Novus Innovation Corridor at Arizona State University Tempe | Arizona

Novus Innovation Corridor will transform 330 acres of University-owned property adjacent to beautiful Tempe Town Lake and Arizona State University into a world-class urban community. The redeveloped district will feature a mix of new and renovated state-of-the-art NCAA athletic facilities and mixed-use private development.

Project Experience Sheet

Project Summary

  • Approximately 8 million square feet of office, multi-family, hotels and retail space 
  • Partnership with Arizona State University that facilitates redevelopment of football, track, tennis, intramural and many other facilities  
  • Pedestrian-friendly, sustainable community  
  • Financing structure allows new private development to facilitate the renovation and construction of athletic facilities without additional cost to private developers or use of taxpayer money  
  • Significant tangible benefits to the City of Tempe, including job creation, tax revenues and national/international recognition of its vibrant urban center

Project Highlights

  • Novus will be a model for sustainable planning and development that will demonstrate the future of creative urban neighborhood design 
  • Situated at the geographic center of Greater Phoenix, immediately adjacent to Metro Light Rail and the region’s freeway system  
  • Located 1.5 miles from Phoenix Sky Harbor Airport and .25 miles from a full interchange of the Loop 202 and Loop 101 Freeways  
  • This transformative development is adjacent to Arizona State University’s Tempe Campus of more than 76,000 students, faculty and staff, Sun Devil Stadium, Wells Fargo Arena, and has access to unique urban recreational opportunities such as Tempe Butte Park and the 2,000-acre Papago Park  
  • Revenue stream created by private development will support investment in championship-caliber facilities for the University’s athletic programs  
  • US News and World Report recently named ASU the most innovative university in the nation