Source: Real Estate Daily News
To make room for the development of the Arena Lot, the Board voted to move forward with funding land acquisition and construction costs of up to $1.7M to build and lease back to Greyhound a new terminal (AZBEX, Aug. 22, 2014, Oct. 7).
Last month, the board took over the city’s lease to Greyhound in order to facilitate Nor-Generation’s purchase of the Arena Lot which will soon house a new flagship downtown hotel.
The Board also unanimously agreed to support the city’s ownership of a new drainage system that diverts water runoff from the Tucson Convention Center and parking lots into a culvert system that follows Granada Avenue to the Santa Cruz River drainage. This will allow the parcels to the west of the TCC to maximize on-site development and parking.
Before either of these actions can advance, the Board must notify both the governor and the legislature, obtain concurrence of the City of Tucson, and approve the necessary final agreements.
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