The Broadstone Rodeo apartment complex at 1475 Rodeo Road near St. Francis Drive expects to have its first market-rate units ready for residents in the fall, likely September, the project’s developer said.
Construction on the 188-unit, 12-structure project began in June and will be fully completed in March 2020. The first three buildings are wood framed now, said Josh Rogers, director of multifamily development at Titan Development in Albuquerque, the co-developer along with Alliance Residential Company of Phoenix.
The resort-style luxury project is the sixth joint Broadstone project for Titan and Alliance, but Alliance has 24 Broadstone Living communities in 10 states, including New Mexico.
Titan also is the developer for Zocalo Village 7 on Avenida Rincon, where four of 56 condos are under construction. Rachel Matthew Development of Albuquerque is the general contractor. Other developers did the first six villages.
The $34 million Broadstone Rodeo is just the third large-scale, market-rate apartment project since the city of Santa Fe imposed the affordable housing ordinance in 2004, requiring 15 percent of units to be affordable. The others were the 176-unit San Isidro Apartments built in 2012-13 and the 58-unit Railyard Flats built in 2017-18.
“I don’t think Santa Fe was not interesting for apartment developers, but the problem was the affordable housing ordinance,” Rogers said. “Nobody could make the numbers work.”
The ordinance was revised in 2016 to give developers the option to pay an in lieu of fee to the city’s Affordable Housing Trust Fund instead of including affordable housing units.
“We were first [with a big project] because we were waiting for the affordable housing to change,” Rogers said. “When it did, we were ready to go.”
Broadstone Rodeo will have 78 one-bedroom units with 750 square feet, provisionally priced at $950 to $1,200 per month; 92 two-bedroom units between 1,000 and 1,200 square feet at $1,300 to $1,500; and 18 three-bedroom units at 1,350 square feet at $1,600. There also will be 36 garages, Rogers said.
Titan Development did the predevelopment work on the project, including site selection, entitlements and design, where Alliance assisted. Alliance is the general contractor and will operate Broadstone Rodeo. Whitneybell Perry Architects of Phoenix was the architect.