The Mayor and Tucson City Council tomorrow will discuss whether to grant a tax incentive to HSL Properties to help build apartments and retail at the downtown site where La Placita Village stands today. The business complex would be torn down to make room for the new development.
HSL is asking the City for the Government Property Lease Excise Tax (GPLET) incentive that allows for eight years of property tax abatement. The application outlines that project-generated construction sales tax revenue would be used toward public improvements.
HSL says the project would create 150 construction jobs that pay between $30,000 to $65,000. The proposed development would include 246 market-rate apartments. Construction is expected to cost an estimated $42 million and take 28 months to complete.
In a letter sent to neighbors, HSL said demolition would begin this May. Before that can happen, the project is required to go through an independent audit process which the Tucson City Council must approve.