Marking the first time Tempe has expanded its boundaries in more than a decade, L.A.-based Banyan Residential has begun construction on phase one of Banyan North Tempe, a 651-unit multifamily development. In conjunction with Indianapolis-based developer Milhaus, Banyan worked with state and local agencies to annex the 16.5-acre site in an area frequently referred to as the North Tempe county island. Phase one of the $177 million development is expected to be complete in early 2023.
“This area of Tempe is ripe for urban revitalization,” said Max Friedman, partner at Banyan Residential. “We are proud to be at the forefront of this large-scale project that will soon bring new housing, public spaces and improved local infrastructure to the city.”
Following a yearlong entitlement process, the Tempe city council unanimously approved the rezoning in March. The project will have significant benefits for the local community including the expansion of public services, local infrastructure improvements and new public amenities.
“For the first time in well over a decade, we annexed a substantial parcel of land that was previously underutilized and created significant challenges for the surrounding neighborhoods in the northern part of Tempe,” said Mayor Corey Woods. “This annexation will turn 17 acres of this now-former county island into new housing options within Tempe.”
Banyan North Tempe will have 310 studio, one-, two-, three- and four-bedroom units in its first phase and total 651 units when the project is complete.
The team secured a $52 million construction loan from UMB Bank and Academy Bank. McShane Construction Company is serving as general contractor on the project and the designer was Todd & Associates.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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