The elusive $1,000-a-month apartment unit could be in the works in Santa Fe.

Santa Monica, Calif.-based developer Lincoln Avenue Capital intends to build an affordable housing project with up to 240 apartments at a site off N.M. 14 and Interstate 25 just south of the city.

Ben Taylor, vice president of Lincoln Avenue Capital and a project partner in the company’s Denver office, said the monthly rental cost at the proposed Cresta Ridge would be a maximum $1,022 for a two-bedroom unit and $1,175 for a three-bedroom unit. If the project moves forward, he said, residents would move in by the end of 2025 at the earliest but more likely would have to wait until 2026.

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