About
About ASU Novus Parcel 5B
Cushman & Wakefield is pleased to present a unique opportunity to obtain a 99-year, prepaid ground lease for a ±3.54 gross / ±2.97 net acre multifamily development site within the Novus Innovation Corridor® at Arizona State University. This opportunity is for Parcel 5B, located on the southeast corner of Rio Salado Parkway and Rural Road. Parcel 5B is currently located within Opportunity Zone 1.0.
Parcel 5B is one of the most prominent and visible “Gateway” development sites located at the entrance to Tempe, Novus, and ASU. With over ±40,000 cars per day traveling on Rural Road, ±20,000 cars on Rio Salado, and ±250k cars per day on the 202 freeway - this site will deliver the best market visibility for a development. Located within the Novus Innovation Corridor®, Parcel 5B provide immediate access to shopping, dining, entertainment and strolling opportunities in an environment that features enhanced public spaces and other pedestrian amenities, along with a diverse collection of retail shops and restaurants in a walkable, compact, urban setting just north of the University Drive/Rural Road light rail station.
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