The Novus Innovation Corridor, a 355-acre, multi-phased urban mixed-use development on the Tempe campus of Arizona State University is anticipated to have a significant economic impact on the metropolitan Phoenix area, according to projections published by ASU’s Seidman Research Institute.
Construction of completed and active projects in Novus will generate an economic impact of $1.86 billion and offers a scenario where 33,734 jobs are created by 2035 through office, hotel, multifamily and retail operations.
Additionally, more than 20,000 temporary construction jobs related to development will also be generated, according to a press release.
Officials say projections are part of a report recently completed by Seidman using the REMI economic forecast model, which estimates multiplier effects over time.
Novus is a partnership between master developer Catellus Development Corp. and ASU’s University Real Estate Development Team.
Adjacent to Tempe Town Lake, Novus is one of the most progressive, urban, mixed-use developments in the United States. At completion, Novus will encompass over 10 million square feet of retail, restaurants, residential urban living, hotels and office space, and will be the premier destination for live, work, play.
Novus will span four distinctive neighborhoods within an integrated framework that includes pedestrian thoroughfares and numerous outdoor public spaces, all served by an extensive, multi-modal transportation system. Novus integrates world-class facilities and innovative technologies, reflecting ASU’s vision of the New American University and its role as the focal point of the region’s progress toward international leadership in innovation.
The $1.86 billion construction impact includes the 2.1 million-square-foot Marina Heights office complex along Tempe Town Lake, the renovation of Sun Devil Stadium (Phase II), completed and current construction activity in Phase III, as well as ASU’s newest research and athletics facilities within Novus Phase III is comprised of 19 gross acres at the prime northwest corner of University Drive and Rural Road.