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.
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