Arizona Land Sales, Commercial Real Estate Appraisals,
and Private, Confidential Counseling, & Appraisals;
Arizona, U.S.A., and International
...Swango Real Estate Counseling & Valuation  ~ Real Estate Matters ® ~
"Don't Ever Under Estimate The Value " ®

By Teya Vitu
TUCSON CITIZEN
August 1, 2003

The Home Depot's departure from Broadway and Kolb Road has triggered a $7 million makeover for a late 1970s shopping center that will likely start the year with a new lineup of national retailers.

Leases could be in place within a week or two with home goods, sporting goods and office supply retailers, said George Larsen, partner at Larsen-Baker LLC, which owns the Circle Plaza at Broadway and Kolb and 30 other shopping centers in Tucson . He declined to name the stores until leases are signed.

Ross Dress For Less plans to move from the east end of that strip center into a portion of the former Home Depot building, which the home improvement giant left in April. Ross will expand to 31,000 square feet from 26,000 square feet, Larsen said.

He said Michaels Arts and Crafts will move in from across the street. Also, Performance Bicycle from North Carolina has acquired the Full Cycle store at Circle Plaza .

The makeover will touch all 166,000 square feet at Circle Plaza , which is anchored by the 103,000-square-foot empty Home Depot building. Home Depot's long-term lease at $5 per square foot stalled any major improvement to the center, which has had no large-scale renovation since it was built 25 years ago.  

Lease rates now will be in the $12-per-square-foot range, Larsen said. The additional revenue will allow Larsen-Baker to tackle the center inside and out. Larsen estimated each store needs about $1 million of interior work, which Larsen-Baker will pay for upfront and recoup with higher lease rates. The facade will get a $1.5 million streetscape design with modern angles and curves. A streetscape concept also is in place at nearby Park Place .

Larsen-Baker also will spend $1 million to redo the parking lot. "When it's done it will be the prettiest power center in Tucson ," Larsen said. Construction has started, and Larsen expects to open the first few stores in January. Less than a mile to the east, near the Broadway-Pantano Road intersection, commercial additions are equally active. Home Depot opened there in April, La-Z-Boy will open a store Aug. 22, and Kohl's will open a department store in the fall. All three buildings are new construction.

Back To News Articles