A 17-acre parcel of land at the northwest corner of Houghton and Old Vail Roads in southeastern Tucson is slated to become a new retail and restaurant hub. The development’s site work has begun at Las Plazas at Old Vail, as the project has been dubbed, in the form of under-ground utilities, grading, retention/detention, common drive aisles, landscaping, curbs and parking lot lighting.
The plot of land has been divided into fifteen lots ranging in buildable areas from 3,000 to 19,000 square feet. The lots are being marketed for retail and restaurant use, according to CBRE’s Nancy McClure who, along with Michael Laatsch, has the marketing assignment on the property.
“We’ve already seen significant interest in Las Plazas,” said McClure. “In fact, we already have two lots in escrow and another is in negotiations with a contract out for signature; all three are national operators.”
Las Plazas at Old Vail is expected to relieve significant pent-up demand for retail and restaurant options in what many real estate experts believe is an underserved area. McClure says the high-density residential area is well equipped to handle additional retail amenities. She points to the success of Super Wal-Mart, which opened in the immediate area just last year and has reported sales numbers that far exceed initial sales projections. This is a good indicator that area residents will welcome new food and shopping offerings.
“The surrounding community has been very supportive of the project. As soon as our signs went up, we had residents calling to inquire about potential users and which restaurants might be locating at the property. People are excited about new amenities for Rita Ranch and the surrounding outlying areas.”
Las Plazas at Old Vail is designed to accommodate retail and commercial users. The available lots are for sale to users and developers who want to provide build-to-suits to tenants. The site is approximately a mile and a half from the I-10 freeway, just south of the Rita Ranch master-planned community.