2024 Winter Issue of Urban Land - 135

Novus caters to visitors at Hyatt Place/Hyatt House, the community's first dual-branded hotel, with a rooftop bar and pool. All
told, Novus will feature more than 1,000 hotel rooms to serve the area's growing number of visitors.
educational institution, and its
board of regents wants the school
to remain focused on education
rather than on these types of
growth initiatives. In a public/private
partnership, a developer brings the
experience and resources to do the
project, and the institution gets to
maintain some control. " You end up
with great decision-making, " says
Freericks. " It allows [the university]
to accomplish their goals without
detracting from their mission, and we
get to do what we do best. "
A long-term partnership also
helps mitigate exposure to economic
downcycles, and it's proving helpful
now as office demand has receded
somewhat, following the pandemic.
" We know there will be cycles,
and we are anticipating that as we
implement our plan, " says Olsen,
adding that the retail, hospitality and
multifamily components are meeting
or exceeding expectations.
The development team is not
concerned about the slump in office
demand. First, the quality of the
office space will help hedge against
remote work trends. " We have a lot
of things that are pretty positive
from a quality standpoint, and we
think that will position us as well
as anyone, " says Olsen. In addition,
this is a long-term project that is
intended to survive market cycles.
" We are not concerned about the
near-term office issues. We want to
make sure that we have the flexibility
to continue developing multiple
uses during all market cycles, " says
Freericks. " We have a long-term
perspective, and you can't overreact
to short-term market cycles. "
The Novus Innovation Corridor
is an emblem of growth in Phoenix,
and a model for the ways that public
institutions can create their own
economic engines while providing
spaces that support the city and the
surrounding community. Phoenix is
not alone. Throughout the Sun Belt
several small cities have experienced
a similar wave of population growth
and new demand. As those cities
look for ways to evolve as they grow,
the Novus Innovation Corridor will be
an example to replicate. UL
KELSI DIAZ is a freelance journalist and magazine
writer based in Los Angeles. For more than five years, she
has extensively reported on the commercial real estate
industry, covering major deals across all commercial
asset classes, investment strategy and capital markets
trends, market commentary, economic trends, and new
technologies disrupting and revolutionizing the industry.
WINTER 202 4
URBAN LAND
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FEATURES
NOVUS INNOVATION CORRIDOR

2024 Winter Issue of Urban Land

Table of Contents for the Digital Edition of 2024 Winter Issue of Urban Land

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