Caliber to Develop Tucson Convention Center Hotel
- Jan 19, 2018
Caliber Hospitality has entered into an agreement with Rio Nuevo to develop a 125-key hotel adjacent to the Tucson Convention Center, in Tucson, Ariz. Caliber Development will be the designer and builder of the project, with an estimated investment price of $20 million.
Tucson Convention Center is a 205,000-square-foot multi-purpose property built in 1971. It features a 29,520-square-foot arena with 7,440 seats, a music hall, a theater, ballroom and meeting rooms. Located at 260 S. Church Ave., the center will boast the yet-to-be-branded hotel, which will be constructed on the eastern parking lot.
Rio Nuevo was created in 1999 as a municipal stadium district and a special taxing district in order to facilitate strategic investments into the city of Tucson. The aim is to invest TIF funds in both private and public projects, such as the upcoming hotel, for the benefit of the citizens of Tucson. “We just recently obtained zoning approval (for the hotel) and will continue to do everything we can to help make this a successful project,” said Fletcher McCusker of Rio Nuevo, in a prepared statement.
Caliber Diversified Opportunity Fund II owns the parking lot where the hospitality asset will be built. The area features multiple public transit lines within walking distance of the convention center, several museums and art galleries, while also offering quick access to Interstate 10.
“We are excited to work with the City of Tucson and Rio Nuevo to develop the first, and only, hotel connected to the Tucson Convention Center where hotel guests and convention center patrons will have easy access between the two facilities,” said Roy Bade, executive vice president of Caliber, in a prepared statement.
Image courtesy of Caliber Cos.