TUCSON, AZ (April 2, 2024) -- The owners of the famous and historic Valley National Bank at 2 E Congress Street, built in 1929 and most recently occupied by Chase Bank, have signed a lease with Daniel Scordato to open a venue called Treasury 1929, named after the year the bank opened. The lobby and mezzanine level will be left as originally built in 1929. The owner, Art Wadlund, will add a full kitchen, elevator, and flexible seating for dining, weddings, and small musical events. The new owners expect to invest $12M in the building remodel, and Rio Nuevo committed $1.4M to support the restaurant.
JP Morgan Chase occupied the building as a bank branch from 2007 until the end of 2023. Repurposing of the 78,949-square-foot building is expected to begin in Summer.
Floor plans, for example, wedding ceremony and reception at the Treasury 1929 event center and restaurant:
The board also unanimously approved an additional investment of $216,000 into the family-run Zemam Restaurant and the development of the Z Street block at Treat and Broadway. The Z Street project features Zidamo Ethiopian Coffee Shop (coming soon), Zerai’s International Sports Bar, and Zemam’s Restaurant (both opening April 2024). Zemam’s will now be able to seat up to 190 customers, while Zerai’s will allow for a 154-customer capacity. Zerai’s International Sports Bar plans to show sports games and events not normally found in other establishments around Tucson, including British Premier League soccer matches, Formula 1 races, cricket games, and rugby matches.
The area behind all three buildings will be a "backyard" communal outdoor space with food vendor stalls, a commercial kitchen, and restrooms. Favin Gebremariam stated, “This is the entry and experience that will become even cooler as we grow.” This experience will welcome customers, take them through all three properties, and even feature live music.
In conclusion, the board approved an additional $30,635 to allow Miss Saigon to build out the patio of their new restaurant, which will be relocated to the base of the TEP building. Co-owner Bao Ma hopes the new patio will provide revenue growth for Miss Saigon. The new location is projected to open in April 2024.
Following their retreat with new members in January, the reconstituted Rio Nuevo Board released its latest Master Plan, which will be open to public comment and input over the next month. The Master Plan can be viewed on the website.