Tucson Development Thread - Page 367

crzyabe · #**7321** Posted **Feb 12, 2020, 9:48 PM**

Quote:

Originally Posted by Ted Lyons

Make that Stone & 17th.

What's funny is that when you said 17th and 6th and mentioned that Southwest corner, I checked that lot in Pro. It had a Dev package submitted in December for a new two story building as well. Not a lot of details yet

Ted Lyons · #**7322** Posted **Feb 12, 2020, 11:01 PM**

Quote:

Originally Posted by crzyabe

What's funny is that when you said 17th and 6th and mentioned that Southwest corner, I checked that lot in Pro. It had a Dev package submitted in December for a new two story building as well. Not a lot of details yet

Wow. That area's hot right now. I think the real money to be made (and improvement to be made) is south of 18th.

Eapiwo · #**7323** Posted **Feb 27, 2020, 1:28 AM**

https://www.kgun9.com/news/local-new...-rise-reviving

This KGUN 9 story seems to verify the rumors that 75 E Broadway will be 19 stories. No new renderings were available but hopefully they'll be out soon.

Azstar · #**7324** Posted **Feb 27, 2020, 2:52 PM**

Quote:

Originally Posted by Eapiwo

https://www.kgun9.com/news/local-new...-rise-reviving

This KGUN 9 story seems to verify the rumors that 75 E Broadway will be 19 stories. No new renderings were available but hopefully they'll be out soon.

"Board chair Fletcher McCusker says they just need to finalize the way to pay for it."

"We're waiting for a lender commitment so, we have a lender term sheet but it's not a binding commitment."

Hmmm, seems like a pretty big obstacle to overcome. Lenders are not lining up to finance downtown Tucson projects.

Dadedos · #**7325** Posted **Feb 27, 2020, 4:20 PM**

Is there any update on the Nor-Gen site?

Ted Lyons · #**7326** Posted **Feb 27, 2020, 5:38 PM**

Quote:

Originally Posted by Azstar

"Board chair Fletcher McCusker says they just need to finalize the way to pay for it."

"We're waiting for a lender commitment so, we have a lender term sheet but it's not a binding commitment."

Hmmm, seems like a pretty big obstacle to overcome. Lenders are not lining up to finance downtown Tucson projects.

A term sheet indicates the agreement has already been negotiated between the parties, not that the party seeking financing has just put out a request for money. So, assuming the lenders don't back out (which could obviously happen), they're just waiting for their attorneys to finalize the contract.

crzyabe · #**7327** Posted **Feb 28, 2020, 7:55 PM**

Quote:

Originally Posted by Dadedos

Is there any update on the Nor-Gen site?

I can't find any update on what was discussed regarding the Nor-Gen development. I thought we would finally get some news on a path forward.

somethingfast · #**7328** Posted **Feb 28, 2020, 8:07 PM**

Quote:

Originally Posted by Eapiwo

https://www.kgun9.com/news/local-new...-rise-reviving

This KGUN 9 story seems to verify the rumors that 75 E Broadway will be 19 stories. No new renderings were available but hopefully they'll be out soon.

Good news but I can't imagine funding coming through w/o a significant chunk pre-leased given the tail of the economic boom we're in. Anyone know if there is a commitment in place?

Patrick S · #**7329** Posted **Feb 29, 2020, 12:13 AM**

After a very long wait, the U of A has broken ground on the first building at the Tech Park at the Bridges

University of Arizona Breaks Ground for New Tech Park at The Bridges

Ted Lyons · #**7330** Posted **Feb 29, 2020, 4:42 AM**

Quote:

Originally Posted by Patrick S

After a very long wait, the U of A has broken ground on the first building at the Tech Park at the Bridges

University of Arizona Breaks Ground for New Tech Park at The Bridges

Not mentioned in the RED News article but UA has an agreement with HSL to build a four-floor 100-room Marriott-branded hotel (I'd guess Fairfield or Springhill Suites level) next to the new building. The Daily Star had an article about that today.

kaneui · #**7331** Posted **Mar 7, 2020, 6:51 AM**

The recently revised RendezVous website provides some info. on what their new downtown apartment rates will be. With 12 floor plans ranging from 700-1300 s.f. on floors 1-4, their rates are $2.80/s.f. for all units except for the largest one, which is $3.00/s.f. (rather odd, since smaller units are usually more per square foot). The website states there are only 32 units available (out of 104 for the whole building), so either some are already taken on the lower floors, or it's just a marketing ploy to give the sense of limited supply.

I'm guessing they'll gauge the response to this initial offering before putting out prices for the more expensive units on floors 5 and 6. So, $3,900/mo. for 1,300 s.f. - any takers out there? Time will tell...

https://www.rendezvousurbanflats.com/floorplans

Dadedos · #**7332** Posted **Mar 7, 2020, 8:32 PM**

Today the crane for Aspire 2 is going up.

Ted Lyons · #**7333** Posted **Mar 9, 2020, 4:26 PM**

Quote:

Originally Posted by kaneui

The recently revised RendezVous website provides some info. on what their new downtown apartment rates will be. With 12 floor plans ranging from 700-1300 s.f. on floors 1-4, their rates are $2.80/s.f. for all units except for the largest one, which is $3.00/s.f. (rather odd, since smaller units are usually more per square foot). The website states there are only 32 units available (out of 104 for the whole building), so either some are already taken on the lower floors, or it's just a marketing ploy to give the sense of limited supply.

I'm guessing they'll gauge the response to this initial offering before putting out prices for the more expensive units on floors 5 and 6. So, $3,900/mo. for 1,300 s.f. - any takers out there? Time will tell...

https://www.rendezvousurbanflats.com/floorplans

A lot of the rates around UA are slightly over $2.00/sf so, while inflated, I guess it's not out of the realm of possibility.

Patrick S · #**7334** Posted **Mar 20, 2020, 12:33 AM**

Some news on the Bautista

A riverwalk is planned for Tucson's west side as part of a retail, housing project

Mark H · #**7335** Posted **Mar 20, 2020, 3:14 AM**

First off, thank you to everyone who keeps posting updates on this thread - it’s great stuff and is appreciated. To the extent that I get the jump on info before I see it here - which doesn’t happen too often - I’ll be better about sharing it.

Second, the big old elephant in the room is whether the likely strong recession brought about by COVID-19 throws water on projects like 75 E Broadway or The Bautista. In the long run these two (and others) are great projects, seem to be financially-sound decisions/are good investments, and check the “location, location, location” box. With that said, in the short term, it isn’t clear to me whether these projects and others that have yet to break ground are good to press on or whether we’re looking at a hiatus. Any wisdom on this would be appreciated.

Thanks

crzyabe · #**7336** Posted **Mar 20, 2020, 4:59 PM**

Quote:

Originally Posted by Mark H

First off, thank you to everyone who keeps posting updates on this thread - it’s great stuff and is appreciated. To the extent that I get the jump on info before I see it here - which doesn’t happen too often - I’ll be better about sharing it.

Second, the big old elephant in the room is whether the likely strong recession brought about by COVID-19 throws water on projects like 75 E Broadway or The Bautista. In the long run these two (and others) are great projects, seem to be financially-sound decisions/are good investments, and check the “location, location, location” box. With that said, in the short term, it isn’t clear to me whether these projects and others that have yet to break ground are good to press on or whether we’re looking at a hiatus. Any wisdom on this would be appreciated.

Thanks

I was thinking about that same thing. I dont have any particular insight, but I have to believe this puts a damper on movement for these projects. I also think this will give Nor-Gen some breathing room on the Arena site

Azstar · #**7337** Posted **Mar 21, 2020, 2:31 PM**

Quote:

Originally Posted by crzyabe

I also think this will give Nor-Gen some breathing room on the Arena site

I don't think the Nor-Gen project would have been completed even without the recession.

crzyabe · #**7338** Posted **Mar 22, 2020, 1:35 PM**

Quote:

Originally Posted by Azstar

I don't think the Nor-Gen project would have been completed even without the recession.

Right. They will use this as an excuse to avoid penalties they should be paying

kaneui · #**7339** Posted **Mar 31, 2020, 1:35 AM**

On Thursday's Buckmaster Show, Jim Tofel of Tofel Dent Construction noted that funding for all of their hotel projects in the pipeline has been pulled, which doesn't bode well for proposed Tucson hotels, including the Hyatt Regency and One South Church conversions in downtown, as well as the Tech Park at The Bridges hotel.

On another note, tomorrow's Rio Nuevo board meeting has been postponed until April 8 in honor of County Supervisor Richard Elias, who died unexpectedly over the weekend.

Azstar · #**7340** Posted **Apr 8, 2020, 5:42 PM**

Since Rio Nuevo is funded primarily (if not completely) by sales tax revenues, which, I'm sure, have pretty much evaporated, what are the chances they will be able to continue with projects like the TCC Music Hall renovation, and other Rio Nuevo funded projects?