By Matthew Roy for Arizona Builder’s Exchange
“Our mission is to make Tempe great again, and to make Scottsdale pay for it,” said Catellus Senior Development Manager Brian Kearney, drawing laughter from the crowd of more than 300 commercial real estate professionals at last month’s Phoenix Metro Development Summit.
Catellus has been charged with land use planning for the ASU Athletic Facilities District, a 330-acre assemblage of parcels that will someday be home to more than 10MSF of new development (AZBEX, Oct. 10, 2014; June 26, 2015).
The district is roughly bounded by Sun Devil Stadium, Veteran’s Way, University Drive, McClintock Road and Tempe Town Lake, and comprised of university-owned land. Catellus will design and construct the site infrastructure and promote private development, the proceeds from which will enable the university to upgrade and build out its athletic facilities.
Early plans for ASU facilities will create what Kearny described as an “athletics village,” which would include softball and soccer stadiums, a tennis center, football practice facilities, and a 3,000-4,500-seat multi-events venue for wrestling, gymnastics and volleyball. The project would not only enhance ASU’s capacity, but would serve as a valuable resource to the community, he said.
Catellus has conducted site assessments and due diligence analysis, completed market studies and financial underwriting, developed the master plan, conducted public outreach, and negotiated with a developer for a mixed-use, multifamily project.
That phase of development will see a mid- to high-rise project rise at the northwest corner of University and Rural, with office, retail and multifamily components. This will include 450KSF of Class A office space in three buildings. The residential component will include up to 500 units. Retail/restaurant space might total up to 60KSF, to be located on the ground level of both office and residential buildings.
“The mix of uses and quality reflected in the Athletic Facilities’ District’s first phase, combined with its strong emphasis on integration and connectivity to surrounding uses such as Metro light rail, athletic venues and the ASU Tempe campus, ensures that these first efforts will be both a template and catalyst for continued success in implementing the district plan,” said Kearney.
Catellus is negotiating a lease for an anchor tenant for the phase one office component. They have also already had “strong interest” from potential retail and restaurant tenants,” Kearney said.
Though basic infrastructure was already in place at the site, Catellus is working to reconfigure street access and any necessary improvements ahead of commencing on-site work in Q2 2017. Completion of the first office building is expected by mid-2018.