News Summary
A new 27-story apartment tower named Astria Tempe is set to break ground in downtown Tempe. Located at 211 E. 7th St., this development will feature 380 rental units designed for a diverse range of residents. With amenities that include a pool, fitness center, and co-working spaces, the tower aims to cater to both students and professionals. The project aligns with Tempe’s growth strategy and aims to contribute to the vibrant urban landscape of the area, with construction expected to be completed by summer 2027.
Exciting Developments Are On the Horizon for Downtown Tempe!
Tempe residents, get ready for some big changes coming your way! A new apartment tower is set to transform the downtown area, bringing a fresh wave of energy and vitality to this bustling neighborhood. The Indiana-based company Trinitas Ventures is about to kick off construction on an impressive 27-story apartment tower that promises to cater to both residents and visitors in this vibrant community.
A Prime Location Near ASU
The future tower, aptly named Astria Tempe, will be strategically located at 211 E. 7th St., just across the street from Arizona State University. With the university’s growing enrollment numbers, the demand for rental units in the area is hotter than ever. Tempe is not just a city; it’s a hub of activity, and this new tower aims to support the influx of students and professionals who love the unique vibe this area offers.
What to Expect From Astria Tempe
The Astria Tempe tower will feature a total of 380 rental units, designed to accommodate various lifestyle needs without solely targeting students. Unlike traditional student housing, these units will be classified as general multifamily housing, ensuring compliance with Tempe’s Non-Discrimination Ordinance. This broad appeal will welcome a diverse set of residents while contributing to the city’s social fabric.
Construction is set to begin as early as next month, and the project is expected to wrap up by the summer of 2027. Although the total costs haven’t been revealed, it’s clear that a significant investment is being made to enhance the urban landscape of Tempe.
High-Quality Amenities for Everyone
Astria Tempe will also come equipped with a range of fabulous amenities. Imagine unwinding after a long day in the refreshing pool and spa, or breaking a sweat at the state-of-the-art fitness center. For the furry family members, there are designated dog exercise areas, meaning that your four-legged friends will have a designated playground. Additionally, for those who work remotely or just want a social vibe, the building will feature co-working spaces where residents can collaborate, innovate, and connect. And we can’t forget the 3,000-square-foot outdoor retail area on the ground level, perfect for grabbing a coffee or doing a bit of shopping!
Building History and Future Arrangements
The land where Astria Tempe will rise was recently sold for $6 million by College Enterprises Inc., which has ties to the former landowner, Therese Stohlgren. Stohlgren recalls a rich history with this property, mentioning it previously hosted a leasing arrangement with the All Saints Catholic Newman Center. Despite this, arrangements have been made to allow the Newman Center to continue accessing 35 parking spaces in the new tower’s garage following the end of their previous lease.
Anticipated Benefits for the Downtown Area
The local governance is fully on board with this exciting project. The Tempe City Council recently approved a Planned Area Development (PAD) overlay for this mixed-use development, recognizing the importance of density in boosting public transit accessibility and fostering a vibrant downtown scene. As the city aims to keep up with its growth, this new apartment tower is another step toward a more dynamic, engaging urban environment for everyone.
It’s worth noting that while the construction industry has seen some slowdowns in multifamily permits across the Phoenix metro area, the demand for residential units continues to rise due to increased student numbers. Astria Tempe aims to fill that gap; the vacancy rate—currently at 7.1%—still offers room for more residents to enjoy all that Tempe has to offer.
As plans unfold, all eyes will be on downtown Tempe to see how this new project contributes to shaping the future of the city. The prospect of Astria Tempe is certainly stirring excitement, with residents eagerly anticipating the vibrance it will bring!
Deeper Dive: News & Info About This Topic
- ABC15 News
- Wikipedia: Arizona State University
- The Real Deal
- Google Search: Tempe residential tower
- AZ Central
- Encyclopedia Britannica: Tempe
- ENR
- Google News: Tempe apartment tower
- Fox 10 Phoenix
- Google Scholar: Tempe development
- Connect CRE
