The Rio Nuevo Board has adjusted deadlines with The Gadsden Company to further the company’s outstanding progress on the Mercado area projects.
Gadsden’s newest project on the west side Mercado area is the new Monier Luxury Apartment complex, which will begin renting in mid-June to July. The Monier will have ground floor retail, which is already 100% leased.
Gadsden President and CEO Adam Weinstein said the demand for retail space was very strong. The next project, the Bautista Luxury Apartments, will not only have ground floor retail but also include a designated walk along the Santa Cruz River.
In order to accommodate COVID-19-related work stoppages and slowdowns that occurred on construction projects, the company requested extensions on funding and construction deadlines, which were unanimously approved.
In other Rio Nuevo board news:
The board voted to provide $100,000 to Reilly Craft Pizza and Drink to assist in construction of a new rooftop bar and deck that will sit atop its beer garden building just north of the main restaurant. This addition will provide a major expansion for outdoor dining and events. “Reilly’s will begin to re-open next month, but we will open slowly to assure the highest standards for our customers” said owner Zach Fenton.
Rio Nuevo also received a selection of proposals for Parklet Grants. After thorough discussion, eight restaurants met all of Rio Nuevo’s requirements and will be awarded the grants for a total of $80,000 more invested into the local restaurant market. The selected restaurants will need to go through City of Tucson requirements to complete the process.