The Tempe City Council recently approved an agreement for the development of 106 acres of City-owned land. Under the agreement, Liberty Property Trust will pay Tempe about $11.9 million to buy City-owned parcels at the intersection of Priest Drive and Rio Salado Parkway. Initial site work should be complete by fall and construction will start by year’s end on an initial building that would be 60,000 to 100,000 square-feet on 12 to 14 acres. Total build out will be close to 850,000 square-feet and is expected to be home to over 6,000 jobs.
The downtown will soon see a spike in the residential population!
The Hub, located at the SW corner of Veterans Way (5th St.) & College Avenue will open August 2013 and bring in 269 units with 637 total beds. City Council has also approved two other residential developments, which may commence construction by the end of this year. The Lofts at Hayden Ferry, located at Rio Salado Parkway near Mill Avenue, consists of 4-story apartments with a 5th level loft totaling 264 units. This project, developed by Oliver McMillan, will have direct access to the Tempe Town Lake area and a short walking distance to Mill Avenue and the downtown’s amenities. Another project recently approved is The Hanover Project, a 6-story 341 unit residential development. This site is located in the heart of downtown, off 5th Street & Maple Avenue. Yes this is the surface parking lot site, which the project is responsible to incorporate 271 of the parking spaces back into the project by means of a new parking structure. With the resurgence of more residential in the downtown, Tempe is sure to see the continued growth and vision of a 24-hour urban environment that will service the existing businesses and bring in even more goods and services that a walking community needs.
Arizona State University has issued a Request for Qualifications to solicit responses from firms/developers for the planning and development of 330 acres at the north end of the ASU’s Tempe Campus. “The District” is adjacent to Sun Devil Stadium and Tempe Town Lake. ASU intends to create a model for planning and development that will demonstrate the future of creative urban neighborhood design and sustainable development.
View more info and the RFQ here:
Visit www.thedistrictatASU.com for more information.