Rio Nuevo Closes on Land for Tucson’s New Greyhound Bus Terminal
The Rio Nuevo Multipurpose Facilities District closed on the purchase of a 46,107-square-foor land parcel at 801 East 12th Street in Tucson for construction of the new Greyhound Bus Terminal. The property commanded a sale price of $575,000 ($12.47 PSF).
The Rio Nuevo Board announced at its February 2nd meeting it had 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 parcel was “Greyhound’s number one choice” stated Chairman Fletcher, when announcing the selection, “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 with a total budget of $1.9 million, including construction of a 1,500-square-foot terminal that is open later this year. Upon completion of construction, the terminal will be leased by the District to Greyhound Corporation pursuant to the existing Build to Suit Lease.
The Rio Nuevo Multipurpose Facilities District is asking for bids to build a new Greyhound terminal near Broadway and Euclid. The bids will be opened July 29th, with the contract being awarded soon after, Rio Nuevo officials said. Once the terminal is built, it will be leased to Greyhound Corp. The terminal project is expected to cost about $1.9 million. It will be on the alignment for Downtown Links, a project that will allow traffic to get to I-10 without going through downtown.
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.
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 seller of the lot at 801 E 12th Street, Broadway Euclid LLC (Don Bourn, manager) was represented by Rob Tomlinson and Aaron LaPrise, Retail Speicalists with Cushman & Wakefield Picor in Tucson and Ian Stuart and Dave Blanchette with CBRE in Tucson represented the buyer in the transaction.
For more information, Tomlinson and LaPrise can be reached at 520.748.7100 while Stuart and Blanchette should be contacted at 520.323.5100.
To learn more, see RED Comp # 3982.