“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ . ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME. Office: 602-445-4113, Direct : 602-759-1209 , cell: 520-975-5207 or email me firstname.lastname@example.org. ….
Ushering in a new era for downtown Tempe, an exciting development for residents, businesses, and surrounding companies within close proximity to ASU, Novus Innovation Corridor broke ground for its next phase in September this year with big plans ahead.
ASU and Catellus are working with Aspen Heights to build a six-story, 262-unit luxury apartment community, and Ryan Companies will develop a Class A, six-story, 162,000-square-foot multi-tenant office building at the corner of University Drive and Rural Road in the Novus Innovation Corridor.
Novus Innovation Corridor is currently going through site improvements, utility location, and new infrastructure installation. The first office building and residential community are slated for December/January land closings, and are anticipating breaking ground in the first quarter 2019, says Charley Freericks, senior vice president of Catellus Development Corporation and master developer of Novus Innovation Corridor.
The Corridor will be on the newly-created Novus Place, a North-South street that will run from University up to Rio Salado, and will have an apartment community, an office building with retail space on the ground floor, and additional future developments including a hotel, which is going to be the center of the social aspect of Novus, says Morgan Olsen, executive vice president, treasurer and chief financial officer, Arizona State University.
“This development means we’re going to be able to pay for the investments we’re making in our intercollegiate athletics facilities,” Olsen says. “We realized that wasn’t enough so we’re going to reinvent that end of the campus and downtown Tempe to a significant extent, bringing substantial economic development potential to the Valley.”
The Novus Innovation Corridor plans at the northwest corner of University and Rural are just the beginning of Phase 3. Phase 1 was Marina Heights, with 2.1 million square feet in five buildings, about 8,000 employees and one of the regional hubs for State Farm. Phase 2 is the reinvented Sun Devil Stadium.
After Phase 3, the development will then move north and east, taking over what is now ASU athletic facilities along the west side of Rural Road, as well as the ASU football practice facility and the Karsten Golf Course east of Rural. New tennis and track and field facilities will be built in the planned ASU Athletics Village, which will be located east of Farrington Stadium (ASU’s softball complex) and ASU’s soccer stadium. The football practice facilities will be moved to the northeast side of Sun Devil Stadium.
“We have a master development plan for Novus that reflects where we anticipate all of the assets to be created as part of this location. We have a lot of flexibility — we have over 300 acres of land in a relatively urban area, so it’s a very unusual opportunity,” Olsen says. “We’re going to relocate our intercollegiate athletic facilities as we move along ahead of developments in Novus because that’s our reason for being… we have a master development plan for our athletic facilities that’s integrated with the master development plan for Novus.”
The development will stretch east along Rio Salado Parkway all the way to McClintock Dr. All told, the Novus Innovation Corridor will occupy 330 acres and be made up of five distinctive neighborhoods with approximately 3,700 residences as well as more than 4 million square feet of office and retail space. The plan is for a mix of low-, mid- and high-rise office buildings, along with residential, retail and hospitality buildings throughout.
Freericks is confident the development will have a positive economic impact given the significant influx of employment in Tempe over the next decade in various higher wage and cutting edge industries.
“We hope to attract a vibrant workforce that results in a thriving economy around it, whether that’s shopping, dining, or living,” Freericks says. “I am expecting to see a robust economic impact from taking land that currently is basically fallow from the perspective of generating revenue — other than sporting events — and creating a sustainable, vibrant new economy in Tempe,”
Novus Place will contribute to that thriving economy. Freericks envisions Novus Place as a more professional environment complementing Mill Avenue for lunch, dinner, after work and special events.
“What happens in these planned environments is thoughtful, high-quality architecture and controls create value, and property owners in those environments — whether they’re residential, office, or retail — tend to enjoy more stable values throughout economic cycles. So we’re creating a thriving location,” Freericks says.
Education and employment come together, which aligns with the focus of Novus Innovation Corridor to complete the cycle between commerce and industry and ASU, Freericks says.
“I’m most excited to see the types of tenants we are aiming for — companies which will benefit from a great relationship with ASU,” Freericks says.
For example, the tenants could be a small but rapidly-growing company that ASU can help to grow or train a workforce, Freericks says, or a company with many interns and keep their people engaged in the community.
“Or a tenant could be very research intensive, and you’ve got one of the largest research universities in the country at ASU,” says Freericks. “We want to attract and celebrate all those kinds of relationships with ASU. We also know there will be interest from potential tenants that need to tap into the talent among the wealth of seasoned professionals that already live in the Valley.”
Olsen says downtown Tempe is becoming the 2nd urban center in the Valley and the land people see from Mill Ave. to the east at one time was owned by ASU; some of which was sold and became Hayden Ferry Lakeside, and their current model is not selling land, but doing long-term projects.
“And that allows us to have more control over what happens and that’s important to us because that’s our own backyard, but also we think it will be positive for us economically,” Olsen says. “President Crow likes to talk about us being a knowledge enterprise and our knowledge assets are our faculty, staff and students with their brainpower and the opportunity to be next to that is what attracted State Farm and it’s going to attract other companies that want to locate in that type of intellectual environment.
“We’re in a global, knowledge-based economy today and it’s all about what you know and what you do with it. We think we’re providing the opportunity for that type of synergy at Novus.”
Novus Innovation Corridor by the numbers
- 350-acre master-planned, mixed-use urban street front development
- At completion will encompass more than 10 million square feet of mixed-use opportunities
- Six-story, 262-unit luxury
y apartment community with 27,000 square feet of ground-floor restaurant and retail space
- Six-story, 162,000-square-foot multi-tenant office building
- 670 rooms of planned hotel within Novus Innovation Corridor boundaries
- 300,000 square feet of planned retail within Novus Innovation Corridor boundaries
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also internationalClick here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
PLEASE CALL ME – Direct : 602-759-1209 , cell: 520-975-5207 or email me email@example.com
“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ ARE YOU READY TO SELL OR PURCHASE YOUR INDUSTRIAL / OFFICE OR RETAIL BUILDING OR YOUR LAND in Phoenix, Maricopa County and Pinal County, Arizona, please call me. Office: 602-445-4113, Direct : 602-759-1209 , cell: 520-975-5207 or email me firstname.lastname@example.org. …. VIEW ALL OF WALTERS LISTINGS. Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
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