Rio Nuevo Approves Up to $4.5 Million for New Grocery on The Sunshine Mile
The Rio Nuevo Board unanimously approved an investment of up to $4.5 million to attract an internationally known boutique grocery to the corner of Broadway and Plumer.
Local developer Marcel Dabdoub presented the plans to acquire the entire block at the southwest corner and build a 10,000 square-foot, high-end grocery store and retail outlet. Revenue forecasts for the new store approach $30 million annually and the construction cost is projected at over $8 million. The investment would come in the form of a $1.5 million cash investment when the store opens and a sales tax rebate capped at $3 million, spread out over the next 10 years.
The store’s development team is expected to decide soon and is looking at other sites around the western U.S. “It is our hope that the Rio Nuevo incentives make the difference for us,” said Rio Nuevo Chairman Fletcher McCusker. In addition to this new grocery, Rio Nuevo is activating more than 50 properties vacated and abandoned due to the Broadway widening – combined these projects represent $50 million in new realized revenue that will fuel Tucson’s economy and quality of life.
