Posted Jun 6, 2018, 6:43 PM
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Join Date: Oct 2015
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Some additional information about first Novus buildings and other ASU-related projects in latest ABOR agenda:
https://public.azregents.edu/Shared%20Documents/2018-06-Board-Meeting-Materials.pdf
1. ASU is planning to lease 80,000 sq. ft. in the proposed mid-rise office building ("777 Tower"). I would think this would all but ensure this gets built.
Quote:
ASU's lease of 80,000 square feet of space within the Novus 1 Building will allow ASU to consolidate local leases, accommodate new academic and administrative space needs and provide swing space for interim uses while buildings are being remodeled, modified or developed. These uses include the University Real Estate office currently at Hayden Ferry Lakeside, Herberger Institute of Design and the Arts programs currently located in Tempe Center, and University Technology Office personnel currently housed in the University Services Building.
The lease term will be for a period of ten (10) years, commencing on the completion of the Novus 1 Building, which is anticipated to be on or about March 30, 2020, with four five-year renewal options.
The first-year rental rate will be $35.75 per rentable square foot for a first-year total annual lease amount of $2,860,000 and shall increase annually by two and one quarter percent (2.25%)...
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2. ASU is adding a proposed large parking garage, which will serve a total of 3 planned mid-rise office buildings in the area, ito its capital improvement plan. A bunch of nuggets below.
Quote:
The proposed project is for new construction of an approximately 400,000 gross square-foot, multi-level parking structure on the northwest corner of University Drive and Rural Road in Tempe...
...Phase 3 of Novus includes three mid-rise, Class A office buildings that will enable the university to connect world-class research with commerce and practical business applications to fuel economic growth. The development also will include urban residences, hotel rooms and retail shops and restaurants. The entire area will connect to Sun Devil Stadium, Wells Fargo Arena and the planned multi-purpose arena through a pedestrian promenade along Sixth Street.
This ASU-owned parking structure will provide parking capacity for ASU visitors and the new Interdisciplinary Science and Technology Building (ISTB) 7, as well as support the events associated with Wells Fargo Arena, the new multi-purpose arena and the Sun Devil Stadium 365 Community Union. The structure will connect to ISTB 7 through a future sky bridge.
The proposed structure also will provide parking capacity for tenants of the three mid-rise office buildings, the restaurants and retail located in each of the office buildings, and the hotel planned for the northeast corner of Veterans Way and Sixth
Street.
This multi-level parking structure will be designed to accommodate approximately 1,250 parking spaces, with an option to expand capacity in the future, as needed...
Project construction is scheduled to start in January 2019 and completion is estimated for November 2019. This schedule is planned to coordinate with the completion of the first office building in Phase 3 of the Novus Innovation Corridor. This building will include approximately 154,000 gross square feet of office space and 8,300 gross square feet of retail and restaurant space that will utilize this parking structure.
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3. ASU and Tempe are going to complete a land swap that results in the ditch next to the Rural light rail stop being deeded to ASU to facilitate construction of ISTB-7.
Quote:
The City and ASU determined it would be mutually beneficial for ASU to convey to the City certain rights-of-way located adjacent to ASU's property in Tempe, including a bus turn-out lane, to help mitigate the anticipated increased traffic flow from development surrounding ASU's Tempe campus.
To complement the development of Interdisciplinary Science and Technology Building 7, as approved in ASU's 2018 capital development plan, ASU seeks to acquire from the City approximately 1.49 acres of land described on Exhibit A ("Lot 1"), which is located immediately south of the property ASU owns at the southwest corner of University Drive and Rural Road.
In exchange for conveying Lot 1 to ASU, ASU will convey to the City certain rights-of way located adjacent to ASU's property in Tempe. The conveyance to the City of the rights-of-way will help mitigate the anticipated increased traffic flow in those areas and will enhance ASU's development of its projects located adjacent to the rights-of-way.
The specific locations of the rights-of-way will be determined cooperatively by the City's traffic department and ASU's real estate office.
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