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East Meets West in Downtown Tucson

Photo credit: Real Estate Daily News

By Karen Schutte for Real Estate Daily News

Art Wadlund and Rob Caylor recently purchased a 22KSF parking lot at the southwest corner of Broadway and Stone Avenue in Tucson for $1.8M ($80/sf) from Swain Chapman and partners.

Plans for the lot are to develop a six-story, mixed use class A building, similar to One East, which was also developed by Wadlund and Caylor. On the northeast corner, the One East building has 29KSF of office space, street-level retail space, subterranean and above-ground structure parking and 24 residential apartments on approximately the same size lot.

Now fully leased, with a waiting list for the 24-apartment units, Wadlund says they are hoping to add 40-apartment units more, plus retail and parking, similar to One East, but without the office space at the new project.

The current property address is 62-74 West Broadway, but it is likely the city will permit the address change to Two West Broadway at this corner, where east meets west Downtown.

Read more at Real Estate Daily News

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