After splitting up with his partners in the now-gone Downtown Tucson Development Company, Campbell started working on Plaza Centro, which he sees as a $20 million to $25 million project.
The site, which is just under 2½ acres and is immediately east of the Rialto Theatre, is being designed as a mixed-use development incorporating 150 apartments targeted for student housing, 40,000 square feet of commercial space, including a restaurant, bars and a parking garage. It could also include a music venue.
 Plaza Centro will encompass lots on either side of Congress Street heading into downtown from the east. Joe Pangburn photo |
“The Greyhound site is used as a parking lot for the Hotel Congress, the Rialto Theatre and other businesses around there,” Campbell said. “So our agreement was I wouldn’t begin construction on that site until there was a garage up on the other.”
Campbell said he will work with city officials over about 18 months on the initial design of the garage, which he sees as $3 million project that will have somewhere between 250 and 400 parking spaces. The garage is the one component of the plan that would be paid for by the city. Once construction begins, Campbell says the garage should be finished in 15 to 18 months, although the plan gives it two years.
Once the garage is finished, Campbell would then begin construction of Plaza Centro. Under his proposed agreement, Oasis Tucson must have its construction permits and be ready to begin construction when the garage is finished, otherwise the city can reclaim the property.
“I have multiple clauses in our draft agreement that if I don’t perform my part of the deal, the city gets the property back,” Campbell said, though he says he doesn’t see this becoming an issue. “Since we are building frame on top of the garage, we can open it up and start construction at the same time.”
The apartments will be in three towers — one on top of the garage and the other two would be on the west side of the property, one next to Broadway and the other next to the Rialto Theatre.
Campbell had a first right on the property when the city was about to move forward on an originally-planned dual underpasses at Fourth Avenue. He brought in his design team and proposed a single underpass allowing for development on the property east of Congress Street.
Once the single underpass plan was accepted, Campbell’s first right became an option on the property. He says he has the option to purchase the property within six months of the completion of the underpass, which is now scheduled for mid-August.
With the intent to purchase the land, Campbell says he’s hoping Tuesday’s City Council session will produce positive feedback and that the council will vote to approve the agreement at its regular meeting on May 19.
“We’ll deliver on the private side if they deliver on the public side,” Campbell said.
Students living at Plaza Centro would be able to use the modern streetcar line that will tie downtown with the University of Arizona campus.
“The streetcar will stop right in front of the development so students could potentially take that straight to campus and wouldn’t have to drive,” Campbell said.
Those with cars will be able to rent spaces in the garage for around $100 per month, though Campbell says at least half of the spaces in the garage must be for the public so the spaces for apartment dwellers could become a premium. Still, though, he said he believes many will take advantage of the short bike or streetcar ride to get to campus, dining and shopping.
“I am very excited about this project,” Campbell said. “I think it is a viable way to bring young people downtown.”
Contact reporter Joe Pangburn at jpangburn@azbiz.com or (520) 295-4259.
Comments
A.H. wrote on May 8, 2009 12:50 PM: