Landmark Glenwood Hotel Sells for Redevelopment in Tucson for $1.2 Million

TUCSON, ARIZONA – Glenwood Gorgeous, LLC (Morgan Abraham and Kevin Volk, managers) bought the former Glenwood Hotel at 343 South Scott Avenue in Tucson for $1.151 million ($105 PSF).

The seller, Arizona Theatre Company, has been occupying the building for offices and storage space and was given some time after the closing to move out and consolidate across the street at 330 South Scott Avenue, where Arizona Theatre Company performs.

Originally built in 1908 as the Glenwood Hotel, it is listed on the National Register of Historic Places. The two-story 10,954-sqaure-foot building is located in the Armory Park Historic District. The seller renovated it for office use with features including the original staircase with a large skylight and high ceilings.

The transaction concluded January 25, 2021.

The buyers’ purchased it for redevelopment but have not decided yet on its best use. Buyers own a number of properties in the area.

“We are the ultimate optimists on this property as shown by the name “Glenwood Gorgeous”. It sits outside of any opportunity zones normally found downtown that could help with the redevelopment,” said Kevin Volk. “It is one block outside the Tucson Central Business District and about a mile away from the Rio Nuevo redevelopment district for those redevelopment incentives, but we are still optimistic!”

The City of Tucson is currently reviewing an expansion to its GPLET Program; that might offer help this project.

Allan Mendelsberg and Conrad Martinez with Cushman & Wakefield | Picor represented the seller. The buyers are also licensed real estate brokers, Morgan with AAG Realty and Volk with Volk Company, and were self-represented.

For more information, Mendelsberg and Martinez can be contacted at 520.748.7100 while Volk should be reached at 520.236.9003 and Abraham at 520.353.2333.

To learn more, see RED Comp #8459.