TUCSON, ARIZONA -- The Rio Nuevo Board approved a proposal by developer Ross Rulney to add his recently acquired property at 135 South 6th Avenue, formerly known as Downtown Kitchen + Cocktails, to the previously approved incentive package located on the same block. Rulney is already remodeling the former Access 12 building and expanding the nearby Julian Drew Lofts in partnership with Rio Nuevo.
The asset was acquired by Julian Drew Lofts, LLC (Ross Rulney, member) from Odd Hall, LLC and The Evers/ Grygutis Family Trust for $2.1 million ($147 PSF) for the 14,239-square-foot restaurant building.
With the restaurant acquisition, Rulney advised the Board that the property will soon house a very well known, local restaurant establishment. Additionally, the grounds surrounding the multiple projects will become outdoor dining and patio space. The Board unanimously approved the proposal, subject to independent review of the economic benefit that taxpayers receive from the incentives.
In other action, the Board agreed to maintain the line of credit to help support the historic Fox Theatre. This line of credit will continue while The Fox determines how funds from the newly approved Congressional “Save Our Stages” Act will benefit the local shuttered theatre.
The Board advanced the Sunshine Mile Overlay District zoning request, which will soon appear before the Zoning Examiner. The Overlay Zoning preserves the historical properties along Broadway, allows for new development in some areas and would establish, for the first time, zoning incentives for affordable housing and urban mobility hubs along the widened Broadway corridor. The Board also authorized the release of the Sunshine Mile Bungalow RFQ (Request for Qualifications) where Rio Nuevo will seek private sector partners for the seven historical bungalows that were moved out of the expanding roadway to preserve the properties.
To learn more see RED Comp #8344.