Utah Developer Eyes Conversion for Cadence Student Housing

Cruachan Capital, a Salt Lake City real estate developer who owns 6,000 apartments across the western United States, is proposing to invest $15 million as the first step in converting Tucson’s Cadence Student Housing into apartments for young professionals.

The company believes that student housing has run its course in Downtown Tucson and would like to convert them, according to Rio Nuevo, the city’s tax increment finance district.

This conversion would add 60 units for a total of 256 apartments and increase retail space along Congress Street and Broadway, and to the northeast at Congress Street and Fourth Avenue.

The Rio Nuevo Board, calling this a “game changer project” for downtown, has voted unanimously to initiate an economic analysis of the project and to authorize its attorney to begin working with the developer.