A former office building in Tucson that once was the home of a mining company has been converted into a multifamily complex.
Seventh Avenue Lofts has been selected by a panel of local industry professionals as the winner of the 2025 CoStar Impact Awards for Redevelopment of the Year for Tucson.
ZFI Holdings, a diversified real estate investment and syndication company based in Tucson, redeveloped the property at 1150 N. Seventh Ave. into the Seventh Avenue Lofts, a 30-unit apartment building in Tucson's Feldman's neighborhood. The building, constructed in 1964, once served as the offices for Asarco, a mining company founded in 1899 as the American Smelting and Refining Co. Asarco is now a subsidiary of copper producer Grupo México, which has operations in Mexico, Peru and the United States.
As part of the redevelopment, ZFI retained the building's original aesthetic for the exterior, while also harkening back to the structure's original ownership, with copper plating around the windows and Asarco signage in the center. For the interior, the lofts feature high ceilings, open floor plans, ample natural lighting and polished concrete floors, while the expansive windows offer views of downtown Tucson and the surrounding mountains.
The redevelopment came with its share of challenges, including the installation of completely new electrical, plumbing and mechanical designs. Additionally, several of the decor panels made of copper, which is a frequent target for thieves due to its high value, were stolen prior to construction, requiring the developer to recruit a 24-hour surveillance team.
In addition to Seventh Avenue Lofts, ZFI also manages projects including the One South Church office tower, which is the tallest building in Tucson, and the Oracle Office Plaza in the Oro Valley.
About the project: Seventh Avenue Lofts features 30 loft-style units across 24,400 square feet. The property includes gated parking and accommodates pets for an additional fee. Amenities include an on-site gym and a tenant lounge with a billiard table and projection screen.
What the judges said: "Zach Fenton carried out a great vision to transform the former Asarco Office into apartments. This is a great building and many developers haven’t pulled the trigger taking on conversions like this. The location is great, the building has character, yet many passed on the original opportunity even though the [price per square foot] on the original listing was very attractive. We have to tip our hats off to Zach for getting it done, as these types of projects are of crucial impact for our city," said Real Estate Development Manager Sam Sufi at Diamond Ventures.
"While many buildings do need to be demolished, this group found a way to keep this building and breathe new life into a neighborhood," said Executive Vice President Susan Dumon of Sun Corridor.
They made it happen: Principal Zach Fenton of ZFI Holdings.