Ron Schwabe on KVOA
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TUCSON – Investors are buying up state owned property in the downtown Historic Warehouse Arts District.
Ron Schwabe, owner of Peach Properties, says he’s been investing in downtown Tucson since the late 1980′s. He says this is the time to start investing more.
“Downtown is finally starting to come around. It’s become more viable in the last year than the last 20 years,” Schwabe said.
He recently purchased two historic warehouses on Toole Avenue in the Arts District. One of the buildings is the former Zee’s Warehouse, 1 East Toole Avenue. It’s been vacant the last few years.
Schwabe says it was built in 1903 and now he is working to clean it out, restore it and eventually rent it out. He says he already has a few interested tenants like a brewery and an art gallery.
The Arizona Department of Transportation has sold some of the historic warehouses but some of them are still for sale.
Steve Fenton, developer, also purchased several of the warehouses.
Marvin Shaver, president of the Warehouse Arts Management Organization, WAMO, wants to make sure whoever buys in the area, preserves the warehouses and keeps the Arts District in mind.
“We’re working with anybody who owns property down here to make it into an Arts District,” Shaver said.
He says on top of trying to keep the rent affordable to artists, they want the Arts District to really get going.
“We envision this being a real happening place that everybody would want to come to,” he added.
He says they want to see art walks, coffee shops, retail and restaurants. He says the area needs private investors like Schwabe to make it a reality and this is just the beginning.
“This is a key to making downtown come alive again,” Shaver said.
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