Transwestern Development Company (TDC) announced 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.