Several years in the planning stage, a mixed-use highrise may at last become a reality on a downtown Tucson site that is currently a parking lot.
Members of the Pima County Board of Supervisors have given their approval to a deal that will allow the Rio Nuevo tax increment finance district to lease the property, while working with a developer to get the project built.
Once that construction is completed, Rio Nuevo will be able to purchase the property for an agreed-upon $2.7 million.
As envisioned, the high rise at 75 East Broadway will house ground level entertainment, retail and restaurant space, with Class A office space on the upper floors.
The building will also feature upper level glass walls, a 10th floor with an outdoor landscaped terrace, and a top floor offering 12,000 square feet of restaurant space.
The real estate and investment firm CRBE Group, Inc. has been brought in as the leasing agent for the new property.
If all goes as planned, work on the new high rise, in a part of the city populated with hotels and both older and newer offices buildings, will begin later this year.
By Garry Boulard
Get stories like these right to your inbox. Sign up for our newsletter