The Rio Nuevo District announced Nor-Generations, LLC the prevailing bidder, has closed its purchase of and will develop the 8.5 acres along Congress and I-10, know as the Arena Lot; so named due to the ill-fated plans of the former Rio Nuevo organization to build an arena there.
The District sold the property for $5.6 million ($15.12 PSF) which will be re-purposed for other downtown development. As a conditions of the dale the purchaser agree to objectively verifiable development benchmarks with liquidated damages for failure to meet those benchmarks. Plans for the site include permanent gem show space, a new flagship hotel, parking, and other mixed uses, all funded with private sector dollars.
