Tempe Luxury Apartments - SOLD! $$$

JPMorgan Chase & Co recently paid nearly $85 MILLION for a 466 unit luxury apartment complex just North of Rio Salado and West of Mill. ( 1033 N Parkside Dr.) The property, called Trillium Rio Salado, includes units that range in size from 813 - 1498 square feet. Rents currently range from $920 - $1,700 and above.

When the deal was announced, there was a mention that the complex is "near the future light-rail line in Tempe." One of Trillium's partners called this a "trophy property" and mentioned it's "great location."
I took a look at the area and the complex and it really is a nice place. I notice a ton of new development in this area with a lot of commercial use, great freeway access, close to Mill Ave, the Zoo, golf, spring training, hiking etc.

Much of the residential being built in the area is South of the river but watch for more condos etc competing for this space. In fact, most of the area west of here (along Washington) look to have a lot of future potential as well. It has been a "bad area" for a long time but with the airport and a large job base, we might see more development in the near future.

The Central Corridor and Downtown Tempe are building like crazy. Should only be a matter of time before we see more "infill" projects. Stick around, this is getting to be a LOT of fun to watch...

Mosaic is coming to Tempe

Last night's "Mosaic Groundbreaking Gala" was held at the Tempe Center for the Arts. There was a lot of good food, drink and information! Hugh Hallman gave a very upbeat talk about the new project and the City itself.

Mosaic is a gorgeous project, well designed and will have many great features including a Whole Foods Market. In their brochure that was handed out last night is a quote mentioning; "And with the light rail system and downtown businesses nearby, work and play meet here too."

Other amenities mentioned for the project include:

24 Hour Building Supervision - daytime concierge/manager, evening security.
Rooftop Garden Plaza - heated pool, spa, barbecue, outdoor fireplace.
Fitness Center - state of the art equipment, locker rooms, steam rooms, showers.
Resident Lounge - large screen tv, catering kitchen, game table
Business Center - conference room, WIFI
Residential Storage Facilities
Gated Valet Parking for Residents - gated parking for guests.

Mosaic is a really nice addition to the City of Tempe. We will be bringing you more Mosaic info in the near future. The Tempe real estate market is ever changing, please follow along and let us know if you have any questions about life in this great area...

Will they ride the Rail?

For the past year, or so, I have been watching the development of the Light Rail project that is projected to open in Dec 08.
The project is interesting to me for many reasons and I have taken the time to attend public meetings, read and gather several articles and gather a ton of information concerning current and future housing along the 20 mile route.
While many people have been critical of the expense and have been quick to say that "nobody" will ride the line because of the sprawl that AZ is known for; I believe that the Valley is ready and people have begun to embrace the project. ASU students will undoubtedly ride between the Tempe and Phoenix facilities. People working along the line will actually be able to get to lunch without a car! People attending meetings/conventions at the Phx Convention Center will probably find the line to be very useful.
In Dec of 06' I attended a public meeting and had the opportunity to discuss many aspects of the light rail project with Metro's "public involvement" manager. At the time, I was told that nearly 3000 businesses were located along the line and that "approximately" $750 million of private investment had already been planned along the route.
Many commercial projects, hotels and a ton of interesting residential projects are currently being built. I look forward to sharing my findings with everyone!