Vestar, one of the leading privately held shopping center owners and managers in the western United States, announced that they have been selected as the primary property manager for the hospitality district within Novus Innovation Corridor, ‘Novus’. The groundbreaking 355-acre project is redefining urban mixed-use developments, creating a fully walkable, sustainable neighborhood destination, with nearly a quarter billion dollars in office, residential, hotel and retail developments already underway. The multi-phase project will take place over the next 10+ years and is located alongside Tempe Town Lake on Rio Salado Parkway and Rural Road. Fox Restaurant Concepts will anchor the hospitality district, Novus Place, with three signature concepts that are set to open in late 2024.
As property manager, Vestar will work alongside developer, Catellus Development Corporation and Arizona State University (ASU), playing a prominent role in the future of Novus. Initially, Vestar’s services will be exercised in two buildings: 777 Tower Retail and The Piedmont Retail, which will ultimately grow to over 100,000-square-feet of retail over the next few years. Novus Place is the urban core of the development, complete with shaded sidewalks, bike paths, parks, and pedestrian promenades.
The Piedmont apartments redefine luxury urban living, providing residents with street-level shops and restaurants in addition to resort-style amenities. More than 20,000-square-feet of retail space occupies the ground floor, reaching close to full occupancy as of May 2023.
777 Tower is a six-story, state-of-the-art high-rise with 160,000-square-feet of Class A office space, and more than 8,000-square-feet of street-level retail. Centrally located at the beginning of the district’s main street, Vestar will service cutting-edge companies that will serve Novus residents and workers, the ASU community, and beyond.
“We are excited to be part of such a dynamic and innovative project,” stated Pat McGinley, President of Management Services for Vestar. “We have deep ties in the Tempe community as owners of the 1.2 million square-feet. Tempe Marketplace which is adjacent to Novus. We look forward to continuing to work with city officials, the project partners and retail tenants to create a unique destination for Novus and the community.”
Novus Innovation Corridor will offer a premiere space for businesses to operate and grow and is projected to bring substantial economic growth to the local economy- including housing for more than 5,000 people, 34,000 jobs and an estimated $1.86 billion annually, at completion. The site is fully walkable and an inviting destination, complete with quality retail and dining options, unique hospitality experiences, and world-class entertainment and sports venues. The newly completed Mullett Arena is a best-in-class athletic venue designed for shared community use including ASU’s Men’s Hockey and other athletic programs, concerts and more.
Vestar adds the Novus Innovation Corridor to its growing portfolio of operating properties, utilizing its team to professionally manage mixed-use environments while delivering on the operating goals. Vestar, recognized for its industry knowledge and expertise, is currently overseeing nearly 70 properties that encompass more than 30 million-square-feet of retail space across the western US.
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