Tucson On A Development Boom
Scores of Major Projects Being Planned and Constructed
(By Ben Riehle, CEO/Founder of the Apex Real Estate Network)
Take a quick drive around Tucson and you’ll be struck by the amount of development going on. The days when local government discouraged metropolitan development are long gone, and revitalization of the downtown and surrounding areas has become a major priority through monetary incentives and the removal of regulatory red-tape. As a result, scores of major developments are being planned, constructed, and completed as we speak, including commercial/retail properties, multi-tenant housing, University expansions, hotels, and infrastructure development.
Tucson is attracting national companies as they seek to take advantage of reasonable property prices, tax incentives, and the unique regional capabilities of the city. Caterpillar, Inc. is in the process of relocating its entire Surface Mining and Technology Division to a new 150k square foot building on the west side of I-10. The project is expected to be finished by early spring 2019. By late 2019, GEICO anticipates completing a 200k square foot office building that will provide space for 700 employees. Amazon is another key entrant to our city and plans to build a new warehouse/distribution center.
Amazon, pictured above, is another key entrant to our city and plans to build a new warehouse/distribution center.
Caterpillar, Inc., pictured above, is relocating its entire Surface Mining and Technology Division to a new 150k square foot building.
Opportunity abounds for real estate investments
Feeding the demand for housing created by this influx of new Tucsonans, dozens of major mixed-use property developments (that include significant office/retail/restaurant space) are under construction. The RendezVous Urban Flats is developing a 130k square foot building with ground-floor retail and 100 housing units., while The Monier will be a four-story, 122 apartments project over 13k square feet of retail and office space. These examples barely scratch the surface.
The University of Arizona continues to expand on all fronts as it seeks to attract an additional 20,000 students over the next five to ten years. Even after recently completed projects ranging from improvements to Arizona Stadium to the brand-new UA Bioscience Research Laboratories, the pace of development is still accelerating with a massive Health Sciences Innovation Building ($165M), new sports facilities ($25M), student housing ($137M), and improvements to existing University buildings in “The Student Success District” ($71M).
The wide variety of new events in Tucson that ranges from international company meetings to University functions has also lead to new hospitality and infrastructure projects to support the added traffic. Hotels include the recently completed AC Marriott downtown, a new DoubleTree hotel at the Tucson Convention Center, renovation of the Hilton-branded Hotel Arizona, and the list goes on. Infrastructure projects range from a complete renovation of Broadway Boulevard to a new highway corridor that connects two of the region’s high-tech employment zones and allows better access to the Tucson International Airport. There is even a new interstate planned that will directly connect Las Vegas to the cities of Phoenix and Tucson.
While it would take a few hundred pages to fully catalog the exciting new developments in Tucson, I hope this summary gives you a small cross-section of the incredible growth we are experiencing here in our little corner of the southwest. Opportunity abounds for real estate investments, but it’s easy to overpay for the wrong project in the wrong area. Now more than ever it’s important to know where to look to find effective investment properties.
(Benjamin A. Riehle is the CEO/Founder of The Apex Real Estate Network. Source: Metro Tucson Development Projects.)
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