Ripe Development Parcel Hits Market in Tempe

Property suitable for apartments and commercial space has hit the market in Tempe. Greenstone Partners and ORION Investment Real Estate are marketing a newly entitled parcel located at 1734 E. Apache Blvd in Tempe, Arizona, with an asking price of $8.5 million. The property encompasses four combined parcels totaling 83,849 square feet, recently re-zoned to MU-4 (Mixed-Use, High Density) TOD in May 2024.

The City of Tempe has approved a comprehensive site plan for the property, which includes 275 dwelling units and approximately 5,000 square feet of commercial space. In addition to the zoning map amendment, Tempe’s Community Development Department has completed a Planned Area Development Overlay, establishing standards for density, building height, lot coverage, landscape coverage, and parking ratios. A thorough Development Plan Review has also been conducted, encompassing site plans, building elevations, and landscape plans.