Transwestern Development Company(TDC) has plans of building its TDC multifamily project at a master planned Novus Innovation Corridor in Tempe.
However, this marks the developer’s second development at the 10 million square foot master planned community over the past year. Transwestern is working alongside its equity partners, Griffin Capital and University Realty, to break ground on the 333 unit development.
The TDC multifamily project will be located on a 2.36 acre site adjacent to Arizona State University’s campus. The project’s location provides immediate access to several attractions within the 355-acre Novus Innovation Corridor mixed use development.
Some of these venues include the Novus Place, a main street retail district, Sun Devil Stadium, and Desert Financial Arena. Moreover, Arizona State University recently opened its Mullett Arena, equipped with facilities to accommodate concerts, lectures and large-scale meetings.
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Development plans for the TDC multifamily project
TDC’s multifamily project will be a 7 story complex featuring several amenities such as a resort-style pool with a clubhouse. Other additional facilities on the property include a gourmet kitchen, fitness center, coworking lounge, package lockers, and bike storage. All units on the property will be furnished with washers and dryers, stainless steel appliances, quartz countertops, and hardwood-style flooring.
According to Novus’ master developer, Catellus Development Corporation, the master planned community is almost completing its third phase with Transwestern’s corporation. Therefore, the company’s Senior V.P, Charley Freericks praised Transwestern for their commitment to delivering exceptional residential communities. Especially since Tempe is one of Maricopa county’s fastest growing cities due to the strong job growth and ASU’s investments. TDC’s multifamily project will be built on a ground lease with a primary term of 99 years.
Besides the new TDC multifamily project, Transwestern is also developing a 200-unit multifamily community at 651 E. 6th St. Overall, Transwestern has 14 multifamily projects which amounts to 4,366 units under construction, in pre-development, or recently delivered nationwide. That also includes the 1,089 units in the West region.
