$60M hotel to join multi-use development in Tempe near ASU
PHOENIX — A development in Tempe that is located near Arizona State University’s main campus was expected to house a $60 million hotel, according to the Phoenix Business Journal.
The hotel, Canopy by Hilton, was expected to have 200 rooms and 14 floors. It will also have 3,000-square-feet of meeting space.
The development will be constructed at University Drive and Myrtle Avenue in Tempe, just blocks from Mill Avenue.
It was planned after the Florida-based Driftwood Acquisitions and Development purchased a 25,000-square-foot parcel for $5.3 million.
Sundt Construction sold the piece of land.
Brent Moser, Mike Sutton and Brooks Griffith from the Chicago-based real estate company Cushman and Wakefield helped broker the deal.
Larry Pobuda, the senior vice president and general manager for Opus, the prime developer for the Union Tempe project, told the publication that the company “appreciated” the opportunity to work with Moser, Sutton and Griffith.
“They facilitated this complex transaction that led to a great outcome for both the buyer and the seller.”
Construction on the hotel was expected to break ground in May and was expected to be complete by late 2019.
Sundt Construction is building the hotel.
The Hilton hotel will also join a number of new, under construction or planned hotels, new apartments and other developments in downtown Tempe, the publication wrote.
Opus was also expected to develop two apartment buildings at Union Tempe. One will be 12 stories and the other will be 20. Both apartment towers will share a vibrant fifth floor outdoor amenity deck with a resort-style swimming pool, barbecue grilling area, fire pits and outdoor lounges with cabanas.
“Formerly a surface parking lot, the transformed property will encompass a full city block and offer students and local residents a living option within walking distance of the campus, downtown Tempe, the Mill Avenue retail and entertainment district, Tempe’s business district and the light rail transit system,” the website described the Union Tempe project.
“Residents will enjoy top-of-the-line apartment amenities, including nine-foot ceilings, granite countertops, stainless steel appliances, premium cabinetry and private balconies with stunning views of the surrounding area and valley-wide vistas.”
The Union Tempe project was expected to be complete by the summer.
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