Downtown Tempe Block May Tower

Three groups of investors are looking to transform an area between Seventh Street and University Drive and Forrest and Myrtle Avenues into a 1.5 million square-foot mixed-use development called University Square.

The plan includes a 30-story hotel condo tower with 225 rooms and additional condo units, a 23-story residential tower that would feature an outdoor swimming pool on the top floor, and a round office tower with 12 floors. Retail shops and upscale restaurants would go on the ground floor.

An article in the Business Real state Weekly reported that the developer paid just under $24.5 million to assemble the 3.2-acre site. Formal zoning for the project was filed on May 9th and is expected to be approved in late summer. Construction should begin in the first quarter of 2007. More...