Tucson Downtown Living Update

 

One North Fifth continues to progress towards completion. It has recently been reported that over a quarter of the units have already been rented which is great news for the downtown revitalisation projects that are underway.

 

Williams and Dame, the Portland is the Oregon based company  that is a partner in redeveloping the site.

Brown said the apartment models have been set up and they are  receiving around 10 to 15 calls a day for information about the units.
 

The preleasing of the units will take place in a two phase process. They are looking for an August opening for the 96 units, while they also construct the retail spaces below. These should be available in the late Fall.

They are also looking for non chain business  to keep the  eclectic feel of the neighborhood.

10% of the project has been set aside for affordable housing but the rents are definitely on the higher end of the spectrum for downtown.

As many people know in Tucson, The City of Tucson received a $9.8 million HOPE VI Revitalization grant in May 2005 from the U.S. Department of Housing and Urban Development.

This grant was given  to revitalize the public housing units at the Martin Luther King (MLK) Apartments, and create a new mixed-income urban community.

One of the principals, Williams and Dame became interested in the Tucson downtown revitalisation project, mainly because of the four-mile streetcar system, that was approved here by voters in 2006. This project is already under construction.
The Streetcar project will be a much needed asset to downtown Tucson.

Brown was quoted as saying that "Downtown Tucson is not currently a proven market for condos, but we think it will be," He also added that  "In the short term, the important thing is to get people living downtown. Right now, downtown actually dozen’t have a lot of apartments or condos available."

As we all know, as the city center becomes populated, then other developments will follow such as Retail.

The market has also changed in the last two years, but the developers feel that Tucson is ready for this kind of project.

The University of Arizona with its 50,000 students, and also Tucson reaching the 1 million population mark, and that the city despite current economic conditions continues to grow are all factors to take into consideration.
With gas prices rising many people are looking for a shorter commute to the Downtown area.

As Donovan Durband, executive director of Downtown Tucson Partnership recently said, "If the Tucson streetcar had significant impacts within two blocks in either direction on stimulating new development, we would have a transformed downtown. If we had even 20 percent of the growth in residential units and office space in our downtown as Portland has had, the impact on downtown would be enormous."

 

Lets see what happens in the next year.