December 18, 2024 11:45 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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