Development in progress at Novus Innovation Corridor in Tempe
Arizona State University (ASU) and Catellus Development Corporation (Catellus) announced that Ryan Companies US, Inc. (Ryan), a premier national builder and developer with a long history of successful developments in Arizona, will develop a Class A, six-story, 162,000-square-foot multi-tenant office building at the corner of University Drive and Rural Road in the Novus Innovation Corridor (Novus).
“ASU is proud to collaborate with Ryan Companies on this important University initiative,” said Morgan R. Olsen, Executive Vice President, Treasurer and Chief Financial Officer at Arizona State University. “Through our partnership with Catellus, we are setting the stage for commercial office, retail and multi-family residential projects within ASU’s Novus Innovation Corridor to drive economic activity and help sustain the incredible contributions ASU makes to the community.”
Novus is a 350-acre, multi-phased development, which at completion will encompass more than 10 million square feet of mixed-use opportunities, including State Farm’s 2.1-million-square-foot Marina Heights regional hub.
Ryan has developed and constructed more than 4.6 million square feet of office space in Tempe over the past twenty years, and the Novus announcement follows the company’s recent success developing both Marina Heights and Hayden Ferry Lakeside III.
“Ryan is thrilled to collaborate with Arizona State University and master developer Catellus on this state-of-the-art office project,” said John Strittmatter, chairman of Ryan Companies’ southwest region. “This building will be in a mixed-use, urban pedestrian development and is going to further enhance the active and innovative community of Tempe.”
The L-shaped office building will feature an open floor plan with penthouse office space and about 8,000 square feet of retail space on the first floor. There also are plans to create a plaza area for event usage, and the building will be within walking distance of dining options, sports venues, ASU’s Tempe Campus, downtown Tempe and the Rural Road light rail station.
Davis, the architect of record, is designing the project to complement ASU’s campus character while meeting the needs of the dynamic and forward-looking tenants that will occupy it. The technologically-advanced building will anchor the prominent intersection and set the design standard for future office space at Novus.
Groundbreaking is expected in early 2019, with completion in mid-2020.
“This building will accelerate the development of Novus as a world-class, urban community,” said Charley Freericks, Senior Vice President at Catellus Development Corporation. “Ryan’s demonstrated success in Tempe makes them a great partner for this project.”
Novus is already alive with activity. The $300 million reinvention of Sun Devil Stadium is well underway, having recently completed phase 3A, with remaining phase 3 work to complete once the 2018 home football schedule concludes.
The project extends ASU’s commitment to the growth of smart cities, employing strategies to address adaptive design, urban heat island impacts, energy and water efficiency, smart infrastructure and transportation/mobility options.
Jones Lang LaSalle is responsible for office leasing, and Phoenix Commercial Advisors is focused on retail leasing. Preleasing is underway, with significant interest from both office and retail tenants.
For more information on the Novus Innovation corridor and development opportunities, visit NovusASU.com, call (480) 566-9900 or email [email protected].