Greenstone Partners and ORION Investment Real Estate announced the marketing of a newly entitled land opportunity at 1734 E. Apache Blvd. in Tempe, with an asking price of $8.5 million. 

The property encompasses four combined parcels totaling 83,849 square feet, recently re-zoned as mixed-used high density in May, a press release explained.

“The property’s prime location adjacent to a Valley Metro station, along with its close proximity to downtown Tempe and Arizona State University, makes it an ideal site for a new multifamily development,” Danny Spitz, CEO and managing partner of Greenstone Partners, said in the release.

The city of Tempe has approved a comprehensive site plan for the property, which includes 275 dwelling units and approximately 5,000 square feet of commercial space. 

In addition to the zoning map amendment, Tempe’s Community Development Department has completed a planned area development overlay, establishing standards for density, building height, lot coverage, landscape coverage and parking ratios. 

A thorough development plan review has also been conducted, encompassing site plans, building elevations, and landscape plans, according to the release.

"The combination of this site location, the awarding of the new entitlement, and the stunning conceptual design provide a uniquely special opportunity to bring 275 dwelling units to a spectacular submarket,” Zack Mishkin, senior vice president at ORION Investment Real Estate, said in the release.

For more, visit www.Greenstone-Partners.com.