Don't know if anyone saw this today as it was buried in an AZ Daily Star article about TUSD allowing TPD back into their schools, but there was an update on the new hotel by the U of A.
"The council also paved the way for a new, six-story hotel and retail complex near the University of Arizona.
The council granted development company 7one4 Tucson LLC permission to tear down four dilapidated, historic buildings on the northeast corner of Euclid Avenue and Fourth Street and replace them with an approximately 140-room hotel and underground parking garage.
Some neighborhood groups opposed the destruction of the historic buildings.
But city code allows an historic building to be torn down if the structure is beyond a “reasonable economic use.”
The four buildings, three two-story apartment buildings and a single-story business, fit the description.
Records provided by the company indicate it would cost $2.7 million to rehabilitate the four buildings, but only net $44,250 a year in profit.
Based on those numbers, it would take 110 years on average to break even, records show."
Here's the article, with a map of the development location: http://tucson.com/news/local/govt-an...994f5a4aa.html