Payday Auto Loan Building Sold at 3670 East Grant Road to City of Tucson for $420,000
TUCSON, Arizona – When we saw the sale of a property at the southeast corner of Chrysler and Grant Road we got a bit excited and thought it would be a good time for an update on the Grant Road Widening project. You remember, the the Grant Road Improvement Project, the one the voters approved with its half-cent sales tax funding back in May 2006 as part of a $2.1 billion Regional Transportation (RTA) plan, the one that has displaced people with several delays but the City.
The improvements to the five-mile section of Grant Road between Oracle and Swan Roads include widening to six lanes with bike lanes, and streetscape and pedestrian improvements to create a state of the art, multi-modal transportation corridor we’ve been promised. So this is what we know now.
Rick Borane of Volk Company represented the seller, Elizabeth J Wong Trust in its sale of a 1,324-square-foot building and 18,690-square-feet of land at 3670 East Grant Road to the City of Tucson for $420,000 ($22.47 PSF). The property was leased to PayDay Auto Loans at time of sale.
Construction of the improvements for Phase I was the Oracle intersection and was substantially completed in December 2013. Phase II from Stone to Park began in March 2017 and is expected to be completed this summer, by the end of August 2018.
The property that was recently sold is located with Phases III & IV scheduled for fiscal year 2022-2026. That’s right, there’s no further visible progress planned for the next four years we were told by the City. The City is currently doing real estate acquisitions between Alvernon and Swan and for phases V & VI from Campbell to Country Club. Expect design plans to be finalized sometime this fall 2018 for public viewing.
Construction cost estimate for Phase III & IV is $31 million. (See Grant Road DCR appendix phase 3 & 4)
Construction of Phase III & IV is projected to be concurrently with phases V & VI from Campbell to Country Club in the RTA construction period four – fiscal year 2022-2026 with an additional cost of $30 million.
For additional information on the property sale, contact Borane at 520.495.2240 and for updates on Grant Road go to www.grantroad.info
To learn more, see RED Comp #5929.