Tucson *DO NOT USE*
Development to Move Ahead on 5,000-Acre, Long-Stalled, Former Ranch
A 5,000-acre master-planned community planned for the southeast fringes of metro Tucson is back on track. Dubbed Rocking “K” Ranch, the property was once an active cattle ranch, and adjoins the 66,947 acre Saguaro National Park East.
Westin Hospitality Property Undergoes $30M Renovations
The Westin La Paloma Resort & Spa, a 250-acre hospitality property nestled in the foothills of the Santa Catalina Mountains, is currently undergoing a $30 million renovation that began in the spring of 2012.
Campus Acquisitions Breaks Ground on Second Student Housing Complex West of UA
Chicago-based Campus Acquisitions has broken ground on a new student housing complex near the University of Arizona in Tucson, which will be built by Beal Derkenne Construction. The 13-story high-rise is slated for completion in August 2014.
Tucson Medical Center Unveils $134M Orthopaedic and Surgical Tower
Tucson Medical Center (TMC), the leading provider of comprehensive healthcare services to greater Tucson and the Southern Arizona region, announced opening of its new state-of-the-art surgical and orthopaedic tower that has been in the works since 2009.
New Housing Complex to Revitalize Tucson’s South Side
Tucson’s multifamily market continues to show signs of improvement mainly due to a steady job growth and an increasing student population in the area. Investor interest in apartment assets remains strong, with larger real estate companies targeting luxury properties, especially developments close to the University of Arizona and major employment hubs.
Rio Nuevo Asked to Provide Loan for $22M Downtown Hotel Project
The 135-room hotel that developer Scott Stiteler is planning at the intersection of Fifth Avenue and Congress Street misses a final piece to become a reality – a $2.5 million loan that the Rio Nuevo board has been asked to provide.
Tangerine Corridor in Tucson Sees Residential Building Boom
Accounting for nearly two thirds of new home construction in northwest Pima County, the Tangerine Road corridor has recently become the “place to be” for homebuilders. Not only will the area dominate Tucson’s residential market this year, but it will also attract even more investors and homebuilders in the next years.
Plans to Upgrade Tucson Convention Center, Build New Convention Hotel
The City of Tucson and the Rio Nuevo Multipurpose Facilities District finally reached an agreement that would bring a new convention center hotel in downtown Tucson. According to the long-awaited settlement, Rio Nuevo will invest $6 million in upgrading the Tucson Convention Center.
NY Developer Acquires Last Lots in Master-Planned Community from Forest City
New York-based Petrus Partners Ltd. has recently announced the acquisition of the last undeveloped lots remaining in Gladden Farms, a 1,350-acre master-planned community in Marana. This is Petrus’ 13th residential land acquisition in Arizona since 2008.
Two Local Retail Centers Change Hands for $42.6M
The local real estate market started the year on a positive note with two significant deals taking place in January; two retail centers were sold to investors for a total of $42.6 million.