Source: Rio Nuevo
The Rio Nuevo Board unanimously approved an investment in one of the biggest projects in the history of the District.
The Bautista, a $72.5M, mixed-use development near West Cushing Street and South Linda Avenue, will include 16.5KSF of retail space, 253 residential units and a restaurant.
The central plaza of the development will allow visitors to walk to the Santa Cruz River, which now flows year-round. Other water features will harken back to canals associated with 18th-century farms that were in the area.
After a request from Adam Weinstein, president and CEO of The Gadsden Company, the board agreed to provide a $2.8M investment as part of a Government Property Lease Excise Tax (GPLET). The deal includes $1.8M in cash from Rio Nuevo and $1M in sales tax rebates. This financing allows Gadsden to meet a December 31st deadline to qualify for Opportunity Zone funds used for tax-incentive developments.
“Work on the Bautista is scheduled to begin in the second quarter of 2020 and construction is anticipated to take 22 months,” said Weinstein.