Tucson IDA Invests in Assembling Downtown Properties
The nonprofit Tucson Industrial Development Authority recently purchased two properties in downtown Tucson, Block 174, as part of an assemblage of three properties to deliver on its mission to assist in the rehabilitation, expansion and development of business and industry.
For a number of years, Tucson IDA has owned the approximately 20,350 sq. ft-surface parking lot at the northwest corner of Stone and Council.
The Rio Nuevo Multipurpose District decided to sell its approximately 15,100 sq. ft-surface parking lot nearby at the northeast corner of Church Avenue and Council Street. The Tucson IDA was the logical buyer.
The Tucson IDA decided to expand the footprint of the property assembled by purchasing a second parcel of approximately 6,750 square feet at 257 N. Stone Avenue, which is currently an office building.
The more than 42,000 square feet of combined properties, outlined in red on the attached aerial, is zoned Office/Commercial/Residential and includes the potential air rights above Ash Alley, the street running between the two surface parking lots.
According to the Tucson IDA President Judy Clinco, “The Tucson Industrial Development Authority is working on a strategic vision for all of the Tucson IDA-owned downtown properties. We’re focusing on creating high-impact community-based projects that promise to generate resources and foster equity.”
