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Rural Road
Tempe, AZ 85288
ASU Parcel 5B · Land For Sale
·
3.54 AC
Investment Highlights
- Opportunity to obtain a 99-year, prepaid ground lease for a ±3.54 gross / ±2.97 net acre multifamily development site within Novus Innovation Corridor
- Parcel 5B is currently located within Opportunity Zone 1.0
- Novus Place® – a retail district nestled in the urban core of Novus® with shopping, dining and entertainment.
Executive Summary
This opportunity is for Parcel 5B, located on the southeast corner of Rio Salado Parkway and Rural Road. Parcel 5B is currently located within Opportunity Zone 1.0.
Parcel 5B is one of the most prominent and visible “Gateway” development sites located at the entrance to Tempe, Novus, and ASU. With over ±40,000
cars per day traveling on Rural Road, ±20,000 cars on Rio Salado, and ±250k cars per day on the 202 freeway - this site will deliver the best market visibility
for a development. Located within the Novus Innovation Corridor®, Parcel 5B provide immediate access to shopping, dining, entertainment and strolling
opportunities in an environment that features enhanced public spaces and other pedestrian amenities, along with a diverse collection of retail shops and
restaurants in a walkable, compact, urban setting just north of the University Drive/Rural Road light rail station.
Parcel 5B is one of the most prominent and visible “Gateway” development sites located at the entrance to Tempe, Novus, and ASU. With over ±40,000
cars per day traveling on Rural Road, ±20,000 cars on Rio Salado, and ±250k cars per day on the 202 freeway - this site will deliver the best market visibility
for a development. Located within the Novus Innovation Corridor®, Parcel 5B provide immediate access to shopping, dining, entertainment and strolling
opportunities in an environment that features enhanced public spaces and other pedestrian amenities, along with a diverse collection of retail shops and
restaurants in a walkable, compact, urban setting just north of the University Drive/Rural Road light rail station.
Property Facts
| Sale Type | Investment | Proposed Use | Multifamily |
| No. Lots | 1 | Total Lot Size | 3.54 AC |
| Property Type | Land | Opportunity Zone |
Yes
|
| Property Subtype | Commercial |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Multifamily |
| Total Lot Size | 3.54 AC |
| Opportunity Zone |
Yes |
1 Lot Available
Lot
| Lot Size | 3.54 AC |
| Lot Size | 3.54 AC |
Cushman & Wakefield is pleased to present a unique opportunity to obtain a 99-year, prepaid ground lease for a ±3.54 gross / ±2.97 net acre multifamily development site within the Novus Innovation Corridor® at Arizona State University.
Description
e parcel offered is within walking distance of the University/Rural light rail station. Novus is also served by the adjacent Veterans Way/ College Avenue station located less than one-half mile to the west of Parcel 3G. The 28.2-mile Valley Metro Rail Line connects Phoenix, Tempe and Mesa, serving employment, activity and cultural centers, downtown Tempe, ASU and Sky Harbor International Airport. Tempe is the only city in Greater Phoenix to have border to border service.
Property Taxes
| Parcel Number | 132-34-003Y | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $756,979 |
Property Taxes
Parcel Number
132-34-003Y
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$756,979
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