2024 Winter Issue of Urban Land - 131

Arizona
State
University's
Novus
Innovation
Corridor
Embodies a
New Era in
Phoenix
Public-private partnership
creates a city within
a city on 355 acres of
undeveloped land located
on the 100-year-old ASU
campus.
KELSI DIAZ
Finding a better urban success
story in the last decade than that
of the Greater Phoenix metropolitan
area would be a real challenge.
From 2010 to 2020, the city's
population grew 11.2 percent, with
young professionals, middle-class
families, and retirees all drawn to
the city's apex of affordability and
quality of life. With them, technology
companies, regional businesses,
and manufacturers moved in, as
well-and real estate development
has followed. Today, the Phoenix
metropolitan area ranks fourth in the
nation for real estate development
activity, surpassing such major hubs
as Chicago and Los Angeles, as
well as other top growth markets,
including Atlanta and Miami. In the
last decade, the area has undergone
the construction of more than
200,000 single-family homes, 95,000
multifamily units, nearly 100,000
square feet (9,290 sq m) of industrial
space, and more than 21 million
square feet (2 million sq m) of new
office space. Yet it is a project from
Arizona State University (ASU) that
best illustrates the future of the
market here.
The Novus Innovation Corridor is
a 10 million square-foot (900,000 sq
m) mixed-use development, currently
underway in Tempe, Arizona, a
suburb of Phoenix, from a public/
private partnership between ASU and
Catellus Development Corporation.
A city within a city, the Novus
Innovation Corridor is set on 355
acres (144 hectares) of undeveloped
land adjacent to Downtown Tempe
and located on the 100-year-old ASU
campus. As part of an innovation
zone-one of seven operated by
the university-businesses will
have access to the knowledge and
professional support that they need
to grow and scale. Once complete,
the live-work-play destination is to
feature 4,100 market-rate multifamily
units, 1,000 hotel rooms, 6.5 million
square feet (604,000 sq m) of
commercial office, and 275,000
square feet (25,000 sq m) of retail
space, along with public outdoor
spaces. All at once, it is a space for
Novus is cooking up great things with Fox Restaurant Concepts as its new anchor tenant,
along with five additional eateries-several which are first to the market.
WINTER 202 4
URBAN LAND
91
FEATURES
NOVUS INNOVATION CORRIDOR

2024 Winter Issue of Urban Land

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