{"id":1004069275,"date":"2013-03-21T13:59:07","date_gmt":"2013-03-21T21:59:07","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=111165"},"modified":"2025-02-25T23:36:17","modified_gmt":"2025-02-26T07:36:17","slug":"rio-nuevo-asked-to-provide-loan-for-22m-downtown-hotel-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rio-nuevo-asked-to-provide-loan-for-22m-downtown-hotel-project\/","title":{"rendered":"Rio Nuevo Asked to Provide Loan for $22M Downtown Hotel Project"},"content":{"rendered":"

By Camelia Bulea, Associate Editor<\/p>\n

\"\"<\/a><\/p>\n

Downtown Tucson Skyline<\/p>\n<\/div>\n

The 135-room hotel that developer Scott Stiteler is planning at the intersection of Fifth Avenue and Congress Street was missing a final link. That last piece of the puzzle will now be supplied by a $2.5 million loan from Rio Nuevo board.<\/p>\n

The public loan would cover the funding gap left after $15 million in conventional loans and about $5 million in private money are factored into the hotel financing, reported the Arizona Daily Star<\/em>. Stiteler wants to repay the loan from taxes owed to Rio Nuevo rather than from hotel profits over a period of 10 years. Therefore, Rio Nuevo will net $3.3 million over 10 years from the hotel according to Stiteler\u2019s repayment documents.<\/p>\n

Although the downtown hotel project has the support of the Rio Nuevo board members, the board is currently considering all legal implications of such a loan before agreeing to finance the development. The board hopes to have an answer within the next 30 days.<\/p>\n

The manager of Tucson Urban LLC is imagining a downtown entertainment district in downtown Tucson with the six-story hotel as the centerpiece of the ambitious project. He believes that such a project could help revitalize downtown Tucson.<\/p>\n

For more news from Tucson, click here<\/strong><\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":271,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[1815,1613],"class_list":["post-1004069275","post","type-post","status-publish","format-standard","hentry","category-latest","tag-national","tag-tucson"],"acf":[],"yoast_head":"\nRio Nuevo Asked to Provide Loan for $22M Downtown Hotel Project - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/rio-nuevo-asked-to-provide-loan-for-22m-downtown-hotel-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rio Nuevo Asked to Provide Loan for $22M Downtown Hotel Project\" \/>\n<meta property=\"og:description\" content=\"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.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rio-nuevo-asked-to-provide-loan-for-22m-downtown-hotel-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-03-21T21:59:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-26T07:36:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/03\/Tucsonskyline.png\" \/>\n<meta name=\"author\" content=\"Camelia Bulea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rio-nuevo-asked-to-provide-loan-for-22m-downtown-hotel-project\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rio-nuevo-asked-to-provide-loan-for-22m-downtown-hotel-project\\\/\"},\"author\":{\"name\":\"Camelia Bulea\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/71754b36bc1882cf2fc692fe215d26c7\"},\"headline\":\"Rio Nuevo Asked to Provide Loan for $22M Downtown Hotel Project\",\"datePublished\":\"2013-03-21T21:59:07+00:00\",\"dateModified\":\"2025-02-26T07:36:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rio-nuevo-asked-to-provide-loan-for-22m-downtown-hotel-project\\\/\"},\"wordCount\":217,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rio-nuevo-asked-to-provide-loan-for-22m-downtown-hotel-project\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/03\\\/Tucsonskyline.png\",\"keywords\":[\"National\",\"Tucson (No longer used)\"],\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rio-nuevo-asked-to-provide-loan-for-22m-downtown-hotel-project\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rio-nuevo-asked-to-provide-loan-for-22m-downtown-hotel-project\\\/\",\"name\":\"Rio Nuevo Asked to Provide Loan for $22M Downtown Hotel Project - 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