Transwestern Development Co. (TDC) has launched construction on a new multifamily development at a major gateway into Novus Innovation Corridor in Tempe, Ariz.
With construction under the stewardship of general contractor MT Builders, the project is a joint venture of TDC and equity partners Globe Corporation and University Realty. The development is expected to deliver in the fourth quarter of 2023.
Novus Innovation Corridor is a 10-million-square-foot, 355-acre mixed-use development proximate to Arizona State University’s Tempe campus. Among nearby attractions are Sun Devil Stadium, Desert Financial Arena and Main Street retail campus Novus Place.
Located at 651 E. Sixth St., features and finishes of the community will include hardwood-style flooring, stainless steel appliances and in-unit washer-dryers. Select units will offer balconies, custom built-ins and Murphy beds. Topping the roster of amenities will be a communal area featuring a kitchen and bicycle storage.
In a prepared statement, a TDC official noted demand for reasonably-priced and quality multifamily housing in Tempe has never been greater. Among the factors behind that unprecedented demand are high levels of in-migration and a surging economy.
The new apartment community should appeal to renters based on its proximity to Arizona State University, its closeness to light rail public transportation and its location just 5 miles from Sky Harbor International Airport in Phoenix. It is also situated at a walkable distance from Tempe Town Lake, a more than 2-mile-long, man-made lake in the heart of Tempe. With nearby paths for joggers, bikers and walkers, the lake also appeals to boaters and is Arizona’s second-most visited public attraction.
In July, Perseus TDC, an affiliate of Transwestern Development Co., started construction of a five-story development in Washington, D.C.