11 REASONS THE WORLD IS WATCHING TUCSON
No.
9
Downtown R Bullish Investment Draws
OMAR MIRELES
THE FLIN
By Jay Gonzales For longer than most Tucsonans care to remember, “going downtown” was less a treat than a task. Today, it’s the place to be. Private and public investment have turned downtown Tucson into a vibrant activity center with restaurants and entertainment and, importantly, abundant housing, for all generations. Even the COVID-19 pandemic couldn’t stop the momentum as more than $500 million in construction projects pushed through, including a transformation of the Tucson Convention Center with a new hotel, parking garages and other improvements, a massive residential and retail community right next door on the site of the old La Placita Village office and retail complex, and two large residential/retail projects in the Mercado District west of Interstate 10. Fletcher McCusker, board chair for Rio Nuevo, which has driven much of the development, told the board at its March meeting to expect even more in the years to come. “There’s more interest in Tucson’s urban core. There are more developers talking to us about public/private partnerships. We’re seeing hotel operators, one, two a week. We’re seeing multifamily developers. We’re seeing restauranteurs,” McCusker said. “I think not only have we survived, but it’s clear to me that we probably will thrive. Buckle your seatbelt, because I think we’re going to be really busy here the next year, two years.” 56 BizTucson
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Summer 2022
Those who have already invested in downtown and who weathered the pandemic are poised to reap the fruits of their patience and investment. For example, The Flin, the 243-residential unit complex built by HSL Properties is complete and open. “In the long run, we are still very bullish on the downtown Tucson market,” said HSL President Omar Mireles as the development was under construction. “There are others that are bringing apartment homes into the market downtown,” Mireles acknowledged, “and I think perhaps it will be a little bit slower absorption than we initially anticipated. Given the challenges, we still remain bullish.” A $65 million renovation and improvement project at the Tucson Convention Center is wrapping up with another parking garage on the west side next to the recently renamed Linda Ronstadt Music Hall and improvements to the exhibition hall. The 122-unit Monier apartment development built by the Gadsden Company opened last year in the heart of El Mercado District west of I-10. Another Gadsden property, The Bautista, is still expected to open in 2023. That is a $72 million development with 253 residential units and 16,500 square feet of retail and restaurants. “We had to just plow along and take our lumps,” said Adam Weinstein, president and CEO of The Gadsden Company, of his decision to continue his two projects during the pandemic. “We always knew that we’d be able to get through it. I think www.BizTucson.com
