A new apartment complex close to downtown is gaining attention for its unique transformation from an old 1960s hotel into luxury apartments, while also making significant contributions to the local economy.
Presidio Palms Apartments, which officially opened its doors just over a week ago, has breathed new life into what once was a dormant hotel, now offering modern living spaces near downtown and the University of Arizona.
David Zeff, President at Sterling Real Estate, explained that the decision to convert the hotel into luxury apartments was due to its underutilization in the past. Originally operating only 96 out of its 278 rooms, the hotel fell short of contributing to Tucson’s economic landscape.
The ultimate benefit is that were providing essentially new rental housing at a lower cost, said Zeff. The project in total is $40 million, which for 212 units will be significantly below the cost it would take to build a new project, so that essentially translates into just lower rental prices for the general public.
Not only are the rental prices low because of the cost of the project, but the project itself is also adding jobs to Tucsons economy.
Through the construction process, at any given time, theres 80 people here working on site. Our project is going to be 12 to 16 months in duration, so the general contractor is local, all subcontractors are local, and our entire development team, from our legal counsel to our architect to our engineering firms, has been having local professionals, said Zeff.