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.

The Rio Nuevo Project  snail pace update

For the last eight years all of Tucson has been waiting for the downtown  development of Rio Nuevo to come to fruition.

New landmarks have been promised and then put on hold in the downtown Tucson area.

It would be great to see a significant progress to Central Tucson, but it appears that we are going to have to wait at least another year again for most of the projects to get off the ground.

It appears to be the same old story. I have been telling visitors that came three to four years ago, that it would take 4 to 5 years to completion….not four to five years to get started.

The only project that seems to be getting off the ground ,and that has made progress over the last year, is the former Martin Luther King Apartment  Building now called One North Fifth.

I remember many years ago when I was a Home Health Nurse, taking care of a disabled man that lived at the complex, and it was in dire need of redevelopment then. It is a welcome change to see the remodeling of the Building as I drove passed it the other day.

Courtesy of Tucson Citizen….original building.

 One North Fifith  will have studio and one bedroom apartments for rent in the complex, and and it will also encompass retail units below.

The complex will also have athletic facilities, and underground parking plus a great roof deck to take in  a 360 view of the Catalina Mountains, the Tucson Mountains, the Rincon Mountains and the Santa Rita Mountain range at one time.

It is situated close to the Hotel Congress, the Rialto Theatre, the University of Arizona,  4th Avenue shopping, the Tucson Convention Center,  and the  Arts District.

It will be a flagship for the downtown revitalisation project, of Rio Nuevo  and should help other projects to get off the ground.

Tucson Condos  in the Foothills are a great deal

We are asked many times about buying a second home but also a good Condo investment. As the market has slowed then one can find good deals in the Foothills right now. There are a few Complexes that are in a close out situation one being the Greens and the other  Skyline Villas.

If you are looking for a foothold in the Tucson Foothills Condo Market for a Second Home or Vacation Home,  then now is a great time to buy.

Skyline Villas Condos in the Tucson Foothills, have only 17 Condos left.

The Clubhouse Center has a  true Resort  feel and has a great community pool, and  tennis court.

Prices start in the mid 150,000′s for the one bedroom floor plan. There are opportunities to personalize the unit with fine cabinetry, granite counter tops and stainless steel appliances. Most have large patios or balconies, and ample storage and closet areas. Great City and Mountain Views can be had from many Condos in the complex.

There are many pluses to the area, as there are collectively around 12 Restaurants to choose from just down the road, together with a high end mall for the most discerning buyer.

If you are looking for a Tucson Golfing Experience, then the Greens Condos are the place for you.

The Condos located in the Foothills Condo Community of the Greens have incredible views  from the inside.

When you look around inside, you will find Custom cabinetry, Ceramic Tile flooring, wood-burning Fireplaces, and Designer lighting fixtures.

Each individual Condo can be customized with the  an extensive list of options that include  a  mini home theater.

The Complex has two Community Pools, Tennis and you can drive your golf cart next door to the Ventana Canyon Golf & Raquet Club

Pool at the Greens Condos, Tucson Arizona

The remaining Condo prices are from around $215,00 to around $270,000. They still have some selection, together with some great views.

There are also a few good deals in the resale market.