ALBUQUERQUE, N.M. (KRQE) – One of downtown Albuquerque’s most iconic buildings is now under contract for a potential remodel. A developer is trying to buy the Wells Fargo office tower downtown on Lomas to make it into affordable housing. “I’m hopeful that this is the beginning of the renaissance for downtown,” said Adam Silverman, Co-owner, Vice President of Geltmore […]
ALBUQUERQUE, N.M. (KRQE) – One of downtown Albuquerque’s most iconic buildings is now under contract for a potential remodel. A developer is trying to buy the Wells Fargo office tower downtown on Lomas to make it into affordable housing. “I’m hopeful that this is the beginning of the renaissance for downtown,” said Adam Silverman, Co-owner, Vice President of Geltmore LLC.
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After nearly five decades as one of Albuquerque’s best-known skyscrapers, the Wells Fargo Bank might be getting new life. Known for its nighttime green glow at Third and Lomas the building is now nearly 95% vacant but now developers are hoping to change that.
“Our plan is to take floors two through 13 and convert those to four-percent low-income housing or workforce housing with our ground floor being a Wells Fargo branch some offices,” said Silverman.
Geltmore LLC is now under contract and looking to buy the building. If that sale goes through, other plans could bring a local restaurant to the building but Geltmore said they hope to maintain most of the exterior aesthetic.
Downtown Neighborhood Association President Danny Senn said it would bring great foot traffic. “Here we are in a post-COVID environment, and you know this is probably one of many buildings that have been left empty as a result of that and one wonders what they would get filled with and this fills a need that I think is very advantageous to the community,” said Senn.
The bank was also identified by the city and county’s new “Middle Rio Grande Housing Collaborative” as a project it could help fund. Downtown Albuquerque City Councilor Joaquin Baca also signaled his support. “Simultaneously residential vacancies are almost zero, it’s extremely difficult to find a place to live downtown, and a lot of people want to live downtown, so this project would actually kill two birds with one stone,” said Baca.
KRQE News 13 asked the Keller administration about the project. The Metropolitan Redevelopment Agency said it doesn’t have an opinion on it yet but says in part that revitalizing downtown is a top priority. Geltmore said they estimate the entire project could cost up to $ 60 million to be completed. If the sale goes through, they’re hoping it could open in late 2027.