Rio Nuevo, established in 1999, is a Tax Increment Finance District with a vision to transform downtown into a vibrant destination for residents and tourists to live, work, play – and stay – in Tucson. Modeled after large, successful urban areas in cities like Austin, San Diego, and Portland, Rio Nuevo aims to create a downtown environment where people can safely experience Tucson’s rich culture of art, food, and music. The district spans from the west side of I-10 at Congress Street through downtown Tucson, extending to Broadway Blvd and Park Place Mall. Funding for Rio Nuevo comes from a portion of state sales tax revenues generated from within the district. Rio Nuevo has had $2 billion of economic impact in the last five years, and for every dollar that Rio Nuevo supports, it yields $10 of privately funded investments into Tucson’s future.
This map is for illustrative purposes only. For more information, please refer to the Rio Nuevo website
Today, Rio Nuevo plays a crucial role in Tucson’s economic growth by investing in projects that attract new businesses and visitors to the downtown area. The district offers incentives to companies, reducing costs for developments and improvements that promise long-term benefits for Tucson. This support extends to small businesses, startups, artists, and more, creating a diverse area that has helped put Tucson in the national spotlight.
Rio Nuevo’s impact is evident in several key projects. The district facilitated the land and site preparation for Caterpillar’s Tucson location, resulting in over 600 jobs and a $600 million economic impact. Partnerships with local eateries like The Hub and The Playground which enhanced the dining scene, contributing to an area that now boasts 85+ restaurants, with even more planned. Additionally, Rio Nuevo collaborated with Gadsden Company to create 15,000 square feet of new retail, restaurant, and community space at Mercado San Agustin, located west of downtown on Congress Street.
Historically, downtown Tucson was home to iconic landmarks such as the Rialto Theatre, Hotel Congress, Fox Theatre, and the Tucson Convention Center. Despite these attractions, the area lacked the vibrant, eclectic atmosphere it enjoys today. The late 1990s marked the beginning of downtown’s revitalization, catalyzed by the establishment of Rio Nuevo. Now, Historic 4th Avenue features local artisans, boutiques, and a curated selection of clothing, jewelry, and artwork. Tucson’s renowned culinary scene is represented by UNESCO’s City of Gastronomy certified restaurants like BOCA Tacos y Tequila (created by Chef Maria Mazon, a finalist on Bravo’s Top Chef), El Charro Café, 5 Points Market & Restaurant, and more.
Downtown Tucson hosts several iconic events that draw people from around the globe, including the 4th Avenue Street Fair, which attracts over 600,000 visitors annually, and the Gem & Mineral Show, the world’s largest show of its kind, drawing 65,000 tourists each year. The area also offers a lively nightlife with unique underground bars and craft breweries, popular among students and locals. Downtown Tucson is now a vital hub offering exciting nightlife, world-renowned cuisine, annual events, and captivating theater shows that draw people from around the world.
Cushman & Wakefield | PICOR has several downtown Tucson office and retail properties available within the Rio Nuevo District. For more information, please see the complete list below and contact the agent to learn more about the incentives Rio Nuevo offers.
Office:
56 W Congress St (Downtown Office & Flex Space) | Agent: Jason Abraham Shaltiel
4874 E. Broadway Boulevard | Agent: Ryan McGregor
5151 E Broadway Blvd (Tucson’s Landmark Class A Tower) | Agents: Molly Gilbert & Tom Nieman
- 5151 E Broadway Blvd Suite 1400 (14th Floor Views) | Agents: Rick Kleiner & Alexis Corona
Retail:
29 W Congress St (2nd Generation Restaurant) | Agent: Aaron LaPrise
130 E Congress St (The Chicago Store – Iconic Historical Building) | Agent: Natalie Furrier
The Marketplace on Broadway | Agents: Rob Tomlinson & Greg Furrier
Broadway Midtown Plaza (Office/Retail) | Agents: Ryan McGregor & Molly Gilbert
San Clemente Shopping Center | Agents: Greg Furrier & Natalie Furrier
Swanway Plaza | Agent: Greg Furrier
Broadway Center | Agents: Greg Furrier & Natalie Furrier
Industrial:
701 & 707 W Congress St (High Profile Redevelopment Site) | Agents: Andrew Keim & Kameron Norwood
*This list was created on May 21, 2024, and is up to date as of that date. The district boundaries described in this post are irregular and may not represent a comprehensive list of all available properties. For a complete and up-to-date inventory of our listings, please visit our website.
Sources:
“Rio Nuevo Downtown Redevelopment and Revitalization District, Tucson, AZ.” Rio Nuevo Downtown Redevelopment and Revitalization District, Tucson, AZ, rionuevo.org/.
“Tucson City of Gastronomy.” Tucson City of Gastronomy, tucson.cityofgastronomy.org/. Accessed 20 May 2024.
