La Placita $42M Redevelopment Gets the Nod from City of Tucson

________MAIN 2tucson3

 

 

“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “  

 

By Karen Schutte –  March 8, 2017

La Placita Plans will double the number of market rate rental units in downtown since 2013

TUCSON, Arizona — The Mayor and Tucson City Council Tuesday heard results of Phoenix-based, Applied Economics, the independent financial and economic analysis retained by the City of Tucson to perform an economic impact analysis of the proposed La Placita Village demolition and redevelopment.

113

The Council directed staff on Tuesday to draft a GPLET (Government Property Lease Excise Tax) lease agreement with HSL La Placita Apartments LLC. The lease agreement will then be scheduled for adoption by Mayor and Council at a future date. The analysis shows the benefit to the City of Tucson, Pima County, the State of Arizona, and local schools would outweigh the benefit to the developer during the GPLET’s eight-year property tax abatement. State law requires that a municipality can only enter into a lease agreement for a GPLET if the total benefit to governments and schools is larger than the benefit to the developer.

La Placita would also be eligible for a construction sales tax reimbursement and a permit fee waiver through the Downtown Financial Incentive District according to the Applied Economics report.

The proposed mixed-use development would include 246 market rate apartments ranging from studios to four bedroom units in 336,305-sqaure-feet, 6,393-square-feet of restaurant space, a 2,657-square-foot stable and 104,470-square-feet of underground parking.  It is anticipated that the renovated Flin Building would be occupied by a coffee shop and the Samaniego House would be occupied by a sit-down restaurant. Taxable sales from the restaurants are estimated at $3.1 million per year including taxes on the leases.  There would also be taxable parking rentals at $306,000 per year.  All total, the project could support an estimated 50 new jobs and 350 residents.

The estimated construction cost for this project would be $42.2 million, including $30.4 million in hard costs, $8.1 million in soft costs, and $3.7 million in other fees.  About 240 direct jobs and close to 200 additional indirect jobs could be supported in the City of Tucson during the construction period.  The total construction impact is estimated at $66.0 million over approximately 28 months.

The construction of this transit-oriented mixed use project in Downtown Tucson would provide significant economic benefits within the neighborhood surrounding the Tucson Convention Center.  The proposed residential units and restaurants will complement the other planned development in the area, and will help to create demand for additional retail in the western portion of downtown.

Once completed, the project could generate an annual economic impact of $3.5 million, or a total of $25.4 million over the next eight years, assuming a partial year of operation in 2018.

The proposed La Placita mixed-use project creates both economic and revenue benefits for the City of Tucson.  The development would generate new jobs and payroll in the downtown area, and it would create additional demand at other local businesses based on supplier purchases and employee spending.  It would also generate tax revenues for the city on an on-going basis.

To see the full report Click Here.

 

SEE IT ALL:

https://realestatedaily-news.com/la-placita-42m-redevelopment-gets-nod-city-tucson/

 

  • QUESTIONS HELP PH
  • FROM ME:
  • Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land  Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group.  I also sold  hundreds millions of dollars’ worth of  Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with  brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also internationalClick here to find out what is a   CCIM:   https://en.wikipedia.org/wiki/CCIM 

http://walter-unger.com/phoenix-projected-as-number-one-us-housing-market-for-2017/

4.

Why Phoenix?  This is a very interesting article, you should read it, amazing, there were only 350 K people living in Phoenix in 1950

http://walter-unger.com/why-phoenix-2/

 

Reasons to Consider me for Commercial Referrals – I have the Knowledge and Experience                                                                                                                         

http://walter-unger.com/i-have-the-knowledge-and-experience-to-provide-the-best-service-to-your-clients/

    #

Click here to View My Listings and Profile

http://www.loopnet.com/profile/14101172900/Walter-Unger-CCIM/Listings/

#

Click here to find out what is a CCIM:

https://en.wikipedia.org/wiki/CCIM

#

Click here to view my website:

http://walter-unger.com/

#

Click her to join my mailing list :      

http://visitor.r20.constantcontact.com/manage/optin?v=001l2E62PqC4Z3sggwR_1M9aUmjrzvHWmSVEfy9MrVW6ULRJR3XWD1R_98ZLV5AVRdcHcxwR32LZvKqcYEkVDBKEwAuD87hIYmDX8GpVxXVwjc%3D

Walter Unger CCIM –  walterunger@ccim.net   – 1-520-975-5207  –  http://walter-unger.com

2016 Official Arizona Visitors Guide

Visit Arizona

Why Phoenix?  This is a very interesting article, you should read it, amazing, there were only 350 K people living in Phoenix in 1950

http://walter-unger.com/why-phoenix-2/

 

1

Timeline of Phoenix, Arizona history

 

http://en.wikipedia.org/wiki/Timeline_of_Phoenix,_Arizona_history

2

Phoenix, Arizona

 

http://en.wikipedia.org/wiki/Phoenix,_Arizona

 

3

Facts of Arizona – year 1848 to 2013

http://walter-unger.com/?p=9507

Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.

  •  

walterunger@ccim.net

1-520-975-5207

  •  

Check out my professional profile and connect with me on LinkedIn.

http://lnkd.in/bezpJ8t

<script type=”text/javascript” src=”https://platform.linkedin.com/badges/js/profile.js” async defer></script>

 

Follow me on Facebook:

https://www.facebook.com/ungerccim

  •  

Follow me on Twitter:

https://twitter.com/Walterunger

Follow Me on Google+

https://plus.google.com/u/0/b/114560883588623379451/

 

  1. Interactive Map Of All 10+ Unit Apartment Listings in Metro Phoenix

http://www.easymapmaker.com/map/28cb3b8b3206c377a6f282d980dc7974

 

  1. Interactive  Metro Phoenix Map of New Apartment Construction by Completion Status

http://www.easymapmaker.com/map/955edc17e00b08ce270fb7afb1523cc2

 Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages.  The interactive map  shows the location of each community (10+ units) and each location is color coded by the size (number of total units). 

Click here for Map of Apartments for Sale (10+units)

  •  

 Walter Unger CCIM, CCSS, CCLS

I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years.  If you have any questions about Commercial / Investment Properties in Phoenix or Commercial /  Investment Properties in Arizona,  I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us. 

  •  

Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207

 

www.Walter-Unger.com

 

Walter Unger CCIM

Senior Associate Broker

Kasten Long Commercial Group

5110 N 40th Street, Suite 110

Phoenix , AZ 85018

Direct:    520-975-5207  

Fax:       602-865-7461

walterunger@ccim.net

www.Walter-Unger.com    

www.KLCommercialGroup.com

View My Listings and Profile

Are you ready to sell or purchase your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County and Pinal County, Arizona, please call me.

Join My Mailing List

What is a CCIM?

Reasons to Consider me for Commercial Referrals

Delivering the New Standard of Excellence in Commercial Real Estate 

  •  
  • Commercial Real Estate Scottsdale
  • Commercial Real Estate Phoenix
  • Commercial Real Estate Arizona
  • Commercial Investment Properties Phoenix
  • Commercial Investment Properties Scottsdale
  • Commercial Investment Properties Arizona
  • Land Specialist Arizona
  • Arizona Land Specialist
  • Land Specialist Phoenix
  • Phoenix Land Specialist
  • Land For Sale Phoenix
  • Land for sale Arizona
  • Commercial Properties For Sale Phoenix
  • Commercial Real Estate Sales Phoenix
  • Commercial Properties Phoenix
  • Commercial Properties Arizona
  • Commercial Land Specialist Phoenix
  • Commercial Land Phoenix
  • Multifamily land Phoenix
  • Retail Land Phoenix
  • Industrial Land Phoenix
  • Land Commercial Phoenix
  • Land Retail Phoenix
  • Land Industrial Phoenix
  • Land Multifamily Phoenix
  • Industrial Land for sale Phoenix
  • Land Industrial
  • P
  • Investment Real Estate

 

Disclaimer of Liability

The information in this blog-newsletter is for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.