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Rio Nuevo Board invests nearly three million dollars in development project

Posted at 7:32 AM, Nov 21, 2019
and last updated 2019-11-21 09:32:06-05

TUCSON, Ariz. — The Rio Nuevo Board voted unanimously Tuesday to invest 2.8 million dollars in the Bautista Project, a development that will include retail space, places to live and a restaurant.

One million dollars of that investment will be granted through sales tax rebates, while 1.8 million dollars in cash will be given directly to the Gadsen Company, who is developing the project, by Rio Nuevo.

The slated location of the development is on the west side of Tucson near West Cushing Street and South Linda Avenue.

Total costs for the project are expected to reach 72 million dollars.

Work on the Bautista is scheduled to begin sometime between April and June 2020.

Construction is anticipated to take 22 months, according to Adam Weinstein, the president and CEO of The Gadsden Company.