Downtown Tucsonan - September 2008 - (Page 6)

Vital Signs P r i va t e S e c t o r D e v e l o p m e n t M o v i n g D o w n t o w n R e v i ta l i z at i o n F o r wa r d By Thomas Whittingslow here seems to be a disconnect between the public perception of the progress of downtown revitalization—rooted in unrealistic expectations and fueled by media coverage of Rio nuevo—and the physical reality on the ground. the real barometer of downtown success is the private sector investment in residential and commercial development, and there are several projects under construction right now in downtown tucson that have been undertaken by the private sector, with an estimated investment of more than $400 million. some of these projects have been facilitated by the city of tucson’s investments in infrastructure and land assemblage. Much of the recent development in the downtown area has been on the edge or in surrounding neighborhoods, but what the projects featured here all have in common is that they are located along the route of the Modern streetcar, set to begin operations in 2011. this is no coincidence, as developers point to the streetcar as a catalyst for new development and the renovation of historic structures near the line, which will run along congress st. and Broadway Blvd. ONE NORTH FIFTH williams & dame development of Portland, their local partner Peach Pro erties, and local architect Rob Paulus, have teamed up to convert the former Martin Luther King, Jr. apartments into 96 apartments, and are building the first new retail space on congress street in generations. this fresh redux at the corner of congress street and Fifth avenue is a retro/hip urban apartment building that is hooked into the eclectic and colorful energy of downtown tucson, in the heart of the congress street arts & Entertainment district. It lies across the street from two popular entertainment venues, the Rialto theatre and the Hotel congress, with club congress and cup cafe. t THE MERCADO DISTRICT Located on congress street, the Mercado district is a 13-acre urban enclave, conceived by Rio development and the Gadsden company to be a “future historic district” similar to the world Heritage site of Guanajuato, Mexico with intimate callejons1, neighborhood plazas and enclosed courtyards, all within comfortable walking distance of cultural venues and the necessities of daily living. ninety-nine single-family dwellings to be built by four different developers: tucson artisans, city Lofts, Innovated Living & design and Rammed Earth development. Zoned for live/work space, up to 50% of Mercado district residences can be used for business purposes. the developer is also offering custom home sites. Lot purchasers must begin construction within three years and all plans must go through builder and architectural design review. commercial construction is underway, with Mercado san agustin, tucson’s first public market, featuring unique shops and cafés with both a local and international flair. Its sister project, the 14-acre convento neighborhood, provides service and employment opportunities for residents of both communities. Both projects are on the west side of the freeway, adjacent to the santa cruz River and Rio nuevo’s planned tucson origins Heritage Park (with a reconstructed convento as the centerpiece of the Mission san agustin) and cultural Plaza. the two neighborhoods will straddle avenida del convento, which will serve both as the primary entry to the Rio nuevo projects to the south, and as the western terminus of the Modern streetcar. the 4-mile-long streetcar line will link this area with the downtown core, convention center area, East congress street arts and Entertainment district, 4th avenue, and the university of arizona. total estimated value of the private investment in the Mercado district is $80 million. Units: 96 studio and 1 bedroom apartments from 440 to 629 sq. ft. Rent: Market Rate apartment rents from $625 and $895. affordable units will be approximately $100 less. Amenities: work-out gym, rooftop terrace, private balconies overlook congress street and views to the north, secure gated entryways, location in the heart of the congress street scene, location on modern streetcar route, in mid-2009, easy walking access to 4th avenue. Retail: approximately 10,000 square feet on the street level has been designated for retail, restaurant or service shops. Current Status: the construction is nearly complete; only the restaurant/retail space remains unfinished. one north Fifth received a certificate for occupancy on august 21, 2008 and already 40% of the units have been leased. Move-ins began in late august. Retail space will be ready for occupancy by late Fall 2008. total private investment upon completion is estimated to be $13 million. Contact: Peach Properties at 520.798.3331. www. onenorthFifth.com THE CONVENTO NEIGHBORHOOD on a 14-acre site on west congress between the santa cruz River and avenida del convento, the Gadsden company is creating a small city within a city, incorporating luxury live/work spaces as well as workforce and affordable housing, employment opportunities and all the necessities of daily life without getting into your car. (cars aren’t excluded, of course; in fact, some of them will be accommodated with an automated parking system.) the community is designed for maximum connectivity via multi-modal transportation systems. to support completion of the streetcar, Gadsden has agreed to construct the portion of track that runs through their neighborhood and build a streetcar station. negotiation is underway with an albuquerque company to operate a “Flying star” restaurant near the street car station. Pedestrian, equestrian and bicycle pathways interconnect the community with the planned cultural venues and its neighbors the Mercado district, and to the de anza national Historic trail, an ancient “silk Road” that brought settlers and merchandise form Mexico to san Francisco during the spanish era. Units: 99 loft and single-story residences. Price: Homes from $300,000 to $850,000. Lots from: $75,000 to $150,000 Amenities: upscale historic ambience, pedestrian-friendly, Mercado san agustin (4 structures and 18 shop/restaurant spaces now under construction), Monier Brickyard Building, a 200,000 sq.ft. mixed-use building offering 35,000 sq.ft. of retail and professional office space and 62 residential condominiums, pathways connecting with planned santa cruz River Promenade and the adjacent cultural and employment venues awaiting development, streetcar connection to downtown, 4th avenue, and university of arizona. Current Status: twenty homes have been completed or are under construction. Homeowners are already running professional offices out their Mercado district residences. construction, which began in 2005, is expected to continue until 2010. the 14,000 sq. ft. Mercado san agustin public market is under construction and will be finished by the end of the year. the developer hopes to have it open for the 2009 Gem shows. Businesses already set to be part of the Mercado include: casa Marita Restaurante argentino, sonora snow cones, dolce Pastello, Flores Market, El tutu taqueria, Marisol’s Mexican Imports. www.Mercadosanagustin.com Units: 500+ residences built in multiple phases. Price: 17.5% of the 125 first-phase units will be priced for those earning up to 80% aMI (average monthly income), another 17.5% will be priced for those between 80% and 120% of aMI (this range represents what is commonly referred to as “workforce housing”). the remaining units will be “Market Rate.” Amenities: Mercado san agustin, connectivity to all parts of the city, all daily necessities within walking distance, modern streetcar station, restaurants, 120,000 sq.ft. of street-level retail space, pedestrian promenade with water features along santa cruz River, sustainable native landscaping and water harvesting. Status: originally planned by leading new urbanist architect/planners stefanos Polyzoides and andres duany, the project development team is led by the Gadsden company: developer Gerald dixon, architect adam weinstein, and Kira dixon-weinstein (dixon’s daughter and weinstein’s wife). on august 8th Gadsden won a competitive bid to develop these 14 acres adjacent to their original Mercado site. the first block in the convento neighborhood is scheduled for construction later in 2009. the second phase will feature a 125-room boutique hotel to be developed by the Quinta Real hotel chain. It will be the company’s first such hotel in the united states, joining 11 upscale hotels in Mexico. another phase is a 170,000-sq.ft. office complex, designed to attract a major corporate headquarters and serve as a significant employment center. total investment cost for construction of the convento neighborhood is estimated at $300 million. www.Gadsdencompany.com 6 downtown tucsonan.september.08 http://www.OneNorthFifth.com http://www.OneNorthFifth.com http://www.MercadoSanAgustin.com http://www.GadsdenCompany.com

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Downtown Tucsonan - September 2008 Contents Downtown Lowdown Vital Signs 2008-09 Performing Arts Season Preview Galleries Downtown Live Museums Billboard Classifieds

Downtown Tucsonan - September 2008

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