An innovative project, responding to the growing demand for apartment space in downtown Tucson, will see the construction of a five-story structure housing 44 residential loft spaces.
Tucson developer Ross Rulney has announced that what is being called the Julian Drew Lofts will go up at the corner of East Broadway Boulevard and South Arizona Avenue and is expected to cost around $9 million to complete.
The project will feature glass exterior walls, more than 3,300 square feet of ground floor retail space, and a second floor terrace.
Each apartment will have 16-foot high ceilings, with the lofts built over the unit’s kitchen space.
Spurring the project, members of the board of directors for the Rio Nuevo tax increment finance district have voted in favor of granting the project a $1.7 million loan.
The project is additionally eligible for tax incentives because the apartment building will be going up in one of Arizona’s defined 168 Opportunity Zones.
The site for the Julian Drew Lofts is currently a parking lot on a block dominated by commercial buildings, including the Julian Drew Building at 182 E. Broadway which was built in 1917 and housed one of the first auto dealerships in the city.
By Garry Boulard
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