Source: Rio Nuevo
Adam Weinstein, president and CEO of The Gadsden Company, asked the Rio Nuevo Board to help finance The Bautista, a $72M, mixed-use project on the West Side.
When completed, the Bautista will sit along what will soon be a year-round flowing section of the Santa Cruz River. This mid-rise project, near West Cushing Street and South Linda Avenue, includes 16.5KSF of retail space, 253 residential units and a restaurant.
The two main buildings are designed around a central linear plaza lined with shops and restaurants that connect the buildings and surrounding streets to the riverfront. Water features will pay homage to the historical irrigation canals associated with the region’s 18th century farms.
This project will, in large part, be financed by federal Opportunity Zone funds. These “O-Zone” funds are designated by the federal government as tax-incentive developments. In addition to the expected $20M investment from Gadsden, the developers have asked Rio Nuevo for $2.8M of gap funding in order to launch the project by the end of this calendar year. The Board tabled the project vote and ordered an independent economic study to help identify the returns on the investment of more than $3M in tax revenue, which is routine when considering such a large investment.