Major Redevelopment Planned for Oracle Plaza at Oracle & Ina in Oro Valley, AZ
ORO VALLEY, Arizona — Word is getting out about the plans for the former Platinum Fitness location at 7315 N Oracle Road, near the northwest corner of Ina and Oracle Roads in Oro Valley. Platinum Fitness closed in April 2019 and investors led by Larsen Baker and Volk Company teamed up to purchase the 53,000-square-foot property for an adaptive re-use development, as Oracle Ina Investors, LLC (Melissa Lal, manager) and SRP Two, LLC (Rick Volk, manager).
Originally built in 1985 by Steve Nanini, a prominent developer in Northwest Tucson, the property commanded a sale price of $3.7 million ($70 PSF). Bruce Romano of Romano Real Estate in Tucson, the asset manager for 30-years, represented the seller, Two Oracle Plaza, LLC. Romano brought the deal to Lal prior to Platinum Fitness closing, knowing the creativity and experience needed for such a value-add property in order to bring it to its next level. Romano continues to manage Cottonwood Plaza located across the street.
“When we heard about the project, we were immediately on board,” said Rick Volk, President of Volk Company. “Not only is the location unbeatable and prime for redevelopment, at the key intersection serving all of northwest Tucson and the gateway to Oro Valley, but we also get to work with Larsen Baker, which is always a pleasure. They are currently developing two of Tucson’s coolest projects, Grant Modern (at 2502-2510 E Grant Road) featuring Snooze and Postino and the former Gallery Row at Skyline and Campbell.”
Previews of the rendering show a dramatic re-imagining of the multi-story project. The garden level, consisting of 17,000-square-feet faces Tohono Chul Park to the west, and mountains to the north, it will feature new windows, façade and entries, taking advantage of the views and the grade level parking. A lease is being finalized for 10,000-square-feet. The second floor, almost fully leased with two spaces remaining, will remain offices.
Patios will be added to the main floor facing Oracle Road, and discussions are underway with restaurants, fitness and lifestyle uses, ranging in size from 2,000 square feet to 10,000-square-feet, that will take advantage of the visibility, location and parking field.
“Even though we know the market, as our two companies have been involved in numerous restaurant and fitness projects, the level and intensity of interest from users has been beyond our expectations,” said Volk. “We want to transform this sleepy property into something that will serve the town of Oro Valley and we can all be proud of.”
The redevelopment project will be in the range of several million dollars when completed.
Seaver/Franks Architects Inc are preparing plans for submittal to the Town of Oro Valley, with the hope of having construction underway later this year.
For more information, Romano is reachable at 520.577.1000, Volk can be contacted at 520.495.2242 and Lal should be reached at 520. 296-0200, ext. 213.
To learn more, see RED Comp #7066.