By Karen Schutte | Real Estate Daily News
TUCSON, ARIZONA — In one of Rio Nuevo’s most active recent meetings, the Board – unanimous on every agenda item – approved projects ranging from a $180M hotel and residential complex to a new bar and restaurant on Congress Street and many more.
Developer Scott Stiteler presented his plans for the entire block at 340 N. Sixth Avenue and 7th Street. Phase One is an $8M investment by Stiteler’s team to fully renovate the Corbett Building. This renovation will include an “old school” burger joint, a beer garden, five pickleball courts, and 188 parking spots. Stiteler also has plans to renovate and improve what he is calling “Corbett Lane,” the street to the south of the building. The goal is to increase connectivity of all types, include better lighting, planters, and more.
The second and third phases contemplate a new 10-story hotel and 15-story apartment complex with an investment from Stiteler of over $180M. “There isn’t anyone with that kind of scale contributing to downtown right now,” said Chairman Fletcher McCusker. Rio Nuevo agreed to a GPLET lease, tax rebate of approximately $5M and a $500K cash contribution to launch the first phase.
