By Roland Murphy for Arizona Builder’s Exchange
Next Tuesday, Feb. 13, the Tempe Development Review Commission will hear a presentation on The Collective on 7th & Myrtle, a planned 22-story luxury mixed-use tower project.
Representatives of developer Core Spaces – along with other members of the project team – will explain the company’s requests to amend Planned Area Development Overlay Zoning to create site-specific standards and to get approval for a development plan review and a use permit for parking modifications.
The team is looking to create a 240-feet tall tower with 269 luxury apartments, 6KSF of first-floor retail/restaurant, 3.3KSF of first-floor lobby and leasing office space, a 4.5KSF fifth-floor communal garden and amenity space, and a rooftop pool terrace. There also will be an outdoor seating area near the corner of 7th Street and Myrtle Avenue.
The unusual five-level structured parking plan calls for 160 vehicle spaces, 29 moped stalls and 336 bicycle spaces.
Planned unit breakdown and sizes are 18 micro (337SF), 54 studio (435SF), 34 one-bedroom (503SF), 131 two-bedroom (690SF or 766SF) and 32 three-bedroom (1015SF) units.
In 2008 a PAD overlay – the M7 Mixed-Use Development Plan – was approved to allow a 26-story residential tower of up to 306 feet in height with up to 370 units. Core Spaces’ requested amendment would reduce the PAD by 101 units and approximately 66 feet. A second residential tower and a hotel were originally planned but never built.
The site is currently occupied by two two-story and one one-story, vacant, block construction buildings.
In January, 2017 Cushman & Wakefield announced the sale of the site, as well as another site at 7th Street and Mill Avenue, to Core Campus Investment Partners, LLC. In announcing the sale, Brian Rosella of Cushman & Wakefield was quoted as saying, “This sale was the highest (per square foot) sales price for any piece of land in Arizona over the last 10 years. As a vibrant urban area, demand for land in Tempe has been unprecedented, but this closing has set a new benchmark for pricing in the state.”
High profile projects in immediate proximity to The Collective on 7th & Myrtle site include: Mirabella at ASU Senior Living (20 stories), Union Tempe Residential & Retail Portion (20 stories and 12 stories), Canopy by Hilton at Union Tempe (14 stories), and Westin Tempe (18 stories).
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