By Roland Murphy for Arizona Builder’s Exchange
Legacy Partners Residential has submitted initial applications to the City of Tempe to redevelop University Village apartments (920 S. Terrace Road) into a mixed-use live/work/play property with student housing and flexible retail office space.
The proposal calls for 260 student housing apartments totaling 775 bedrooms and 2KSF retail/office on the 4.6 acre site, located southeast of the Terrace and Rural Road intersection near the Rural and ASU light rail station.
According to an announcement to area residents provided by Legacy’s attorneys, Gammage & Burnham, the project will help move students out of Tempe’s traditional residential neighborhoods and into student-focused housing near the ASU campus.
The stated goal is to, “provide students and young professionals with exciting new housing options within walking distance of both the ASU campus and the Rural Road/ASU light rail station, as well as the various uses, including employment, educational, and entertainment uses that are accessible throughout Tempe and the Valley via the light rail line.”
In addition to the five-story mixed use building, plans also call for a 6.5-level parking structure with approximately 470 parking spaces and nearly 300 bicycle spaces.
Timeline and budget information are not yet known.