TUCSON, ARIZONA -- The Rio Nuevo Board unanimously approved an investment in one of the biggest projects in the history of the District.
The Bautista, a $72.5 million, mixed-use development near West Cushing Street and South Linda Avenue, will include 16,500-square-feet of retail space, 253 residential units and a restaurant.
The central plaza of the development will allow visitors to walk to the Santa Cruz River, which now flows year-round. Other water features will harken back to canals associated with 18th-century farms that were in the area.
After a request from Adam Weinstein, president and CEO of The Gadsden Company, the board agreed to provide a $2.8 million investment as part of a Government Property Lease Excise Tax (GPLET). The deal includes $1.8 million in cash from Rio Nuevo and $1 million in sales tax rebates. This financing allows Gadsden to meet a Dec. 31 deadline to qualify for Opportunity Zone funds used for tax-incentive developments.
“Work on the Bautista is scheduled to begin in the second quarter of 2020 and construction is anticipated to take 22 months,” said Adam Weinstein, president and CEO of The Gadsden Company.