September 2018 Rio Nuevo Update
With no Action items scheduled for September Rio Nuevo is providing the following update in lieu of a meeting. The next meeting is scheduled for October 23, 2018 at 1:00 PM.
Rio Nuevo has received 17 responses from local architects interested in renovating the 40 properties between Euclid and Country Club generally referred to as “Bungalow Block”, the “Donut Hole Block” and the “Solot Block” . Working with private sector developers, similarly to what the District has accomplished downtown, it will repurpose these properties and make them available as restaurant and retail; keeping many tenants in place and bringing in new tenants to activate the remodeled spaces.
Working with neighbors and stakeholders, the Board will begin to plan for the improvements with hopes to have preliminary design concepts by Christmas.
Caliber has announced the new hotel will be a Hilton and will present plans to the Rio Nuevo Board during its October meeting. Rio Nuevo will lease the property to Caliber and no state funds will be used in the construction of the hotel itself.
75 East Broadway
JE Dunn has until the October meeting to finalize plans for the proposed 20-story tower designed to be located across the street from TEP. Preliminary concepts include retail, parking and Class A office. Rio Nuevo has completed the necessary steps to enable the parcel, including survey, environmental and archeology studies. Rio Nuevo will lease the property to JE Dunn and no state funds will be required for construction.
Construction continues on the $24M Cathedral Square project and improvements on Ochoa Street will commence within the next few months. Rio Nuevo has committed $1M toward the renovation of Ochoa Street that will improve walkability and enhance a pedestrian lifestyle.
The Marist is quickly nearing completion and will provide housing and recreation space for seniors in the downtown core. Rio Nuevo contributed $350,000 toward the $24M project.
Hexagon Mining took occupancy of 100% of the available office space in August. A food court, bowling alley and rooftop bar will be open by January 2019.
Caterpillar Tucson’s Mining Center construction is on time and on budget and expects tenancy to take place in March 2019.
Tucson Indoor Football/ Tucson Sugar Skulls
Tucson Indoor Football announced the iconic name and logo on September 20 at the MSA Annex. Rio Nuevo has committed $400,000 to complete improvements necessary in the TCC arena and expects to see a $1.7M economic impact from the 8 sold out home games. The Tucson Sugar Skulls first game is scheduled for March 2019.
Monier Mixed-Use Project (apartments, retail and parking)
At the August meeting the Rio Nuevo Board approved a $2.4M secured bridge loan to finalize the $35M Gadsden project. The west side development is the latest enterprise from the developers of the MSA Annex and Mercado San Agustin and is expected to break ground as early as October.