New complex to replace aging University Village near ASU
A developer wants to demolish a 50-year-old apartment complex near Terrace and Rural roads to construct a multi-use building that would include 260 new apartment units.(Photo: Parker Leavitt/The Republic)
Story Highlights
- University Village, built in the early 1960s, is set to be demolished near ASU
- The developer wants to replace the complex with a new student-housing community
- University Village 2.0 would include 260 units and a small amount of commercial space
An apartment community built in the early 1960s near Arizona State University will likely be demolished next summer to make way for a new five-story complex along Tempe’s light-rail corridor.
Legacy Partners Residential, which manages University Village near Terrace and Rural roads, wants to build 260 apartments and a small amount of retail space on the five-acre property, according to city records.
The neighborhood just east of ASU’s Tempe campus is home to several aging apartment complexes — built roughly 50 years ago — but is now enjoying a flurry of redevelopment.
Across Terrace Road from University Village, construction is wrapping up on the Vertex mixed-use project, which will include about 200 residential units on top of commercial space. That complex also overlooks the light-rail track, with access to a station just 700 feet away.
RELATED:How to find a place to live near ASU in Tempe, Phoenix
Legacy plans to spend more than $60 million building University Village 2.0, which would include a single apartment building wrapped around two central courtyards and a parking garage.
(Photo: Legacy Partners)
The company hopes to win Tempe City Council approval in September and plans to start demolition and construction by July or August 2016, said Dave Pinto, development director for Legacy. University Village 2.0 would then open in time for the fall 2018 semester, he said.
A large central courtyard will include a community pool, jacuzzi, outdoor kitchen, cabanas and television, according to plans submitted to the city. A smaller nook will feature a two-way fireplace, garden and seating to give residents a more quiet place to congregate, Pinto said.
RELATED:Tempe, ASU at odds over high-rise tower
There are also plans for a sand volleyball court, clubhouse with a game room, fitness center and perhaps study rooms, Pinto said.
(Photo: David Wallace/The Republic)
University Village originally opened around 1962 with 101 units on two floors. Late Phoenix architect Al Beadle, whose work has recently gained attention from architectural historians and scholars, designed the complex, according to city officials. The buildings do not carry a formal historical designation, however.
For Legacy, a large amount of deferred maintenance means it would take “significant capital” to bring it up to par with the surrounding neighborhood, Pinto said. Meanwhile, demand for new student housing is high, with occupancy rates around 95 percent, he said.
The new University Village would significantly increase residential density on the property, which falls in line with the city’s vision to develop an urban core around ASU.
The project would more than double the number of apartments, and a majority of the new units would have four bedrooms, according to city records. If each bedroom in the complex ends up with one resident, University Village could be home to nearly 800 people.
Residential units range from 470 square feet for a studio to about 1,400 square feet for the four-bedroom floorplan.
(Photo: Legacy Partners)
About 1,800 square feet of commercial area included in the complex will most likely be used for retail business, though it could also hold office space, Pinto said..
Tempe’s planning staff are recommending approval of a General Plan amendment needed for the project, which will require two-thirds of the City Council. The city’s Development Review Commission voted to support the plans at its July 28 meeting.
Legacy Partners has developed more than 72,000 apartments across the country but has just one other project in Arizona — Legacy Bungalows in central Phoenix.
Comments
Post a Comment