The ASU Athletic Facilities District is moving forward, with the first private development expected to break ground later this year, occupying 150 of the district’s 330 total acres.
:quality(75))
The district is designed as a funding mechanism for renovations to Sun Devil Stadium and other university athletic facilities.
Lease revenues of private developments in the district will provide a steady stream of income for ASU without the need for a tax increase. In place of property taxes, owners of real estate in the ASU Athletic Facilities District will pay a fee directly to ASU at a similar rate, increasing revenue potential.
The first phase, which entails renovating Sun Devil Stadium, is already in progress (above). The area’s full build-out is expected to take about 20 years, ASU estimates.
:quality(75))
Once completed, the area will be home to retail stores, restaurants, hotels, urban housing and offices, in addition to new and renovated NCAA athletic facilities. Catellus Development Corp of Oakland, CA, is overseeing the development of ASU’s Athletic Facilities District from start to finish, including designing a master plan (above), installing required infrastructure, marketing the leasable space to end users, and managing the district once it is completed and occupied.
Plans for the district’s first private development are nearly finalized. This mixed-use development will include ground-floor retail, three Class-A office buildings totaling 450k SF, and a 500-unit multifamily apartment complex, according to the Phoenix Business Journal. The project, like others to come, will have six- to eight-story buildings to serve as the gateway to Tempe and ASU.
Another deal is in the works between Catellus and an anonymous technical-professional business service looking at around 150k SF.
)
)
)
)
)
)
)
)
)
)
)
)