From Equestrian Center to Luxury Apartments
Construction has begun on Transwestern Development Co.'s new development VELA at Town Lake.
By Robin Nathanson, Associate Editor
Tempe, Ariz.—Construction has begun on Transwestern Development Co.’s new development VELA at Town Lake. Tempe Town Lake is a former equestrian stable and training site that will now be home to a 290-unit luxury apartment community at 555 N. College Ave. in Tempe, Ariz. Transwestern Development Co. purchased the 4.57-acre site with its partner, FL Lakeside Investor LLC.
The first units will be available in February 2016 with completion scheduled for September 2016. Transwestern Development Associate Vice President Josh Delk is leading the development team, and Transwestern Vice Presidents Jack Hannum and Bret Zinn negotiated the land sale. “Transwestern Development Co. is very excited to commence construction on the VELA at Town Lake,” said Delk. “The lake-front property is unique and will attract young professionals seeking an amenity-rich lifestyle near major employment and retail hubs.”
VELA at Town Lake is adjacent to the Tempe Town Lake marina and directly across from the new regional headquarters of State Farm and Sun Devil Stadium, the football stadium for Arizona State University.
In addition to 500 feet of south-facing frontage along the lake, the community will include a pool with cabanas, fitness center including touch screen cardio equipment, indoor area overlooking the lake with a catering kitchen, fireplace seating area and television viewing area, activity courtyard complete with moveable movie projector, gaming area, fire pits and grilling area, indoor bike storage and an outdoor covered area with kitchen and pool table.
Two buildings ranging from three to five floors will wrap around a structured parking garage. In addition to stainless steel, ENERGY STAR® appliances each unit will have quartz countertops, prep islands, washer and dryer connections, floating vanities and private balconies.
Financing for the project was provided by Bank of the Ozarks and Cornerstone Real Estate Advisers LLC. The project was designed by Wilder Belshaw Architects and Davis Architects with is MT Builders Cos as the general contractor.