By Roland Murphy for Arizona Builder’s Exchange
After winning unanimous approval of its Planned Area Development Overlay from Tempe’s Development Review Commission earlier this week, developer Trinsic Residential Group hopes to begin construction of its seven-story multifamily project Aura Watermark on the north shore of Tempe Town Lake in September.
Aura Watermark is associated with the greater Watermark mixed-use project being built by Fenix Development, Inc. Both projects go before the Tempe City Council for a first hearing March 23 and anticipate final approval on April 20. Building permits will be filed immediately after and should take approximately 30 days to be approved, according to Fenix Project Manager Mike Loretz.
As creator of the overall site, Fenix will develop the infrastructure, according to Trinsic’s Managing Director for Arizona Todd Gosselink. After that’s in place, Trinsic will commence construction of Aura Watermark.
Initial development plans submitted to and approved by the city call for 360 units, consisting of 47 studio, 159 one-bedroom, 118 two-bedroom and 36 three-bedroom luxury apartments in a seven-level building of approximately 653KSF (gross). Maximum planned building height for the project is 278 feet.
Asked why Fenix sold the multifamily component for this segment of the project to Trinsic, Loretz touted the firm’s expertise in the multifamily sector and noted how well The Aura Watermark’s design and high-end finishes will complement the over development.
Gosselink said Trinsic’s interest in the project formed early on and the company pursued the opportunity eagerly. “I’ve known David (Norouzi, Fenix president) for eight years, and I’d been trying to get him to let me buy this for that long. We’ve been compelled by the water and everything that’s happening in Tempe.”
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