City of Tucson Closes on 6.45 acre deal for $12 M Development
The City of Tucson finalized the sale on Oct 16 of 6.45 acres of land at the northeast corner of 22nd Street and I-10 for $1,602,001 ($5.70 PSF). The buyer 22nd Street Land LLC (Lowell Carhart, principal) of Honolulu, HI an affiliate of Eons Expos intends to build the first gem show condominium and exhibition hall, ‘The 22nd Street Expo Coop’, on this site. This $12 million project looks to break ground in February 2016 and the buyer envisions it becoming ‘ground zero for the Tucson Mineral, Fossil, and Gem & Jewelry Showcase’.
Architect Rob Paulus says the project is a unique opportunity to create an iconic exposition facility that provides permanent exhibition space for the worlds largest Gem and Mineral Show. The 150,000-square-feet, 3-story project will accommodate a wide range and variety of events throughout the year to become a place-defining venue that enhances the city, the community and the surrounding neighborhoods.
The project which is in proximity to adjacent historic rail lines, will take the design approach cue from a wide open, long-span train shed to give the project form and metaphorically tie into the history of the site and the nearby 1905 Train Roundhouse.
The first and second floors will be dedicated space for year round Gem and Mineral Show use, with (86) 20′ x 40′ gem show ‘selling rooms’ for dealers to purchase as business condominiums.
The entire building and site will tie directly into the El Paso and Southwestern Greenway to integrate and flow into the adjacent neighborhood and downtown while also promoting transportation by foot and pedal. It is located a walkable distance of 21,000 ft. from the Sun Link Streetcar route.
While the upper, 50,000-square-feet third floor will provide flexible area for a wide variety of year round events and conferences from large and small. The gently sweeping curve of the West façade will become an ever changing canvas of colored light and projected image to allow each event to customize the entire façade to suit the mood of the desired experience. This will not only create a dynamic visual for events happening at the project but will allow the 500 foot long building to become a welcoming icon for the entire city visible from the adjacent Interstate 10.
However, come Gem Show time, the top floor will host the high-end Annex of the 22nd Street Mineral & Fossil Show, which will also continue in its existing 100′ x 600′ adjacent tent. Therefore, dealers will soon have a choice to own their condo in Tucson’s premier location, or choose between renting a booth in the high-end top floor Annex of the 22nd Street Co-Op, or one in the more affordable 22nd Street Mineral & Fossil Show tent. Upon project completion there will be space for 500 dealers.
The buyer hopes to pre-sell 50 of the condo spaces at this year’s Gem Show in January for $150,000 each, or $170 PSF, to vendors who are currently paying upwards of $70 PSF for temporary space at the gem show. Pre-sales of $8 million are needed to bridge a construction loan.
Ian Stuart, Ben Becker and Adam Becker with CBRE of Tucson represented the City of Tucson and can be reached at 520.323.5100.
Randy Emerson with GRE Partners of Tucson represented the buyer and also has the assignment to handle the future condo sales. To learn more Emerson should be contacted at 520.396.4812 or at remerson@grepartners.com or view marketing proposal here 22nd street coop proposal.