ASU, Catellus Reveal Next Phase of Novus Innovation Corridor
- Jun 09, 2017
Arizona State University along with Catellus Development Corp. took the wraps off the next phase of Novus Innovation Corridor, a state-of-the-art community that integrates leading-edges technologies into the urban landscape of Tempe, Ariz. This stage of the project will result in one million square feet of mixed-use space. ASU and Castellus will oversee all aspects of the project, including development, marketing, leasing and management.
When completed, Novus will add more than eight million square feet of mixed-use space, ultimately leading to the creation of 20,000 jobs and bringing 5,000 new residents in central Tempe.
A Smart City Vision
This new phase will add one million square feet of mid-rise Class A office space, hotel rooms, urban residences and a mix of retail shops and restaurants in an urban setting that will be situated north of the University Avenue Metro Rail station. Additionally, Novus will employ adaptive design and infrastructure such as Wi-Fi enabled buildings and energy-efficient technologies.
The project will be a premier urban transit-oriented development, due to its proximity to Valley Metro light rail. A multi-block urban retail subdistrict including shopping, dining and entertainment opportunities will be at its core. Eventually, the entire area will connect to Sun Devil Stadium and Wells Fargo Arena through a pedestrian promenade.
Funds for Sun Devil Stadium
The development currently encompasses 330 acres strategically located between ASU’s Tempe campus and downtown Tempe. Plans for further development include three office buildings, one of which will be located at the northwest corner of University Drive and Rural Road. Castellus is currently in final negotiations for the first asset, a 160,000-square-foot class A office building.
The project extends beyond delivering state-of-the-art office space, as it will also feature ground-floor retail and a shared parking structure. Additionally, negotiations are progressing one block north, for the development of a 260-unit mid-rise residential project that upon completion will connect the retail district with several ground-level opportunities.
The development of Novus Innovation Corridor will help fund the refurbishment of Sun Devil Stadium—which is currently undergoing a $268 million renovation—and other ASU athletic facilities.
“This is a rare opportunity to create a new infill, urban community from the ground up at an unmatched location and with the resources of a premier research university. This foundation facilitates our shared objective to develop a technologically-advanced, sustainable, innovative environment,” Greg Weaver, executive vice president of Catellus Development Corp., said in a prepared statement.
Images courtesy of Arizona State University