Tucson Mayor Jonathan Rothschild and the Tucson City Council chose Peach Properties last month for a development project on city-owned land.
The 4.7 acres of city land is currently the site of the new Ronstadt Transit Center. The City of Tucson, in agreement with Peach Properties, is planning to turn the land on the corner of Sixth Avenue and Congress Street into a hotel.
Peach Properties recently adopted a development plan that intends to build 256 residential units, a 144 room hotel conference center and a proposed space for commercial and retail sites.
The project proposal indicates that the new transit center and hotel will create approximately 433 direct jobs, 537 indirect and induced jobs and 126 permanent jobs.
Total construction cost of the development project is expected to be $117,252,526.
This includes the construction of the hotel, a north and south building for commercial and residential use, a parking structure, an upgraded transit center and a pedestrian bridge. The total project cost is estimated to be $176,518,572.
According to Peach Properties, several UA departments have shown interest in the downtown location. The most recent proposal is for a UA Arts and Sciences Center building, which is planned to house research and museum facilities for the university.
Zachary Burres, an aerospace engineering junior, explained his view on the project and the construction in Tucson.
“I’ve never heard of the Ronstadt Transit Center, but I would [be] happy to see new development in the downtown area,” Burres said. “Since construction always moves so slowly, I doubt I’ll be able to benefit from it.”
The Peach Properties proposal estimates that the development project plans to open in late 2019.
Follow Nicholas Johnson on Twitter.