Novus is featured on the cover of this week’s Tempe Tribune. Read more below!
“Innovation is the hallmark of Arizona State University, and nothing reflects that more than the Novus Innovation Corridor, a massive, cutting-edge development that four years into a 20-to-30 year buildout is taking shape.
It was created to fund construction and renovation of ASU’s athletic facilities.
But it’s more than that.
Novus is essentially a 21st-century city with 10 million square feet of mixed-use space on 355 acres of ASU-owned land embedded within the major research university.
When completed, it will boast 4.5 million square feet of Class A office space; 275,000 square feet of stores, restaurants and entertainment; 4,100 residences and 1,000 hotel rooms. It will have several grocery stores.
The bulk of Novus is within a few blocks on both sides of Rural Road from Town Lake south to University Drive.
It’s a unique public-private collaboration between the university and Tempe-based Catellus Development Corp. in a special University Athletics Facilities District created by the Arizona Legislature in 2010.
It will allow ASU to build and renovate state-of-the-art sports facilities without taxpayer or student funds.
ASU owns the land and Catellus is the master developer.
Buildings are on a 99-year, prepaid lease, which banks treat as land ownership, facilitating financing.
‘We’re master developers, so we planned Novus and zoned it, which is a little unusual for a huge mixed-use project to get all zoned in one fell swoop,’ said Charley Freericks, senior vice president of Catellus Development Corporation…”
Check out the full story HERE.
