Empty big-box and other former retail parking lots could see a boom in multifamily development around Tucson, according to market reports and local officials.
Currently, the owners of a vacant Sears at 5950 E. Broadway are considering placing a multifamily project on the Park Place parking lot, which has more than 1,000 spaces. Part of the Park Place Sears was remodeled and renovated into a multitenant and shell space in 2019.
New owners Park Place Partnership LLC bought the building last year and are planning a self-storage development in the basement, according to representatives from CBRE Tucson. The ground level space is planned for retail, restaurant and entertainment.
CBRE also said the owner is interested in following a trend in other large cities to put supporting multifamily on vacant space at the property to generate density in infill areas.
Tucson Mayor Regina Romero has expressed her support for the idea of multifamily at Park Place and with other vacant retail locations around Tucson to generate what she called “corridors of density,” particularly along transit routes.
Two mixed-use developments—The Bridges and The Landing—currently have multifamily components as part of their development makeup.
Romero acknowledged, however, that neighborhood opposition to greater density, particularly if there is an affordable housing component, is a common concern that could hamper development.
The Tucson area currently has 30 vacant retail spaces larger than 10KSF for a total of 144MSF. (Source)