The Rio Nuevo Board announced at its February 2nd meeting it has contracted to purchase a 46,107-square-foot parcel of land at the southeast corner of Euclid and Broadway as the location for a new location for the Tucson Greyhound bus terminal. The Board has 60 days to investigate whether the parcel, located at 801 E. 12th Street, is fully suitable for the bus terminal.
The parcel was "Greyhound's number one choice" stated Chairman Fletcher
McCusker, when announcing the selection said, "It is close to downtown, close to the UofA and adjacent to the new downtown links." The Board also released a site plan and rendering of the new terminal prepared by Greyhound. The Board anticipates improving the parcel with Rio Nuevo funds and leasing it back to Greyhound.
The relocation of Greyhound almost derailed Allan Norville's acquisition of the Arena Site until Rio Nuevo stepped in and offered to locate, acquire and build a new Greyhound bus terminal. As a result of the Board's efforts, Mr. Norville is now in the process of improving the Arena Site and his adjacent parcel with new exhibition space, a new 4-star hotel and parking for this developing area.
On Tuesday the Rio Nuevo board in a series of votes authorized an appraisal, a survey and an environmental inspection. Rio Nuevo’s total budget is $1.7 million, including construction of a 1,500-square-foot terminal that would be opened later this year. Rio Nuevo will start accepting proposals for the work. Rio Nuevo will own the site and lease it to Greyhound. The building will be state of the art, board member Edmund Marquez said. “It’s going to be beautiful — a huge upgrade to the trailer they’re in now.”
The lot at 801 E 12th Street is being marketed by Rob Tomlinson and Aaron LaPrise of Cushman & Wakefield Picor in Tucson.
In other action, the Board instructed its counsel and Mr. Norville's counsel that the final terms of the District's agreement to reimburse Mr. Norville for the Granada watershed improvement must be limited to actual costs incurred and paid. Previously the Board agreed to reimburse Mr. Norville for 62% of the appropriate costs or $855,000, whichever is less. Citing difficulties with allocations and accounting, Mr. Norville had sought to base the reimbursement on estimated rather than actual costs.
The Board also announced it will submit a formal proposal to the City to take over the development of the Gadsden project, west of the I-10 freeway. Currently the City has the right to collect on the developer's performance bonds due to the developer's inability to meet agreed-upon time frames.