1.04 Acres Student Housing Development Opportunity 85719 Property Highlights Prime student housing site Adjacent to University of Arizona & near Banner University Medical Center Near Main Gate Square retail, restaurant & entertainment district Near the downtown business district & 4th Avenue retail and restaurants Near Pima Community College Downtown & West Campuses Bus and Light rail service nearby Assemblage of 4 owners and 7 parcels 45,289 SF combined site area Included in the Main Gate District zoning overlay : $4,750,000 ($175/SF) ALL INFORMATION FURNISHED REGARDING PROPERTY FOR SALE, RENTAL OR FINANCING IS FROM SOURCES DEEMED RELIABLE, BUT NO WARRANTY OR REPRESENTATION IS MADE TO THE ACCURACY THEREOF AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS PRIOR TO SALE, LEASE OR FINANCING OR WITHDRAWAL WITHOUT NOTICE. NO LIABILITY OF ANY KIND IS TO BE IMPOSED ON THE BROKER HEREIN.
Site Map SPEEDWAY BLVD (49,400 V.P.D.) EUCLID AVE (25,413 V.P.D.) SUBJECT 45,289sf Zoning: HR-1 & HR-2 (COT) Main Gate District Overlay Land Use Designation: Student Housing & Commercial (1 to 6 Stories) TYNDALL AVE R
Assessor s Map
Site & Neighborhood Summary The property being offered for sale is an assemblage of 7 tax parcels under the control of 4 unrelated ownership entities. The property is located one block west of the University of Arizona at the southeast corner of Speedway Boulevard and Euclid Avenue and contains 45,289 square feet or 1.04 Acres. The 7 tax parcels that combine to make up this offering and the related ownerships are listed on the next page. The parcels that make up the property are zoned HR-1 and HR-2 under the City of Tucson Unified Development Code. As such the only allowable land use is primarily low to medium density residential development with a maximum building height of 25 feet. The properties are also in an historic preservation zone or HPZ. Six of the parcels that make up the property are developed as such with 6 older single family units and 2 more recently built legally non-conforming multiple tenant units. The condition of these various improvements range from habitable to non-habitable and from good to very poor. More importantly than the existing zoning is that all of the properties are included in the Main Gate District zoning overlay, or MGD, which allows for land uses, building heights and densities that notably exceed applicable zonings. The adoption of the 60 square block MGD was motivated by the community s desire to promote transit-oriented infill development within in the district to complement the demand for such development near the University of Arizona and along the route of the newly completed sunlink modern street car project. sunlink is a light rail system that was first put in service in 2014 and now links downtown Tucson with the University of Arizona and Banner - University Medical Center. In the context of the MGD overlay, the property is considered suitable for a wide variety of commercial land uses as well as high density student housing. Building heights presently allowable under the MGD are a combination of 3 stories, not to exceed 40 feet, and 4 stories, not to exceed 56 feet. The MGD does anticipate amendment and it is believed that an amendment or a re-zoning of the property should be considered in order to be allowed more stories and greater building heights. A limiting factor in successfully amending the MGD or re-zoning the property is that some of the existing single family structures are considered contributing properties under the HPZ and therefore a series of staff and political approvals will need to be obtained in order for their demolition to be allowed. Land uses in the immediate area of the property and east of Euclid Avenue are primarily a mix of commercial and high density student housing. The commercial land uses are found adjacent east of the property and continuing along Speedway Boulevard, along Park Avenue and one block south of the property along both sides of University Boulevard. The commercial land uses along University Boulevard are mostly part of a popular mixed use development known as Main Gate Square. Main Gate Square is located just west of the main entrance into the University of Arizona and presents a variety of national and regional retail and restaurant themes along with the Tucson Marriott University Park hotel. Adjacent to the east of the Marriott, a 12-story, 213-key Homewood Suites Hotel is scheduled to break ground in January 2017.
Ownership & Parcel Summary Owner: LFBR, LP P# APN Address Site (SF) Imp (SF) 1 115-04-507A 804 E Speedway Blvd 1,245 0 4 115-04-503A 818 E Speedway Blvd 7,768 1,606 5 115-04-506A 1052 N Euclid Ave 5,253 884 TOTALS 14,266 2,490 Owner: LMLN Properties, LLC P# APN Address Site (SF) Imp (SF) 2 115-04-505A 812 E Speedway Blvd 5,017 936 3 115-04-504A 814 E Speedway Blvd 7,719 1,175 TOTALS 12,736 2,111 Owner: SAAR Investments, LLC P# APN Address Site (SF) Imp (SF) 10 115-04-508A 1040, 1042, 1044, 1046, 1048 & 1050 N Euclid 12,618 3,660 TOTALS 12,618 3,660 Owner: RoBro, LLC P# APN Address Site (SF) Imp (SF) 11 115-04-508B 1036 N Euclid Ave 5,669 1,200 TOTALS 5,669 1,200
Neighborhood Map SPEEDWAY BLVD 5 SUBJECT 4 2 1 3 PARK AVE EUCLID AVE 6 2ND ST UNIVERSITY OF ARIZONA Map Legend P# Project Name Yr Blt Beds 1 Sol 2014 389 2 Luna 2013 601 3 Hub at Tucson 2014 591 4 Hub on Campus 2016 311 5 Hub III 2018 224 6 Aspire 2018 503 Tucson Modern Street Car Route UNIVERSITY BLVD MAIN GATE SQUARE
Main Gate Square Map
University of Arizona Student Enrollment Summary Tucson has been the proud home of the University of Arizona since it was established by land grant in 1885. The main campus is centrally located and now occupies over 240 acres including the Banner - University Medical Center. The university offers 138 bachelor programs, 137 master programs and 98 doctoral/ specialist programs. With close to $600M in annual research investment the university ranks 19th among public institutions and is highly regarded in the fields of medicine, optical science, computer science, business and engineering. For the 2017-2018 fall semester the University of Arizona reported 44,831 full and part time students and a total of 15,530 full and part time employees. To the right is a summary of past and projected University of Arizona enrollment. University Enrollment - 2000 to 2020 (Actual & Projected) Year Total Enrollment Change 2000 34,488 162 2001 35,747 1,259 2002 36,847 1,100 2003 37,083 236 2004 36,932-151 2005 37,036 104 2006 36,805-231 2007 37,217 412 2008 38,057 840 2009 38,767 710 2010 39,086 319 2011 39,236 150 2012 40,223 987 2013 40,621 398 2014 42,236 1,615 2015 43,088 852 2016 44,112 1,024 2017 44,831 719 2018 47,492 2,661 2019 49,182 1,690 2020 50,872 1,690
University of Arizona Student Housing Summary With respect to student housing, the University of Arizona owns and maintains 24 housing facilities with a capacity of 6,615 beds, or enough beds for approximately 15.0% of all enrolled students. In addition to campus housing, there are 22 purpose built student housing complexes that contain a total of 3,306 units and 9,838 beds. Over 4,000 beds in the private sector inventory have been developed since 2012 with all of them opening at or better than 95.0% occupancy. Combined, campus and private sector student housing provide 16,453 beds which can accommodate approximately 37.3% of enrolled student population. The most notable of the private sector projects are the 7 most recent additions to inventory. As previously mentioned these projects were brought on line between 2012 and earlier this year and represent a total of 1,282 units with 4,213 beds. All 7 projects have been very well received and opened at or above 95.0% occupancy and have since maintained occupancies within the same range. The 4 of these projects that are in the same block as the property being offered, and as such, most convenient to the University of Arizona are known as Sol (165 units/389 beds), Luna (176 units/588 beds), Hub on Campus (163 units/574 beds) and Urbane (104 units/311 beds). The 7 newest student housing projects in the market are charted on the right. Newest Student Housing Projects Project Name Yr. Blt. Beds Units % Occ 1 Sol 2014 389 165 91.0% 2 Luna 2013 588 176 99.0% 3 Hub @ Tucson 2014 591 170 100.0% 4 Urbane 2016 311 104 100.0% 5 The District on 5th 2012 764 208 99.0% 6 The Junction 2014 232 76 96.0% 7 The Cadence 2013 452 194 99.0% 8 Retreat @ Tucson 2013 765 183 90.0% 1 2 3 4 5 6 7 8
Student Housing Competition Map.C.C. EST EL RIO GOLF COURSE SPEEDWAY BLVD 5 P.C.C. DOWNTOWN STONE AVE UNIVERSITY OF ARIZONA CAMPBELL AVE 4 3 SUBJECT 2 1 DOWNTOWN BUSINESS DISTRICT BROADWAY BLVD COUNTRY CLUB RD EL CON MALL ALVERNON WAY REID PARK 6 22ND ST 7 7 8
Student Housing Competition Map Private & University Inventory of Dedicated Student Housing 3/4 Mile Market Radius Study Map Legend P.C.C. DOWNTOWN 9 10 11 Off Map STONE AVENUE (21K V.P.D.) 8 4TH AVENUE (4K V.P.D.) SUBJECT PROPERTY UNIVERSITY BOULEVARD (3K V.P.D.) 7 EUCLID AVENUE (29K V.P.D.) 35 19 13 5 4 3 2 6 23 14 1 SPEEDWAY BOULEVARD (49K V.P.D.) 25 20 16 17 26 34 UNIVERSITY OF ARIZONA 33 6TH STREET (21K V.P.D.) 30 29 32 28 21 22 18 12 24 27 15 31 CAMPBELL AVENUE (45K V.P.D.) P# Project Name Beds 1 Sol 389 2 Luna 601 3 Hub at Tucson 591 4 Hub on Campus 311 5 Hub III 224 6 Aspire 503 7 The District on 5th 764 8 7th Avenue Commons 125 9 The Junction 232 10 The Cadence 456 11 Retreat at Tucson 869 12 Apache-Santa Cruz 349 13 Arbol de la Vida 724 14 Arizona-Sonora 400 15 Babcock 185 16 Cochise 181 17 Coconino 146 18 Colonia de la Paz 482 19 Coronado 776 20 Gila 176 21 Graham-Greenlee 324 22 Hopi 117 23 Kaibab-Huachuca 342 24 Likins 369 25 Manzanita-Mohave 368 26 Maricopa 106 27 Navajo-Pinal 152 28 Pima 127 29 Posada San Pedro 238 30 Pueblo de la Cienega 238 31 Rawls-Eller Lodge 66 32 Villa del Puente 300 33 Yavapai 208 34 Yuma 176 35 La Aldea 300 Total 11,915 Private Sector Inventory University Inventory
Summary Tucson is the second largest metropolitan area in Arizona with a total 2017 population in the MSA of over 1,000,000. Because of the natural beauty, climate, casual lifestyle and affordability, the city and surrounding communities are popular destinations for tourists and people looking to re-locate permanently. Going forward it is projected that the MSA will grow by 3.0% per year up to 2020. Tucson has a skilled and diverse work force. As of the fourth quarter of 2017 Tucson s unemployment rate was reported to be 4.2% which is below the United States 4.8% average in January 2017. Major employment sectors in Tucson are government, medical and high technology. The largest employers in the community are charted to the right. Another important component of the local economy is tourism which has an economic impact close to $3.4 billion and over 40,000 jobs. The hospitable climate, a number of world class resorts combined with a wide variety of area attractions make tourism an economic component that will continue to grow into the future. Major attractions in the area include Saguaro National Park, Arizona-Sonora Desert Museum, Pima Air & Space Museum, Coronado National Forest, Karchner Caverns State Park, Old Tucson Studios, Kitt Peak National Observatory and the Arizona Historical Society Museums. Transportation to and from Tucson is afforded by 3 major interstate freeway, Tucson International Airport and the Union Pacific Railroad. Tucson International Airport is an international port of entry and offers non-stop service to Phoenix, Los Angeles, San Diego, Las Vegas, San Francisco, Portland, Seattle/Tacoma, Salt Lake City, Denver, Minneapolis, Chicago, Atlanta, Houston, Dallas/Ft. Worth and New York. Tucson MSA Major Employers (2017) Employer Employment University of Arizona 10,846 Raytheon Missile Systems 10,300 Davis-Monthan Air Force Base 9,100 State of Arizona 8,807 Wal-Mart Stores 7,450 Tucson Unified School District 7,688 U.S. Border Patrol 6,500 University of AZ Health Network 6,099 Pima County 6,076 Freeport-McMoRan Copper & Gold 5,463 U.S. Army Intelligence Center & Fort Huachuca 5,096 City of Tucson 4,585 Tohono O odham Nation 4,350 Carondelet Health Network 3,668 TMC Healthcare 2,977 Fry s Food Stores of Arizona 2,700 Pima Community College 2,384