An elite wedding and event venue is in the making for downtown Tucson.
To be built out in the lobby of the former Valley National Bank, 2 E. Congress St., Treasury 1929 will be available for high-end events, supper clubs and concerts.
Longtime Tucson restaurateur Daniel Scordato is crafting the plan, along with building owner Art Wadlund, to add a fine dining restaurant, a dance floor and luxury spaces in the old bank vaults.
The plan is to use the mezzanine and basement as areas for brides and grooms to gather with their wedding parties before the ceremony on the main level.
The $12 million project received a boost from the Rio Nuevo board recently, which pledged up to $1.4 million to get it up and running.
The board makes money from sales tax generated within its district.
For the big, weekend events food sales will average $150 per person, liquor sales of $50 per person and a venue rental price of $2,000.
Weekday events, which will focus on beverages, entertainment and hors d’oeuvres, will average $60 per person for food, $50 per person for liquor/beverage sales and a venue rental price of $1,500.
No timeline for opening the venue has yet been announced, but developers hope to start construction this summer.
Projections of revenue for the first year are $2.8 million for the main, weekend events and $2.4 million for the weekday events.
Named after the year the bank opened, Treasury 1929 will be in the ornate lobby, basement and mezzanine.
The last occupants, Chase Bank, closed its downtown branch in December.
The building was placed on the National Register of Historic Places in 2003.
According to its National Register listing form, the Valley National Bank Building features Italian Renaissance revival architecture, with mahogany doors and woodwork; two chandeliers that cost $1,000 each in 1929; 14 scagliola (faux marble) columns supporting the mezzanine floors and surrounding the public lobby space; marble-faced counters with cedar bases; pink Tennessee marble floors, a Venetian mirror topped by a lighted clock; and a grand staircase to a mezzanine surrounded by a solid bronze grill.
Another downtown wedding and event venue recently opened in the space between Johnny Gibson’s Market and High Wire, run by both operators. The market provides the food and High Wire provides the drinks.
The Grand Tucson is now accepting reservations and was also supported by the Rio Nuevo board.
Built in the 1920s, the Valley National Bank building sits in the heart of downtown Tucson. With its unique architecture, the bank has been through lots of changes and is currently the Chase Bank building. Video by Pascal Albright/ Arizona Daily Star
Learn more at thegrandtucson.com.
