An apartment complex opening on Tempe Town Lake in December will make it feasible for its tenants to never leave home. The Grigio Tempe Town Lake, under development by Gray Development Group, will offer what it calls five-star hotel services and amenities to its residences.
That can include anything from dog walking services to house keeping to food delivery.
“I would say the closest comparable (example) out there is the ‘cotel,’ “ said Dolores McKay, the company’s manager of brand imaging. “Those are the hotels with condominiums for sale.”
Condos are offered by certain luxury hotel chains such as Four Seasons and Ritz Carlton. But McKay said her company’s apartments are different primarily because they are more affordable.
The developer hosted a tour of the 523-unit, sixstory complex on Friday.
The development, which is within walking distance of downtown Tempe and Arizona State University, is located on Playa del Norte Drive southeast of the In-N-Out Burger. The development will include a pool-side cafe with food service, a member lounge, two gyms with personal trainers offering anything from dance lessons to yoga classes, a wine and sundry shop, 7,000 square feet of retail space and panoramic views of the lake and Hayden Butte.
The units range from studios to four-bedroom units and rents range from $900 to $2,300 a month.
Developers broke ground on Grigio in January 2005 when housing prices were still climbing. However, with a cooling market and homes becoming more affordable, company officials aren’t concerned they’ll have problems leasing the units.
“We don’t think we’re going to lose people out to the cheaper houses in suburbia,” said Michael L. Clow, a broker with Gray Development. “We think we’re going to attract the person that wants to be near the action.”
Neil Calfee, Tempe’s deputy community development manager, said he doesn’t know if the units will lease quickly, but Grigio will provide an alternative to a market saturated with condominiums. “We’re happy to see a different product coming in,” he said. “I think they’ll do well.”
McKay said the Grigio Tempe Town Lake is the first of three other similar concepts the company is developing in Desert Ridge, Paradise Ridge and San Diego. She said Grigio management will custom tailor its services to fit the specific needs of every resident. The company will take into various factors like time and level of difficulty to accomplish each task before assessing a charge.
“You can get whatever you want in the resort world,” she said.