A private developer, Peakcampus has proposed to build a student housing project on the Northwest corner of Speedway and Euclid.
The development will be geared towards students at the University of Arizona.
The proposed site will have about 163 units, 500 beds and 200 parking spaces which will be located underground.
Developers with Peakcampus say, the student housing development is still in the planning stage.
On Tuesday night, concerned residents met with developers from Peakcampus, a student housing real estate company.
Tensions ran high as residents learned about the proposed plan.
Jeff Githens, President of Development with Peakcampus says, "we want to do right by our neighbors and I think we all stand the benefit of working together on a development."
One neighbor, Zachery Brooks says it was the first time he has heard of the plan. While he's glad developers met with the community, he believes they have already made up their mind.
"It certainly feels like they already decided what to do and they just have to check a box, talk to a few people in the community and then they can move forward and do what they want anyway," says Brooks.
Damion Clinco with the Tucson Historic Preservation Foundation says it's a concern when projects result in the demolition of historic resources.
"We're talking about the demolition of over a dozen historic homes," says Clinco. Adding, "they were moved by the city of Tucson when Speedway was widened at the tax payers expense so these buildings have already been saved once."
Steve Kozachik says, he rejects the plan and says it's a waste of a good opportunity for other businesses to step in and benefit the city.