April 26, 2024 5:26 am
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Rio Nuevo advances Julian Drew Lofts project

Tucson

Real Estate Daily News

The Rio Nuevo Board of Directors moved ahead with a $9 million mixed-use project at East Broadway and South Arizona Avenue.

The Board unanimously voted to advance the Julian Drew Lofts with a $1.75 million, 25-year loan to Ross Rulney, the project’s developer. If construction costs warrant it, the district could contribute another $100,000. The deal is contingent on an economic study of the project and other negotiations with the Board.

The five-story complex at 140 E. Broadway, in the historic Julian Drew block, will house 3,350- square-feet of retail on the ground floor and 44 loft rental units in the upper floors. The units will have 16-foot ceilings in order to accommodate lofts that will be built over each kitchen.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.