TUCSON, ARIZONA -- The M. Steven and Kathleen Davidson Family Trust of Tucson purchased the historic Coronado Hotel Apartment located at 402 E. 9th St. in Tucson for $3.6 million ($120,000 per unit). Coronado Hotel Apartments is a 30-unit multifamily facility with an additional ground floor commercial retail space leased to Dillinger Brewery Taproom that opened earlier this year at the corner of East Ninth Street and Fourth Avenue. The micro brewery space at 402 E. Ninth St. was originally built as a bakery called the Royal Bakery in the early 1900s. The Coronado Hotel was built around it, and most recently housed The Coronet Bar and Restaurant for five years.
The California-based seller, Carbon Cabo, LLC of Huntington Beach, CA spent $2 million in improvements to the property.
Rob Paulus Architects reports "the Coronado Hotel Repurpose marks the next phase and transition of the 1928 structure as part of the urban renewal of downtown Tucson. Opened first as a hotel, the building transitioned to assisted living in the 1992 and now, almost a hundred years later, the Coronado was completely made over into state of art, market rate housing at the epicenter of downtown along the new modern streetcar line."
"The entire building has been completely reworked to bring 30 modern micro-unit apartments to market with all new infrastructure, finishes and plan layouts. Efficiency is paramount and the units offer a sustainable and affordable option in downtown for people ready to simplify and downsize as rental rates increase due to demand for urban living."
"Modern meets Historic with refined, contemporary interiors and a newly refurbished exterior. Beautiful details abound with designer touches that emphasis local craft. Texture is introduced by re-using reclaimed wood from the building that combines with modern, efficient LED lighting to create drama and energy efficiency."
"The design balances the charm of the historic hotel with modern interior design and finishes to offer downtown Tucson a new option of urban living."
The 11,279-square-foot, 3 - story, apartment complex with 30 - Studio units was renovated in 2018 and offers tenants laundry, elevator, ground floor and controlled access. The unit mix is students as well as young entrepreneurs looking for the downtown experience.
Allan Mendelsberg, Principal, and Conrad Martinez, Multifamily Specialists with Cushman & Wakefield | PICOR, represented both parties in this transaction.
For more information, Mendelsberg and Martinez should be reaches at 520.748.7100.
To learn more, see RED Comp #8541.