General
In their first board meeting of the new year, the Rio Nuevo Board unanimously approved development projects that will kick off in 2023. Many ongoing Rio Nuevo projects in Downtown and surrounding areas are breathing life back into the district, like the new Leo Kent Hotel located in the One South Church building, 18 unique restaurants, and other incredible developments.
Sol Block
The Rio Nuevo board unanimously approved a lease and development agreement turning over the development of The Solot Plaza to the team lead by Larsen Baker, one of Tucson’s most prolific real estate development companies.
Larsen Baker indicated they intend to invest approximately $5,000,000 into the entire block and present a remodeled and rebranded mid-century plaza now named The Sol Block, with parking and entrances relocated to the rear of the property. “We created design concepts that enhance the historic facades and will make people see these buildings again for the first time,” said Melissa Lai with Larsen Baker. “We’re hoping this project will create momentum for further development along the Sunshine Mile.”
Rio Nuevo committed $1,250,000 toward tenant improvements and committed to purchase an easement to the west of the property to build a driveway that will allow for Broadway traffic access. Construction is planned to begin in April and the team is hoping the property will be move-in ready by the fourth quarter of 2023.
Carriage House
In other action the Board unanimously approved an $85,000 grant to Flores Concepts to remodel the parking lot west of Charro Steak on Broadway to allow for outdoor dining and events. This remodel will be connected to the Carriage House, an event space now owned and renovated by Flores Concepts.
“This renovation will help us create a dramatic sense of entry by building a deck and a fence system that matches the aesthetics of the area,” said Ray Flores.
Marketing Budget
The Board unanimously approved increasing the marketing budget by $100,000. This will allow the board to diversify their support of local downtown events such as Dusk, the Parade of Lights, and others.