Overview
This rare investment opportunity is positioned just north of Tempe Town Lake, in Downtown Tempe’s Opportunity Zone, nestled near the heart of the economically thriving Tempe submarket. This Class A apartment development land promises unparalleled potential for investors as it is fully entitled and PAD approved, completely de-risking the site from any zoning hurdles thus expediting vertical construction. Designed with modern aesthetics and functionality in mind, the planned 6-story apartment complex, constructed as 5 stories of wood over a foundational story of concrete, is set to comprise an array of 207 units, encompassing 53 studios, 108 one-bedroom units, and 46 two-bedroom units. Spread over a 1.8 AC parcel, the property boasts a gross square footage of 303,984 and is thoughtfully zoned as PAD Tempe, ensuring compliance with regional development guidelines. The blueprint has been meticulously crafted to provide a parking ratio of 1.75 spots per door, anticipating the mobility needs of future residents.
The strategic location of 903 N. Miller Rd. amplifies its allure, positioning potential developers and their tenants in a thriving nexus of cultural amenities, bustling business hubs, and prestigious educational institutions. As a magnet for young professionals, students, and families, Tempe offers the vibrancy of urban living while ensuring a community touch, making it a hotspot for multifamily property demands. This enticing blend of location and lifestyle, complemented by the property’s modern construction, tax incentives and diverse unit mix, underscores its value proposition as a sought-after residential enclave catering to a broad demographic spectrum. 903 N. Miller Rd. represents a singular investment opportunity, inviting stakeholders to tap into the last actionable development opportunity in Tempe’s dynamic multifamily market, and capitalize on the attractive tax incentives of an Opportunity Zone.
Investment Highlights
OPPORTUNITY ZONE
One of the last infill multi-family sites in Tempe:
903 N. Miller Rd. stands as a testament to Tempe’s rapid development, being one of the last infill sites designated for multi-family use. This scarcity of undeveloped space without an affordable component elevates the site’s value, presenting a golden opportunity for investors. Its prime location within the city underscores its potential to be a significant contributor to the region’s urban landscape.
Fully entitled and ready for development:
The property at 903 N. Miller Rd. is not merely a plot of land but comes fully entitled, streamlining the initiation process for development projects. This eliminates the often lengthy and cumbersome process of seeking approvals, ensuring a swift transition from acquisition to construction.
Economically resilient submarket:
Tempe’s economic robustness is fueled by its substantial student and young professional demographic, ensuring a consistent demand for housing. The city’s thriving job market offers a plethora of employment opportunities, anchoring residents and attracting newcomers. This blend of educational institutions and diverse job sectors fortifies the submarket’s resilience against economic downturns.
Located directly on the green belt, boasting a large number of outdoor activities:
The proximity of 903 N. Miller Rd. to the green belt enhances its appeal, offering residents a plethora of outdoor activities right at their doorstep. Whether it’s paddle boarding, kayaking, or simply taking a serene dog walk, the green belt promises a balanced lifestyle.
Directly north of ASU’s NOVUS Innovation Corridor:
The strategic location of the property just north of ASU’s impressive NOVUS Innovation corridor augments its attractiveness. Situated on Tempe Town Lake, Arizona’s second most frequented public site, Novus spans across 355 acres, poised to feature over 10 million square feet of eco-friendly, top-tier offices, homes, hotels, retail spaces, and eateries. This corridor is poised to be a hub of amenities, services, and infrastructure, ensuring the residents of 903 N. Miller Rd. have premium facilities at their disposal.
Investors will be able to capitalize on both student and residential living:
903 N. Miller Rd. is uniquely positioned to cater to a diverse demographic, thanks to its closeness to both ASU and the residential hub of south Scottsdale. Students seeking convenient accommodation near their educational institution will find it an ideal choice, as will families and professionals looking for well-connected residential options.
Incredible Freeway Access:
The strategic positioning of 903 N. Miller Rd. ensures unparalleled connectivity, boasting immediate access to a nexus of major freeways. Within a mere five minutes, residents and visitors can access Loop 101, Loop 202, I-10, US Route 60, and US Route 85. This central accessibility ensures smooth commutes, making it a prime location for those who value efficient transportation, be it for work, leisure, or academic pursuits.
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