Developer buys downtown Tempe property for apartments, shops - East Valley Tribune: East Valley Local News

Developer buys downtown Tempe property for apartments, shops

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Posted: Monday, July 18, 2011 4:46 pm

A vacant lot across from a light rail station in downtown Tempe has been sold to a developer that plans to build more than 200 apartment units and some shops. The Illinois-based Core Campus Communities bought the 1.7-acre lot for $4.75 million. The property is at the southeast corner of 5th Street and College Avenue, just south of Sun Devil Stadium.

Developers had planned to break ground on the property in 2008 to build Tempe Lumina, a 245-unit condo and 200-unit hotel project. The since-cancelled 20-story project was to be developed by San Diego-based Constellation Property Group and Australian architectural firm Marchese & Partners. Before the site was set for private development, it had been the longtime home of an Arizona National Guard Armory.

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