotel, an extended-stay residential complex, and a mixed-use development.
The Sawmill Hotel will feature 115 rooms, including 10 suites, as well as restaurants and conference space. It is expected to create 90 new jobs. The Chaco Residences, an extended-stay complex, will provide 107 guest rooms, wellness areas, and meeting facilities, creating an additional 103 jobs. Moreover, the Sawmill mixed-use development will add 140 apartments, retail space, and entertainment venues, generating another 103 jobs for the city.
City Councilor Joaquin Baca emphasizes that this project is beneficial for everyone involved. 'So, you know, Albuquerque is in a housing crisis, essentially. And so, you know, we need housing of all types, affordable housing, transitional housing, market-rate housing, everything. And so this is a project to bring some of that to Albuquerque.'
The proposed ordinance seeks to issue $227 million in industrial revenue bonds (IRBs) to help fund this public-private partnership without directly using taxpayer dollars. Of that total, $76 million is allocated for the hotel, $70 million for the Chaco Residences, and $80 million for the apartments and restaurants.
If approved, the developers for the Sawmill project will be responsible for repaying the bonds to the city.
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