Growth offers new opportunities for urban living
Downtown Tucson has grown up over the past 8 years. Thanks to extensive development, the city is now unrecognizable compared to how it looked in the mid-2000s. Nearly a billion dollars in private and public investment were poured into the city, transforming the downtown area into a hub of culture, entertainment, and, of course, great food. As of January of this year, an additional $300 million in investment projects have also flowed into downtown Tucson, involving everything from low-income and market-rate residential projects, to hotels and museums.
After the revitalization of downtown and the introduction of the Sun Link Streetcar, the surrounding barrios have also experienced their own renaissance. This fits a trend of growing urban centers across the country, as young professionals are increasingly eschewing the suburbs to enjoy the convenience and amenities of urban living. Despite the changes, Tucson still retains the unique charm and Southwest flair that makes the city so special.
The Sun Link Tucson Streetcar—the artery of downtown
The birth of the Sun Link Streetcar in 2011 became a catalyst for a new crop of businesses opening up along the route. Covering nearly 4 miles, the streetcar’s path runs from Campbell Ave. and Speedway Blvd., to bustling Congress St. and Cushing St. In between, the streetcar passes through a cross-section of Tucson’s various neighborhoods, from the laid-back charm of 4th Avenue and the gorgeous University of Arizona campus, to the vibrant colors and old-world architecture of Barrio Historico.
The streetcar has also increased the value of homes located in the surrounding neighborhoods beyond downtown, such as Dunbar Spring, Armory Park, and Barrio Santa Rosa. As the city becomes even more connected, growth has expanded outward, with new businesses and residential units in construction.
A relatively low-cost of living combined with the presence of the University of Arizona has made Tucson an ideal city for aspiring entrepreneurs. To make space for these budding creators, downtown Tucson currently hosts four co-working spaces: Connect Coworking, CoLab Workspace, Regus, and Xerocraft.
Each space features a different mood, character, and set of amenities. For example, at Connect Coworking, you can enjoy your workday on their outdoor patio, or take a break with a little foosball. Alternatively, at Xerocraft, you can create models with their 3D printers, attend a coding class, or use a variety of carpentry and steel-making tools.
Co-working spaces offer an affordable alternative to renting office space and provide open-area common spaces for entrepreneurs to bounce ideas off of one another. These spaces show the degree to which the city is catering to young entrepreneurs by offering a comfortable venue for their ideas to come alive.
Vantage West can help you move downtown (and beyond)
The growth of downtown Tucson is just beginning, and looks to continue to be strong going into 2018. Whether you’re interested in downtown or any other Tucson area, now is a prime time to buy. But you need to be ready because property is moving quickly and others are out there looking, too.
Vantage West’s team of local loan officers can help you find the right financing for the home that best fits your needs. It is a good idea to get pre-approved, so you know your ideal price range. This will also help ensure you are able to move quickly once you’re ready to make an offer. Pre-approval takes only a few minutes. Visit VantageWest.org/mortgages for more information on available home loan programs and to apply. All loans subject to approval. Certain restrictions apply.