A rendering of Chaco Residences, one of three components in a $227 million expansion project Heritage Cos. has in the works. Guests will be able to stay at the hotel for extended periods.
Albuquerque is betting big on luxury developments in the Sawmill District — to the tune of $227.5 million in tax breaks.
The package of three industrial revenue bonds, or IRBs, aims to stimulate the buildout of a hotel, extended-stay suites and an apartment-retail complex by developer Heritage Cos. The Albuquerque City Council approved the bonds unanimously, despite criticism that the project lacked affordable housing and concerns from unions over contracts.
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