Community in 355-Acre Novus Innovation Corridor Slated for Late 2023 Delivery
November 09, 2021
TEMPE, ARIZ. – Transwestern Development Company (TDC®) announces the start of construction on a 200-unit multifamily development at 651 E. 6th St. in the Novus Innovation Corridor. The project is a venture between TDC and equity partners Globe Corporation and University Realty. Construction began this month and is expected to deliver fourth quarter 2023. MT Builders will serve as the general contractor.
“Tempe is experiencing unprecedented demand for quality, reasonably priced multifamily product, largely due to the market’s booming economy and high levels of in-migration,” said Brendan O'Leary, Partner at TDC. “This community’s highly walkable location near Tempe Town Lake, direct access to the light rail and its proximity to Arizona State University will be an attractive option for the city’s highly educated and skilled workforce.”
The complex will offer popular amenities, including a resort-style pool with lounge area, a state-of-the-art fitness center, coworking space with breakaway rooms, a communal area with a kitchen, and bike storage. Each unit will be outfitted with a washer and dryer, stainless steel appliances, hardwood-style flooring, with select units offering upgrades such as custom built-ins, balconies and Murphy beds.
Located approximately five miles from Phoenix Sky Harbor International Airport, the development is situated at one of the major gateways to Novus Innovation Corridor, a 10-million-square-foot, 355-acre mixed-use development adjacent to Arizona State University's Tempe campus. Nearby attractions include Novus Place, a main street retail district, Sun Devil Stadium, Desert Financial Arena and the university's Multi-Purpose Arena, scheduled to be completed in late 2022.
“We are excited to work with TDC, who has a proven track record of producing beautifully designed multifamily projects,” said Charley Freericks, Senior Vice President of Catellus Development Corporation, master developer of the multi-phased Novus community. “As the second multifamily community opening in Novus, we are eager for more residents to live, work and play here.”
“We are excited to welcome TDC and this high-quality residential project targeted at working professionals to the Novus Innovation Corridor,” said Morgan R. Olsen, ASU executive vice president and chief financial officer. “Additional multifamily housing will further accelerate our plans to create a sustainable, tech-driven innovation zone for university and industry collaboration.”
At present, TDC has 16 multifamily projects totaling 3,957 units under construction, in pre-development or recently delivered nationwide, including 2,329 units in the Sunbelt. Year-to-date, TDC’s total sales value has amounted to over $1 billion.
Rendering is available for download here.
About Novus Innovation Corridor
Novus Innovation Corridor is a 355-acre, multi-phased development, which at completion will encompass over 10 million square feet of urban mixed-use developments, including State Farm's 2.1-million-square-foot Marina Heights regional office. Strategically integrated with the ASU campus on Tempe Town Lake, the Novus Innovation Corridor is a partnership between master developer Catellus Development Corporation and Arizona State University, ranked as the nation's "Most Innovative University" by U.S. News and World Report. The University Real Estate Office leads ASU's Novus activities.
Catellus will oversee the development of approximately 8 million square feet of additional new development in Tempe. Novus will include a variety of sustainable urban neighborhoods that feature office, retail, hospitality, and residential activities, creating the potential to bring nearly 34,000 new jobs and 5,000 new residents to the thriving Tempe community. Additionally, Novus will feature a main street retail district, Novus Place, nestled in the core of the development. As Novus' "live, shop, dine" epicenter, Novus Place is designed to be a vibrant, mixed-use, pedestrian-friendly destination.
For more information about the Novus Innovation corridor and development opportunities, visit NovusASU.com, call (480) 566-9900 or email NovusASU@catellus.com.
About University Realty
University Realty is a subsidiary of ASU Enterprise Partners, an independent nonprofit organization dedicated to generating resources for the benefit of Arizona State University.
About Globe Corporation
Globe’s charter dates back to 1901 and it is run by fourth-generation family members as well as outside professionals. With a rich history that spans many different industries—coal distribution, manufacturing, ranching and commercial banking—Globe Corporation today serves as the Getz Family Office, a diversified investment company whose primary responsibilities are the stewardship and oversight of the Getz family assets. About 50% of the family office investments are in direct real estate and real estate joint ventures with an emphasis on institutional-quality Industrial, Multi-Family and Office sectors. Globe has offices in both Scottsdale, Arizona and Deerfield, Illinois.
About Transwestern Development Company
Transwestern Development Company (TDC®) creates value through the execution of development projects for itself, its partners and valued clients throughout the United States. Part of the Transwestern companies, the diversified business develops logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $7.1 billion.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.
Media Contacts:
Nataly Torres
Transwestern Development Company
713.270.3334
nataly.torres@transwestern.com
twmediarelations@transwestern.com
Tess Dumalo
Phoenix PR and Marketing, PR for Catellus
602.653.6585
Tess@PrPhx.com
Jay Thorne
Assistant Vice President, Media Relations and Strategic Communications
Arizona State University for Novus Innovation Corridor
602.677.7518
Jay.Thorne@asu.edu
