TUCSON – The Rio Nuevo Board unanimously approved an investment in one of the largest projects in the history of the district on Wednesday.
The Bautista Project will include a mixed-use development near W. Crushing Street and S. Linda Avenue.
The project will include 16,500-square-feet of retail space, 253 residential units and a restaurant, totaling up to $72.5 million in investments.
The central plaza of the development will allow visitors to walk to the Santa Cruz River, which now flows year-round.
Other water features will harken back to canals associated with 18th-century farms that are in the area.
After President and CEO of the Gadsden Company Adam Weinstein’s request, the board agreed to provide a $2.8 million investment as a part of a Government Property Lease Excise Tax (GPLET).
The deal includes $1.8 million in cash from Rio Nuevo and $1 million in sales tax rebate.
The finance allows Gadsden to meet the Dec. 31 deadline to qualify for opportunity zone funds for tax-incentive development.
EDITOR’S NOTE: News 4 Tucson Intern Justin Pierce wrote this story.