Banyan Residential, an LA-based private real estate investment company, has commenced construction on phase one of Banyan North Tempe, a 651-unit multifamily development in Tempe, Arizona. In conjunction with Milhaus, an Indianapolis-based development company, Banyan worked tirelessly with state and local agencies to annex the 16.5-acre site in an area frequently referred to as the North Tempe county island – the first time the City expanded its boundaries in more than a decade. Construction is now underway at the highly anticipated $177 million development, with phase one expected to be complete in early 2023.
“This area of Tempe is ripe for urban revitalization,” said Max Friedman, Partner at Banyan Residential. “We are proud to be at the forefront of this large-scale project that will soon bring new housing, public spaces and improved local infrastructure to the city. We are grateful for the tremendous support we’ve received from local officials and our project partners at Milhaus, and we are thrilled to officially commence construction.”
Following a yearlong entitlement process, Tempe City Council unanimously approved the rezoning in March. The project will have significant benefits for the local community including the expansion of public services, local infrastructure improvements, and new public amenities such as a dog park.
“For the first time in well over a decade, we annexed a substantial parcel of land that was previously underutilized and created significant challenges for the surrounding neighborhoods in the northern part of Tempe,” said Mayor Corey Woods. “This annexation will turn seventeen acres of this now-former county island into new housing options within Tempe. I am thrilled to celebrate this tremendous milestone with Banyan Residential and Milhaus, and the entire Tempe community.”
Designed by Todd & Associates, Banyan North Tempe will showcase an impressive collection of 310 studio, one-, two-, three- and four-bedroom units in its first phase and will total 651 units when the project is complete. Residents will have access to first-class amenities including two pools, a fitness center, outdoor spa, clubhouse and library.
“Centrally located near all that Tempe has to offer, this development is primed to become a desirable destination for both residents and the community at large,” said Brad Vogelsmeier, Vice President of Development at Milhaus. “We are excited to enter the Phoenix market as part of such a landmark deal.”
Located near Tempe Town Lake, Arizona State University and downtown Tempe, Banyan North Tempe is perfectly positioned in the heart of it all. The city continues to attract students and young professionals given its diverse restaurant scene and abundance of entertainment options.
The team secured a $52 million construction loan from UMB Bank and Academy Bank. McShane Construction Company is serving as general contractor on the project. For more information, please visit Banyan Residential at https://www.banyanresidential.com/.