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Demand
As most demographic forecasts for the area indicate, there is limited growth forecasted for this submarket. A comprehensive housing analysis, similar to the one performed in downtown Albuquerque in 2001 (available online at www.nmhousingresouces.com) needs to be performed to show how a "niche" market can be created to meet the housing demands for the area.
Single Family Housing
Historically, single family construction in the area has been dominated by townhouse style developments along the north side of Central on several "president streets". The single story homes offered new housing prices as entry level price points that competed with the older housing stock of the area.
New housing needs to be incentived to develop closer to Route 66, particularly along the south side of Central closing the "no mans" land of parking lots, while tightening the linkages between Highland High School are the rest of the area. Lofts, condo's, live/work spaces would all do well in this area.
Multifamily Housing
As part of an expansion of a large retailer, the area lost of over 100 multifamily units, which left many families scrambling to find comparable housing. The redevelopment of "condo quality", new construction, high density development should be encouraged along Route 66, offering direct access to Public Transportation, and the mixed use feel of the area. Given the area demographics, smaller units focused on the one or two occupant residents, with high quality build outs should be the largest niche to be developed.
Lack of inventory of available land
Lack inventory of land
Zoning changes to adopt new urbanism--relaxation of parking
Centralized parking for the area
Work with owners of existing properties to convert street edges of existing parking lots to row housing
Affordable Housing
The plethora of small rental units in the area, coupled with starter housing (houses that are available for less than the median house price in the City), provides this area with a large amount of housing stock that is eligible for affordable housing.
The selective use of the MOOP's program (multi family owner occupant), renovation programs, and the development of small scale tax credit projects would all add to the density, lifestyle, and viability of the area.
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