TUCSON, ARIZONA (JULY 5, 2023) -- The Rio Nuevo Board unanimously approved an investment of up to $4.5 million to attract an internationally known boutique grocery to the corner of Broadway and Plumer. Local developer Marcel Dabdoub presented the plans to acquire the entire block at the southwest corner and build a 10,000 sq. ft. high-end grocery store and retail outlet. Revenue forecasts for the new store approach $30 million annually, and the construction cost is projected at over $8 million. The investment would come in a $1.5 million cash investment when the store opens and a sales tax rebate capped at $3 million over the next ten years.
The store's development team is expected to make a decision soon and is looking at other sites around the western U.S. "It is our hope that the Rio Nuevo incentives make the difference for us," said Fletcher McCusker, Rio Nuevo Chairman. In addition to this new grocery, Rio Nuevo is activating more than 50 properties vacated and abandoned due to the Broadway widening – combined these projects represent $50 million in new realized revenue that will fuel Tucson’s economy and quality of life.
