Hi Friends!

This is your Hard Money Lender in Tucson and the Southern Arizona area, Billy A. While we are all concentrating on friends and family back east working together on the big cleanup from the aftermath of hurricane Sandy, I thought I’d share an article about an interesting new project in the downtown Tucson area I recently came across from Inside Tucson Business:

Multi-Purpose Project Breaks New Ground

By Roger Yohem

Contractor Rob Caylor’s downtown development is at the corner of “zero and zero.”

For three years, Art Wadlund and Rob Caylor toyed with the idea of developing a vacant parking lot downtown at 1 E. Broadway. What type of project would be a good fit? Financially, would it pencil out? Would city officials support it?

“There were times we were ready to abandon this. It was taking too much time and cash,” said Wadlund. “But we made it, downtown is going to get a project unlike any done before.”

Wadlund, Caylor and several government officials celebrated their persistence Oct. 19 during groundbreaking ceremonies that also “broke new ground” for private-public collaboration. Under a new tax incentive program, their six-story, mixed-use building will feature ground-floor retail, commercial offices, 24 apartments and underground parking.

Caylor, owner of Caylor Construction, and Wadlund, a founder of Hendricks & Partners commercial real estate, also own the adjacent Chase Bank property at 2 E. Congress St. Caylor’s company plans to complete the $16 million project behind that building by late 2013.

“This will be a gateway project for downtown and the modern street car,” said Caylor. “We’re creating value out of a vacant lot at Broadway and Stone, the corner of zero and zero.”

The city’s Sun Link modern streetcar project was a major factor in the developers’ decision to move ahead. Their site is right on the streetcar route. On top of that, Pima Association of Governments and its Regional Transportation Authority, which is coordinating most of the funding for the streetcar, has signed on as tenants and will occupy all the office space.

“This is a milestone for the city, the first project in our new development incentive program,” said Tucson Mayor Jonathan Rothschild to about 75 attendees at the groundbreaking.

Known as GPLET (Government Property Lease Excise Tax), the city incentive is a tool to spark private investment along designated gateways. Projects must benefit taxpayers more than developers and have economic benefits verified by an independent third party. Basically, the city takes ownership of a project when finished and leases it back to the developers. For up to eight years, the owners are exempt from property taxes while they grow the new venture.

“That incentive to invest downtown was huge for us,” said Wadlund.

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This sounds like something to look forward to!  In the meantime we are keeping everyone affected by the weather event back east in our prayers. That’s it for this time! Make it another great day!

Your Hard Money Lender in Tucson and Southern Arizona,

Billy A

P.S. I want to be your favorite Hard Money Lender in Tucson and Southern Arizona, so please don’t keep me a secret! If you, your friends or family need help with funding, I’d be happy to give them free information without any obligation. Please give me a call at:

(520) 299-4878!

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