Arizona State University (ASU) and master developer Catellus Development Corporation announce the next phase of the Novus Innovation Corridor, the bold new community created by ASU’s establishment of a university athletic facilities district.
When completed, Novus will integrate more than eight million square feet of private, mixed-use urban development with new and renovated technology-enhanced collegiate athletic venues, ultimately bringing approximately 20,000 new jobs and 5,000 new residents to central Tempe.
This new phase will see the completion of the first one million square feet of mid-rise, Class A office space, urban residences, hotel rooms, and a diverse collection of retail shops and restaurants in a compact, urban setting just north of the University Avenue Metro Rail station.
Novus Innovation Corridor encompasses 330 acres strategically positioned amongst Tempe Town Lake, ASU’s Tempe Campus and downtown Tempe. Novus will expand on ASU’s leadership and commitment to “smart city” initiatives by employing adaptive design and infrastructure such as Wi-Fi enabled buildings and public space and energy-efficient technologies across all elements of Novus’ vision of “live, work, learn and play.”
“The Novus Innovation Corridor is an opportunity for ASU to harness and leverage its resources to create a place that integrates leading-edge technologies into an urban landscape,” said ASU President Michael M. Crow. “The innovation corridor will be a constantly evolving illustration of how local and global enterprises can partner to put innovative research and technology into practice in the greater community.”
The newest phase of Novus is one of multiple neighborhoods planned within the Innovation Corridor, each celebrating a distinctive identity while connecting and contributing to the rapidly increasing value of living and working in the Downtown Tempe area. With its proximity to Valley Metro light rail, this phase will be a premier, urban transit-oriented development. At its core will be the initial leg of a multi-block urban retail sub district offering shopping, dining, entertainment and strolling opportunities. Negotiations with multiple restaurants and retailers are well underway for the retail sub district. Mid-rise buildings with offices, residences and a hotel will surround the ground-level retail. The entire area will connect to Sun Devil Stadium and Wells Fargo Arena through a pedestrian promenade.
“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,” said Greg Weaver, executive vice president with Catellus Development Corporation. “Catellus is committed to transforming Novus Innovation Corridor into a world-class urban community.”
Novus Innovation Corridor is already alive with activity. Marina Heights, the regional hub for State Farm Insurance, was recently completed and features two million square feet of office space and 45,000 square feet of retail and restaurants. The $268 million reinvention of Sun Devil Stadium is also well underway. The stadium reinvention project is currently completing its second phase, and will enter its third and final phase immediately following the 2017 football season.
Plans for the next phase of the Novus Innovation Corridor include three office buildings, the first of which will be located at the northwest corner of University Drive and Rural Road. Catellus is in final negotiations with a premier national office developer for this six-story, nearly 160,000-square-foot class A office building. Consistent with Novus’ emphasis on connectivity, the project’s impact extends far beyond providing state-of-the-art office space. It also will feature ground-level retail and the first phase of a shared parking structure planned to meet the needs of all three office buildings, athletic venues, a future hotel and nearby retail uses. One block north, negotiations are progressing with a regional, urban multifamily developer on a 260-unit mid-rise housing project that will connect to the retail district with multiple ground-level opportunities.
The development of Novus Innovation Corridor will help fund the renovation of Sun Devil Stadium and other ASU athletic facilities – without the use of tax dollars – through revenue generated by these new, private development projects. ASU is partnering with Catellus to oversee the development, marketing, leasing and management of Novus Innovation Corridor.
For development and leasing opportunities and other information about Novus Innovation Corridor, visit www.NovusASU.com or email NovusASU@catellus.com.
