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The Rio Nuevo Board voted this week to enter negotiations on a final development agreement for what could be one of downtown Tucson’s tallest buildings.

According to Rio Nuevo’s announcement, Todd Freed, VP of construction for JE Dunn Construction, told the board the potentially 300-foot-tall building his proposes to create on the parking lot at Broadway and 6th Avenue could contain 250KSF of office space, 40KSF of retail space and 500-600 parking spaces.

It will be the first Class “A” building downtown since the Tucson Electric Power building across Broadway from the parking lot, Freed said.

The project is expected to cost $110M and will generate 1,250 new jobs and $2.2M annually in sales tax, he said.

Rio Nuevo Chairman Fletcher McCusker called the proposal “an extraordinary plan” but explained that the Rio Nuevo Board was using a government procurement process to develop the parking lot and that unless and until a final agreement is executed the deal will not be done.