Category Archives: Tax Credits

Historic motel conversion, condo plan in Tucson dealt setbacks

[Source: Christie Smythe, Daily Star] — Development plans for the historic Ghost Ranch Lodge and the condominium complex One West failed to win federal low-income-housing tax credits, possibly killing one project and putting the other on hold. Mark Breen, a developer who planned to turn the Miracle Mile motel Ghost Ranch Lodge (pictured) into senior housing, said in an e-mail Thursday that without the credits, “I intend to demolish the buildings and put (a) used car lot on the property.”

“Shame on the state, for they knew my alternative plan,” he wrote. He did not return calls or e-mails seeking clarification on that statement. One West, a condo project planned for West Speedway and North Stone Avenue, will have to be pushed back another year, said Dave Ollanik, one of the development partners. The tax credit — worth $1 million each year for the next 10 years — would have been the single largest source of funding for the $31 million project, Ollanik said. [Note: To read the full article, click here.]