rare site in the heart of downtown tempe square feet along tempe town lake, including state farm’s...
TRANSCRIPT
DOWNTOWNPHOENIX
LIGHT RAIL
MIDTOWNPHOENIX
CAMELBACK CORRIDOR
PAPAGO PARK
DOWNTOWN TEMPEMILL AVENUE DISTRICT
6TH STREET
VETERANS WAY
RURAL ROAD
UNIVERSITY DRIVE
HAYDENFERRY
MARINAHEIGHTS
SUN DEVILSTADIUM
WELLS FARGOARENA
LIGHT R
AIL
FUTURE4,200-SEAT
MULTI-PURPOSE ARENA
Subject Site
RARE SITE IN THE HEART OF DOWNTOWN TEMPE±1.0 Net Acre High Density Multifamily Development Site Within the ASU Novus Innovation Corridor SWC 6TH STREET & PACKARD DRIVE | TEMPE, AZ
David Fogler602.224.4443 [email protected]
Steven Nicoluzakis602.224.4429 [email protected]
MULTIFAMILY capital markets groupDAVIDFOGLER | STEVENNICOLUZAKIS
Cushman & Wakefield is pleased to present a unique opportunity to obtain a long-term, prepaid ground lease for a ±1.0 net acre, high density multifamily development site within Arizona State University’s Novus Innovation Corridor. This rare opportunity is for Parcel 3F located on the southwest corner of 6th Street and Packard Drive, immediately north of the University Drive Light Rail Station.
Novus Innovation Corridor is a 350-acre, mixed-use development planned for approximately 10 million square feet along Tempe Town Lake, including State Farm’s 2.1-million-square-foot Marina Heights regional office. Strategically integrated with Arizona State University (ASU), wholly on university-owned land, Novus is managed by master developer Catellus, a national leader in the development of urban mixed-use communities. Novus is a unique opportunity to develop the 21st century urban community on an infill canvas
THE OFFERING
*Plan is conceptual and subject to change.
±1.0 Net Acre High Density Multifamily Development Site Within the ASU Novus Innovation CorridorSWC 6TH STREET & PACKARD DRIVE | TEMPE, AZ
in the center of one of the nation’s largest and fastest growing metropolitan areas. The development will include a variety of urban neighborhoods that feature office, retail, hospitality and residential activities, creating the potential to bring more than 30,000 new jobs and 5,000 new residents to the thriving Tempe community.
Tempe, one of the Phoenix area’s most dynamic environments, features a large, educated workforce of over 200,000 people, a diverse mix of major employers including State Farm Insurance, First Solar, Amazon, Microsoft, ZipRecruiter, Chase Bank, Edward Jones, Medtronic and Wells Fargo among others. In addition, Tempe offers major events at venues such as ASU Gammage, Tempe Town Lake, Tempe Center for the Arts and at the various ASU athletic facilities. Tempe is also recognized as being the most bikable and walkable community in the Phoenix area.
Page 2 Plan Overview | 7
Scottsdale
Athletics Village
Wells Fargo Arena
Events Venue
Desert Arboretum Park
Packard Drive Garage
Future Development by Others
ISTB-7
Tempe Marketplace
Cornerstone ShoppingCenter
*Plan is conceptual & subject to change.
Metro Station
Tempe Town LakeTempe Town Lake
University Drive
Red Mountain Fwy
Rural Road
McClintock Drive
Rio Salado Pkwy
±154,000 SF Office Space
and ±8,500 SF Ground Floor
Retail (Q1 2019 start)
±150,000 SF Office Space with Ground Floor Retail
Future ±260 Room Hotel
(Q1 2019 start)
±158,000 SF Office Space
and ±7,500 SF Ground Floor
Retail
Future ±262 Unit Multifamily with
Ground Floor Retail (Q1 2019
start)
Food Hall/ Mixed Use
1 ACRE MULTIFAMILY PARCEL 3F AVAILABLE
Future Parking Structure ±2,500 Stalls (Q2 2019 start)
(est. completion 2020)
(est. completion 2020)
Site DetailsSite Size: ±1.2 Gross Acres / ±1.0 Net Acre
Parcel Number 132-25-025 (partial)
Current Zoning: Mixed-Use Educational (MU-Ed), City of Tempe(Zoned for proposed use and density.)
Current Use: Vacant
Proposed Use:
Because of its high profile location within the Novus Innovation Corridor, Catellus and ASU are seeking an innovative, unique, high-density residential development for Parcel 3F. Strong preference will be given to projects with Type I construction and a targeted niche such as micro-units or active adult uses. LEED Silver certification will be required. Purpose-built student housing is not permitted within Novus.
Lease Payment: Prepaid. Pricing to be determined by market.
Lease Term: 99 Years
Real Estate Taxes: Assessment in lieu of real estate taxes (equivalent to property taxes).
±1.0 Net Acre High Density Multifamily Development Site Within the ASU Novus Innovation CorridorSWC 6TH STREET & PACKARD DRIVE | TEMPE, AZ
THE PROPERTY
Urban Land Institute Arizona awarded Tempe the “Smart Growth Award”
The parcel offered is within walking distance of the Light Rail station at University and Rural. The 26-mile Valley Metro Rail Line connects Phoenix, Tempe and Mesa, serv-ing employment, activity and cultural cen-
ters, downtown Tempe, ASU and Sky Harbor International Airport. Tempe is the only city in Greater Phoenix to have border to border service.
Page 3
ASU Open Space
Retail
Low- to Mid-Rise Office
Mid- to High-Rise OfficeHospitality
Residential
Parking
Land Use Plan
Novus Innovation Corridor Planning Area
0’ 200’ 400’ 800’
*Plan illustrates potential improvements to be implemented by multiple parties and is subject to change.
**Areas shown on each parcel are Net Developable Areas
McC
linto
ck D
rive
Pack
ard
Dr
3rd St
University Drive
Rio Salado Parkway
Rura
l Roa
d
Nov
us P
lace
4th St
Veterans Way
Dor
sey
Lane
6th St
Marina Heights
Sun Devil Stadium
Wells Fargo Arena
DesertArboretum
Park
‘A’ Mountain
Events Venue
Tempe Town Lake
FutureDevelopment
ISTB 7
Athletics Village
Ocotillo
Existing Garage
Lakefront Park
7F 5A 5B
5C5D
5E
4A 4B 4C
6A6D
6B
6C
6E
6F
6G 6I
6J
6H
7J7K 7E 7D
7B7A
3A
3CS
3CN
3B
3DS3DN
3E 3F
7C
7I
7H
7G
3G
4F5.1ac 11.2ac 6.3ac 24.6ac
2.2ac
2.0ac
2.5ac
3.9ac
4.0ac
3.2ac
1.5ac
3.0ac
3.2ac
3.6ac
2.8ac
3.8ac2.6ac
1.0ac
2.9ac
2.0ac
2.9ac
4.2ac
1.2ac 1.1ac
1.4ac
1.4ac1.6ac
1.9ac
1.1ac
1.1ac
2.5ac1.0ac 1.2ac
3.0ac1.0ac
1.9ac
2.0ac
2.0ac
2.1ac
LIGHT RAIL
Site
ASU Open Space
Retail
Low- to Mid-Rise Office
Mid- to High-Rise OfficeHospitality
Residential
Parking
Land Use Plan
Novus Innovation Corridor Planning Area
0’ 200’ 400’ 800’
*Plan illustrates potential improvements to be implemented by multiple parties and is subject to change.
**Areas shown on each parcel are Net Developable Areas
McC
linto
ck D
rive
Pack
ard
Dr
3rd St
University Drive
Rio Salado Parkway
Rura
l Roa
d
Nov
us P
lace
4th St
Veterans Way
Dor
sey
Lane
6th St
Marina Heights
Sun Devil Stadium
Wells Fargo Arena
DesertArboretum
Park
‘A’ Mountain
Events Venue
Tempe Town Lake
FutureDevelopment
ISTB 7
Athletics Village
Ocotillo
Existing Garage
Lakefront Park
7F 5A 5B
5C5D
5E
4A 4B 4C
6A6D
6B
6C
6E
6F
6G 6I
6J
6H
7J7K 7E 7D
7B7A
3A
3CS
3CN
3B
3DS3DN
3E 3F
7C
7I
7H
7G
3G
4F5.1ac 11.2ac 6.3ac 24.6ac
2.2ac
2.0ac
2.5ac
3.9ac
4.0ac
3.2ac
1.5ac
3.0ac
3.2ac
3.6ac
2.8ac
3.8ac2.6ac
1.0ac
2.9ac
2.0ac
2.9ac
4.2ac
1.2ac 1.1ac
1.4ac
1.4ac1.6ac
1.9ac
1.1ac
1.1ac
2.5ac1.0ac 1.2ac
3.0ac1.0ac
1.9ac
2.0ac
2.0ac
2.1ac
Apartments
(262 units/ 27,000 SF of retail -construction start
Q1 2019)
6
2 | A. RENDERINGS SHOWING URBAN CONTEXT AND PEDESTRIAN/URBAN EXPERIENCE
Hotel
(260 rooms -construction start
Q1 2019)
Office Building
(154,000 SF office/8,500 SF retail -
construction start Q1 2019)
ASU Global Institute of Sustainability
(258,000 SF)
SUBJECTSITE
Food Hall/ Mixed Use
Parking Structure
2,500 stalls
(1st phase 1,250 stalls) construc-
tion start Q2 2019
PHASE III (19 ACRES)
Page 4
±1.0 Net Acre High Density Multifamily Development Site Within the ASU Novus Innovation CorridorSWC 6TH STREET & PACKARD DRIVE | TEMPE, AZ
350 ACRES IN THE HEART OF TEMPEINNOVATION FROM THE GROUND UP
The Novus Innovation Corridor marks
the next step in ASU's vision of the New
American University and the focal point of
the region's progress toward becoming an
international hub of innovation. ASU and
Catellus together have decades of experi-
ence shaping communities through strate-
gic public-private partnerships. Over the
next twenty years, ASU and Catellus will
fundamentally transform the surrounding
landscape.
Approximately 3,600 residences, over
4 million square feet of office and retail
space, and an array of global-caliber sports,
entertainment and artistic experiences are
planned. The land plan, designed to maxi-
mize development potential, incorporates
a neighborhood framework that includes
pedestrian thoroughfares and civic and
outdoor spaces. Four neighborhoods are
planned, each with a distinctive charac-
ter, that will flow together seamlessly. The
neighborhoods are designed to comple-
ment one another, contributing to a dis-
tinctive, local identity.
THE PROJECT
Tempe Town Lake
Athletics Vil lage
Univ
ersit
y Dr
ive
Rural Rd.
University and Rural Neighborhood
Rio Salado Creative Office ParkRio Salado and Rural
Neighborhood
McClintock LakefrontNeighborhood
Page 5
Site
N.T.S
Rural Road
University Drive
LIGHT RAIL STATION
LIGHT RAIL STATION
PARCEL 3F 1 AC HIGH DENSITY
MULTIFAMILY
Parking Garage 2,500 Stalls
(1st Phase 1,250 Stalls) est. completion 2020
Page 6
at Marina Heights
ASU ISTB-7 (est. completion
2020)
ASU BioDesign C
Hotel - 260 Rooms (est. completion
2020)
Food Hall / Mixed Use
6th Street Promenade
Residential - 262 Units / 27,000 SF Retail
(est. completion 2020)
154k SF Office 8.5k SF Retail
(est. completion 2020)
ASU 4,200-Seat Multi-Purpose Arena (est. completion 2021)
Novus Place Retail District
*Plan is conceptual and subject to change.
±1.0 Net Acre High Density Multifamily Development Site Within the ASU Novus Innovation CorridorSWC 6TH STREET & PACKARD DRIVE | TEMPE, AZ
AREA AMENITIES
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ASUSUN DEVILSTADIUM
WELLS FARGOARENA
ASU MAINCAMPUS
ASU KARSTENGOLF COURSE
TEMPEBEACHPARK
MARINA HEIGHTS
HAYDEN FLOUR MILL
REDEVLOPMENTFUTURE
RESTAURANTROW
Light Rail Station
Light Rail
Entertainment
Dining
g
Shopping
Nightlife
Hotel/Condos
Site
Page 7
UNIVERSITY DRIVE
6TH
STR
EET
VETERANS WAYLIGHT RAIL
DOWNTOWN TEMPEMILL AVENUE DISTRICT
SOUTHMOUNTAIN
WELLS FARGOARENA
Aerial Map Looking Southwest
Bloomberg Business ranks Tempe as “America’s Third Most Affordable, Fun City”
LIGHT RAIL
LIGHT RAIL
Page 8
Subject Site
PARK
USA Today ranks Tempe as 12th among “Cities That Attract Young Workers”
FUTURE4,200-SEAT
MULTI-PURPOSE ARENA
PAPAGO PARK
6TH STREET
VETERANS WAY
RURAL ROAD
SCOTTSDALE ROAD
DOWNTOWNSCOTTSDALE
CAMELBACKMOUNTAIN
PIESTEWAPEAK
UNIVERSITY DRIVELIGHT RAIL
HAYDENFERRY
MARINAHEIGHTS
SUN DEVILSTADIUM
WELLS FARGOARENA
LIGHT RA
IL
LIGHT RAIL
Aerial Map Looking North
Page 9
Subject Site
FUTURE4,200-SEAT
MULTI-PURPOSE ARENA
±1.0 Net Acre High Density Multifamily Development Site Within the ASU Novus Innovation CorridorSWC 6TH STREET & PACKARD DRIVE | TEMPE, AZ
1.3%
9.3%
29.6%
37.4%
17.8%
4.7%
85+
65-84
35-64
20-34
5-19
<4
City of Tempe Age Breakdown
Millennials make up the highest percentage of the Tempe population. 37.4%
CITY OF TEMPE AGE BREAKDOWN
CITY OF TEMPE POPULATION GROWTH
140,000
150,000
160,000
170,000
180,000
190,000
200,000
210,000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Tempe is slated to increase by 16,475 people in the next 5 years.8.8%
Tempe has a distinct identity as an emerging destination city, replete with all the offerings of a city rich in economics, technology, culture, tourism and educational resources. Tempe offers a blend of quality new developments, revitalization and redevelopment, prestigious institutions such as Arizona State University, and celebrated traditions. Tempe brings it all together – bright Arizona sun, rewarding places to work, diverse cultures, a myriad of recreational opportunities, the best in entertainment and an unparalleled Southwestern lifestyle. Tempe is the place to live, learn, work and play!
"#7 for the Best Downtown in the Nation" by Livability (2016)
THE CITY OF TEMPE
Without a doubt, Tempe’s Mill Avenue District in Downtown Tempe is the hottest entertainment center in Arizona. It is the hot spot in the Valley of the Sun Phoenix area with the highest concentration of restaurants, cafes, microbreweries, sports bars, unique shopping and nightlife than any other place in the Metro area.
Page 10
±1.0 Net Acre High Density Multifamily Development Site Within the ASU Novus Innovation CorridorSWC 6TH STREET & PACKARD DRIVE | TEMPE, AZ
TEMPE EDUCATION ATTAINMENT
Nearly half of Tempe residents have earned an associates degree or higher49.7%
13.6% High School
Graduate 24.7% Some College
7.7% Associates
Degree 25.2% Bachelor’s
Degree
16.8% Graduate Degree
25-acre Tempe Beach Park for major
community events
10,000+ miles of hiking trails
More than 100 restaurants, shops, nightclubs and
art galleries
750+ miles of bikeways
THE CITY OF TEMPE
Arizona State University’s (ASU) main campus is located in Tempe. One of the largest universities in the nation, ASU of-fers programs serving more than 73,000 undergraduate and graduate students in a variety of educational majors. It is especially noted for its engineering, business, education and law programs. Tempe is home to several institutions that part-ner with the private sector to advance medical research, build new products and improve the environment. ASU research has helped to explore Mars, fight cancer, find new water sources and cool the planet.
Tempe is one of the few Southwestern cities that has more workers than residents in the city on an average business day. The mix of creative teams, technology companies, architects and Fortune 500 business, along with the students from ASU and other Tempe colleges, gen-erates an electricity that is palpable.
US News and World Report has named ASU the nation’s “Most
Innovative University” for 2019 and each of the past 3 years.
Page 11
TOP TEMPE EMPLOYERS
10,089 Employees
4,703Employees
4,236 Employees
3,996 Employees
3,331 Employees
3,000Employees
3,000Employees
1,500Employees
2,559 Employees
2,377 Employees
8,000 Employees
1,898Employees
UNIVERSITY DRIVERURAL ROAD
6TH STREET
VETERANS WAY
LIGHT RAIL
WELLS FARGOARENA
LIGHT RAIL STATION
©2018 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. No warranty or representation, express or implied, is made as to the condition of the property (or properties) referenced herein or as to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). Any projections, opinions or estimates are subject to uncertainty and do not signify current or future property performance.
For more information please contact:
David Fogler602.224.4443 [email protected]
Steven Nicoluzakis602.224.4429 [email protected]
MULTIFAMILY capital markets groupDAVIDFOGLER | STEVENNICOLUZAKIS
±1.0 Net Acre High Density Multifamily Development Site Within the ASU Novus Innovation Corridor
SCOTTSDALE
FOUNTAINHILLS
PARADISE VALLEY
PHOENIXSKY HARBOR
AIRPORT
PHOENIX
TOLLESONGOODYEAR
AVONDALE
SURPRISE
GLENDALE
SUNCITY
GILBERT
QUEENCREEK
CHANDLER
TEMPE
PEORIA
MESA
LIGHT RAIL
LIGHT RAIL
LIGHT RAIL
Page 12
Subject Site
FUTURE4,200-SEAT
MULTI-PURPOSE ARENA