By AZBEX Staff for Arizona Builder’s Exchange
Forum Real Estate Group will develop The Local, a mixed-use project featuring 286 apartments and a Whole Foods Market at the NWC of University Drive and Ash Avenue in Tempe.
According to Business Real Estate Weekly, a Forum subsidiary purchased the nearly 1.9-acre site for $7.9M.
Originally named The Foundry, a development agreement for the project, which called for 292 apartments, was adopted by the Tempe City council in June of last year.
The detailed description of the project filed with the city states, “Rising to two stories in volume from ground level, the 41KSF Whole Foods grocery store will front the roadway at the intersection with large, roll-up doors to create an open, outdoor dining area along the street and at mezzanine level. A canopied platform out front will serve as a stop on the route of the future Tempe streetcar service.
“Above the store will rise a three-level parking structure, which will be screened by an artistic metal mesh. The project will have 557 parking spaces, including 446 standard spaces, 73 compact spaces and 38 tandem spaces, as well as 312 bicycle spaces.
“The layout emphasizes alternative transportation modes, such as street car, biking and walking, by locating entrances to the parking structure on the west end of the University frontage and the north end along Ash.
“The top five levels will be luxury apartments surrounding a courtyard amenity for residents, including a resort-quality pool. Rising 118’ in height, the building will encompass 572KSF.”
BREW reports Forum subsidiary FDG Local Tempe Associates LLC acquired the property from University and Ash Owner LLC, a subsidiary of Alberta Development Partners LLC. Alberta Development Partners was listed in the original development agreement as Forum’s developer for the project.
Amazon announced plans last week to purchase Whole Foods for nearly $14B. It is not known how or if the buyout will impact plans for future Whole Foods locations.
Forum Real Estate Group is the owner. Design is through Humphreys & Partners Architects. JE Dunn Construction is the GC. Groundbreaking is scheduled for this month, with completion in 2019.
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