State Land Office approves lease for new senior living community in Albuquerque

A rendering of Farolito Apartments, a 92-unit senior living development near Eubank Boulevard and Central Avenue, which is expected to be completed in July 2025. (Courtesy of Dekker/Perich/Sabatini via State Land Office)

A new residential community for seniors will soon break ground in Albuquerque after the New Mexico State Land Office approved an offer to lease state land.

The lease for the Farolito Apartments building, a 92-unit senior living complex located at Eubank Boulevard and Central Avenue, has been awarded to Farolito Apartments Limited Partnership.

The new senior community will be across from the Luminaria Senior Community – a senior living community that went online in early 2022 and is also on government trust land.

The lessee will make $2 million in rent payments over a 60-year lease, with “the option to renew the lease for four additional five-year terms at the end of the original 60-year term,” according to the State Land Office. “

Joey Keefe, a spokesman for the State Land Office, said the project is expected to cost around $25 million to build, with an expected completion date of July 2025. The community will cover an area of ​​approximately 80,000 square feet.

In a statement, State Land Office Commissioner Stephanie Garcia Richard said leasing state land for the construction of affordable housing is a key initiative of the office.

“The State Land Office is open for business in a variety of ways, including providing more affordable housing options for our seniors,” Garcia Richard said. “We are committed to raising as much money as possible for our schools and other beneficiaries while providing much-needed services to communities throughout New Mexico.”

The Greater Albuquerque Housing Partnership, which filed the approved application with the State Land Office under the name Farolito Apartments Limited Partnership, had also been awarded the $17.9 million lease for the Luminaria Senior Community.

The organization declined to comment on the project with further details until the project is completed. Keefe of the State Land Office said a general contractor has not yet been selected, adding that Dekker/Perich/Sabatini are listed as the project’s architect.

Keefe said the state land office will likely continue to lease land for housing development.

“Projects like this show that state lots can be part of the solution to the state’s growing housing shortage, giving communities and developers more opportunities to build these much-needed homes,” he said.