The Rio Nuevo Board unanimously approved an investment in one of the biggest projects in the history of the District. The Bautista, a $72.5 million, mixed-use development near West Cushing Street and South Linda Avenue, will sit along what will soon be a year-round flowing section of the Santa Cruz River. This mid-rise project includes 16,500 square feet of retail space, 253 residential units and a restaurant. Other water features will harken back to canals associated with 18th-century farms that were in the area.
After a request from Adam Weinstein, president and CEO of The Gadsden Company, the board agreed to provide a $2.8 million investment as part of a Government Property Lease Excise Tax (GPLET). The deal includes $1.8 million in cash from Rio Nuevo and $1 million in sales tax rebates. This financing allows Gadsden to meet a December 31, 2019 deadline to qualify for Opportunity Zone funds used for tax-incentive developments. The “O-Zone” funds are designated by the federal government as tax-incentive developments.
At the March 17, 2020 Board meeting the board unanimously approved a revised deal with The Gadsden Company to purchase the land, valued at about $7.2 million, for the development near West Cushing Street and South Linda Avenue. In return, Gadsden will prepay about $4.7 million in rent on the land and contribute $20 million in equity to the deal.
The project will create 16,500 square feet of retail space, 253 residential units and a restaurant. The central plaza of the development will allow visitors to walk to the Santa Cruz River, which now flows year-round. Other water features will harken back to canals associated with 18th-century farms that were in the area.