By Roland Murphy for Arizona Builder’s Exchange
A new RFP hit the street last Friday from the Rio Nuevo Multipurpose Facilities District seeking a developer to create a new mixed-use project on 0.6 acres at Broadway Boulevard between Scott and 6th avenues in Tucson.
The district is looking for a minimum of an eight-story development with at least 150KSF of Class A retail and office space with retail/restaurant operations fronting on Broadway. Required parking will be at least 500 spaces. Thirty spaces will have to be available for the district to use at any time for any purpose. Vehicle entry points will be from Scott and 6th.
Street-level amenities to be considered include walkability and connection to transit stops and pedestrian/bike paths. The design and aesthetics must also fit with surrounding developments.
The district wants construction to start within 12 months of the award and take fewer than 18 months to complete.
Submissions will have to include a summary, detailed physical descriptions, cost projections, job estimates (both construction and permanent) and estimated sales tax revenues, as well as a site plan and elevations. A comprehensive development schedule is also required.
Proposing firms have the option to purchase or lease all or a portion of the site. Pima County currently holds title to the land, but the district has the option of a ground lease for the property. The ground lease would include an option to purchase. If the developer intends to buy the entire site, $2.335M is the minimum price the district will consider. The minimum price for a partial purchase would be $81.13/SF.
While a Government Property Lease Excise Tax is one optional incentive developers may consider as part of their proposals, GPLET approvals are granted or denied by the city, rather than the district.
The full RFP is available here. All submissions are due by 4 p.m., Oct. 20.
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