TUCSON, ARIZONA — Core Tucson JIB, LLC an affiliate of Core Spaces, an Austin-based developer, has assembled six parcels for approximately $13 million ($297 PSF) adjacent to UA for new luxury student housing. The new development planned for the site is a mixed-use student housing complex, called HUB IV, located at the southwest corner of Speedway Boulevard and Park Avenue and that stretches from Park Ave to Tyndall.
The first acquisition occurred in March 2019 and included the Jack-in-the-Box and parking lot at 934 E Speedway Blvd. for 26,559-square-feet of land that sold for $8 million by I Chief, LLC of Mesa, the seller. The second piece at 902-916 E Speedway closed recently for an additional 15,905-square-feet for approximately $5 million from Speedway Park Place, LLC of Tucson (David Lee, manager). The two properties were separated by a 25 foot alley but it was also acquired from the City and incorporated into the site as part of the assemblage.
Located within the Main Gate District Overlay, HUB IV will be a four- and six-story, mixed-use development with approximately 230,000-square-feet, consisting of 152 units and 485 beds, and approximately 5,000-square-feet of retail on the ground floor, and a 5,000-square-foot public terrace.
HUB IV adjoins the University of Arizona campus and will feature both below-grade and ground level parking composed of about 90 spaces, as well as an upper mezzanine level consisting of a pool and rooftop terrace. The building’s location helps mitigate noise by strategically being placed near large University buildings and parking garages that act as buffers.
With an anticipated groundbreaking this year and a 2021 delivery, this will be Core Spaces fourth project in the University of Ariozona Main Gate District. Its Hub on Campus project, at Speedway and Tyndall Avenue which was another land assemblage, is ready to open this month.
Debbie Heslop, CCIM, of Volk Company in Tucson represented Core Spaces and David Lee of David Lee Real Estate Company represented the sellers in the latter transaction.
For more information, Lee can be reached at 520.954.8008 and Heslop is at 520.495.2235.
To learn more, see RED Comp #4589, #4590 and #7030.