TEMPE, AZ— City approval has been given to Legacy Partners Residential for the development of University Village 2.0, a new $60 million-plus, mixed-use, 775-bed Tempe student housing community. Legacy Partners plans to start demolition and construction by summer 2016 and open in time for the fall 2018 semester. The property is located at 936 South Terrace Rd., near South Rural Road.  Located just minutes away from Arizona State University, shopping and dining, and directly adjacent to Tempe’s light rail line, the new development will replace a 1960s-era student housing complex, which will be demolished. KTGY Architecture + Planning is the project’s designer and architect.

KTGY design principal David Senden said, “This development will be good for the community. Developments like University Village 2.0, in conjunction with the other recent developments in the area, are condensing student housing, which will hopefully pull students from the residential neighborhoods where there have been problems in the past. We’re conscious of the historical significance of the existing buildings. They were designed by Al Beadle and we’re mindful that there have been generations of students who have called this home. There is always a feeling of a little melancholy when you demolish a building, but we’re excited about the potential here. The city staff has made it clear that this is the type of development they envision for this site and it is in keeping with the density increases we’re seeing at most college campuses around the country.

University Village 2.0 will consist of a single, five-story apartment building wrapped around two central courtyards and a parking garage. A large central courtyard will include a community pool, spa, outdoor kitchen, cabanas and television. A smaller outdoor nook will feature a two-way fireplace, garden and seating to give residents a quieter place to congregate.

KTGY’s Ben Kasdan, AIA, LEED AP, tells GlobeSt.com: “University Village 2.0 replaces an existing project that has reached the end of its effective lifespan and it is a specific response to the city’s desire for additional residential density in this neighborhood as established by the general plan. Inside University Village residents can find both study areas and social hang out spaces.”

University Village 2.0 will have 260 units and include studio, one-, two- and four-bedroom units targeted to students and young professionals in a live/work/play environment. The community will also include 1,800 square feet of ground-level retail space to serve its residents and activate the street. The units will range in size from 445 to approximately 1,400 square feet and feature stone countertops, stainless steel kitchen appliances, vinyl wood-plank flooring, and in-unit washers and dryers. The majority of the units will have four-bedroom floorplans.

“This development adds to the expanding student housing offerings around ASU,” said Senden. “Nearly all of the units will have private bathrooms for each student and, while typically four students will share an apartment, each student will have his or her own sleeping room. Most young people are growing up with their own room, so they won’t settle for less when they go to college.”

Legacy Partners senior managing director Tim O’Brien says that University Village 2.0 will provide an exceptional living experience for its residents with a myriad of indoor and outdoor amenities. And, University Village will be constructed using sustainable building methods and will incorporate a number of “green” features designed to ensure its long-term energy-efficiency and sustainability.

“The location is University Village 2.0’s greatest amenity, being just steps away from the Arizona State Campus, a light rail station, shopping, and dining,” said Kasdan. “Bikeability and walkability were priorities for the design of this community. Bicycle rooms and main points of pedestrian entry to the building are strategically located to maximize convenience, safety, and visibility from the street. As a result, the aesthetic design of the street frontage is dominated by these functions.”

Real Estate Daily News Buzz is designed to give news snippets to readers that our (yet to be award winning) editors thought you could use to start your day. They come from various business perspectives, real estate, government, the Fed, local news, and the stock markets to save you time. Here you will find the headlines and what the news buzz of the day will be.

Monday, the Dow Jones industrial average fell 23.65 points, or 0.1%, to 17,623.05. The Standard & Poor’s 500 index dipped 3.97 points, or 0.2%, to 2,071.18. The NASDAQ composite rose 2.84 points, less than 0.1%, to 5,034.70.

U.S. crude oil lost 62 cents, or 1.4 per cent, to close at $43.98 a barrel in New York. Brent Crude, which is used to price international oils, fell 45 cents, or 0.9 per cent, to $47.54 a barrel in London. In other trading, wholesale gasoline fell 1.6 cents to close at $1.288 a gallon, heating oil fell 2.9 cents to close at $1.426 a gallon and natural gas sank 22 cents to close at $2.062 per 1,000 cubic feet.

US new home sales fall sharply in September — Sales of new homes plunged sharply in September to the slowest pace in 10 months, as higher prices and slower overall economic growth weigh on the housing market. The Commerce Department said Monday that new-home sales slumped 11.5 per cent last month to a seasonally adjusted annual rate of 468,000, the lowest level since November of 2014. September’s drop ended a two-month streak of accelerating sales. Americans’ zeal for newly built homes took off this year — yet now appears close to having topped out. (AP)

Sam Zell Edges Out of Apartments “Sam Zell has agreed to sell more than 23,000 apartments controlled by his real-estate company, Equity Residential, for $5.4 billion to Starwood Capital Group, the companies said. The transaction, announced Monday, represents about a quarter of the units in Equity Residential’s portfolio of apartments and would be one of the largest since the recession.” (Wall Street Journal)

This is Your Office, If Ex-Goldman Twins Have Their Way “Last October a New York startup called Delos, founded by twin brothers who were once partners at Goldman Sachs, published what may be the most marketable proposition in real estate short of a front lawn overlooking the Fountain of Youth. It’s a manual they called The Well Building Standard and styled after the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) program.” (Bloomberg)

America’s Best Malls Have This Tenant in Common “Goldman Sachs on Thursday released its list of the top 100 malls in the U.S., which included 16 new additions. Among the premier properties, 75 percent are home to an Apple store, up from 69 percent last year. That compares to just 14 percent of all malls that count the tech behemoth as a tenant, the report found. But the percentage of Apple stores wasn’t the only thing on the rise.” (CNBC)

We’re Seeing the First Signs of Trouble in San Francisco’s Red-Hot Real Estate Market “In a note to clients on Friday, analysts at Morgan Stanley led by Vance Edelson wrote: ‘The tech IPO slowdown has stoked concern that San Fran, one of the hottest real estate markets, could be ready for a pause.’ Specifically, Edelson and his team look at the commercial real-estate market, in which rents have risen about 70% since 2009 and demand has been robust — just 6.5% of the city’s office space is vacant, a 10-year low — as the economy has bounced back.” (Business Insider)

Lord & Taylor Off-Price Spinoff to Debut in Paramus “Hudson’s Bay Company is launching an off-price spin-off of the Lord & Taylor department store, and it has picked Paramus for the first location of the new concept, called Find @ Lord & Taylor. The Paramus store will be located at 180 Route 4 East, in the 35,000 square foot former Loehmann’s space. The store is scheduled to open Nov. 19.” (NorthJersey.com)

When Detroit Stood Tall and Shaped the World “My recent post about how urban planning decisions helped lead to the Motown sound in Detroit was inspired by David Maraniss’ new book Once in a Great City: A Detroit Story. The book takes a deep dive into Detroit 1963, a city that was, although in some ways already in decline, in others near its zenith.” (Urbanophile)

Good News for Singles Who Don’t Want Roommates: More Tiny Apartments Are on the Way “The de Blasio administration is pursuing two zoning changes that could make the city a denser place without increasing the size of buildings. The city hopes to allow more so-called micro apartments, or units smaller than 400 square feet, and give developers leeway to carve up buildings into more apartments. The modifications—which would only alter a building’s innards, not size—are buried in a citywide proposal called Zoning for Quality and Affordability.” (Crain’s New York Business)

First Look: Microsoft’s Flagship Store “Microsoft opens its flagship store on New York City’s Fifth Avenue. Marketwatch’s Jennifer Booton takes a look inside Microsoft’s answer to the Apple Store and its hopes to draw consumers.” (MarketWatch)

PGGM Maps CO2 Footprint of Real Estate Portfolio “PGGM has mapped the carbon dioxide footprint of its €20 billion ($22.7 billion) in real estate assets with the help of data analytics platform GeoPHY, said a spokesman for the Dutch pension fund provider. The partnership means PGGM can map the CO2 footprint of its entire real estate portfolio — both listed and private — down to individual buildings. The firm also can compare its portfolio with other local real estate markets.” (Pensions & Investments)

Multifamily Lending in U.S. Jumped 13 Percent in 2014 “According to the Mortgage Bankers Association (MBA) 2014 Report on Multifamily Lending, in 2014, there were 2,876 different multifamily lenders that provided a total of $195.1 billion in new mortgages for apartment buildings with five or more units. The 2014 dollar volume represents a 13 percent increase from 2013 levels. Sixty-five percent of the active lenders made five or fewer multifamily loans over the course of the year.” (World Property Journal)

The following commercial leases were reported to the Real Estate Daily News for the Tucson Lease Report from October 19 thru 23, 2015.

OFFICE – 6740 S. TUCSON BLVD., TUCSON
Arizona Department of Economic Security has leased 53,250-square-feet of office space at 6740 S. Tucson Boulevard from HSL TI Building Properties LLC. The tenant was self-represented. The landlord was represented by Bill DiVito and Jesse Blum with CBRE’s Tucson office.

INDUSTRIAL – 2165 N. FORBES BLVD., TUCSON
Sahuaro Seed and Feed, LLC leased 17,022-square-feet at 2165 N. Forbes Blvd., Suite 101 in Tucson from Forbes Tucson, LLC.  Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, handled the transaction. [mepr-show rules=”58038″]Asking lease rate: $0.55 SF/MO Modified Gross; Tenant Phone: 520.747.3635[/mepr-show]

RETAIL – 9620 E. 22^nd ST., TUCSON
Ulta Salon, Cosmetics, and Fragrance, Inc. leased 10,000-square-feet at 9620 E. 22^nd Street in Tucson. The space is located within Old Spanish Trail Marketplace at the southeast corner of 22^nd Street and Harrison Road. The shopping center is anchored by Ross, Bed Bath & Beyond, Petco, OfficeMax, and Kirklands. Rick Borane of Volk Company represented the landlord, ATT-OST Marketplace LLC and Stores Investments Group, Inc. Neil Board of Western Retail Advisors represented the Tenant. [mepr-show rules=”58038″]Tenant Phone: 520.575.5067[/mepr-show]

INDUSTRIAL – 3655 N. ROMERO RD., TUCSON
Cactus Auto Company, Inc. leased 8,820-square-feet at 3655 N. Romero Rd. in Tucson from Primero Properties, LLC.  Cactus Auto will expand their RV operation to the site.  Russell W. Hall, SIOR, GSCS and Stephen D. Cohen, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord and George Hayduke with Westar Mortgage & Realty Corporation, represented the tenant in this transaction. [mepr-show rules=”58038″]Tenant Phone: 520.888.0910[/mepr-show]

OFFICE – 3430 E. SUNRISE DRIVE, TUCSON
Duffield, Miller, Young, Adamson, and Alfred PC have leased 6,926-square-feet of office space at 3430 E Sunrise Drive from United Insurance Company of America. The tenant was self-represented. David Volk with CBRE’s Tucson office represented the landlord. [mepr-show rules=”58038″]Asking lease rate: $20.00 SF/YR Full Service; Tenant Phone: 520.792.1181[/mepr-show]

INDUSTRIAL – 3757 E. 43 Pl., TUCSON
Fellers, Inc. leased 4,952-square-feet at 3757 E. 43^rd Pl. in Tucson from JDLH Investments, LLC.  Fellers is the world’s largest wrap supply company.  Russell W. Hall, SIOR, GSCS and Stephen D. Cohen, Industrial Specialists with Cushman & Wakefield | PICOR, represented the landlord and Rob Glaser, SIOR, CCIM, Industrial Specialist with Cushman & Wakefield | PICOR, represented the tenant in this transaction.

INDUSTRIAL – 1009 S. EUCLID AVE., TUCSON
Baker + Hesseldenz Design, Inc. leased 2,040-square-feet at 1009 S. Euclid Ave. in Tucson from Rich Rodgers South, Inc.  Jeff Zellet, Commercial Specialist with Cushman & Wakefield | PICOR, represented the landlord in this transaction. [mepr-show rules=”58038″]Asking lease rate: $0.47 – $0.70 SF/MO Modified Gross; Tenant Phone: 520.760.0037[/mepr-show]

OFFICE – 5700 PIMA ST., TUCSON
The Center for Life Skills Development has leased 1,512-square-feet of expanded office space at 5700 Pima Street from 2222 Craycroft, LLC. The landlord was represented by Aubrey Finkelstein with VAST Commercial. The tenant was represented by Bruce Suppes with CBRE’s Tucson office.[mepr-show rules=”58038″] Asking lease rate: $16.00 SF/YR Modified Gross[/mepr-show]

OFFICE – 100 N. STONE AVE., TUCSON
Jesus L. Montoya Araiza has leased 1,333-square-feet of office space at 100 N. Stone Avenue from Holualoa Pioneer, LLC. The tenant was self-represented. The landlord was represented by Bruce Suppes and David Volk with CBRE’s Tucson office. [mepr-show rules=”58038″]Asking lease rate: $17.00 SF/YR Full Service[/mepr-show]

OFFICE – 1668 S. RESEARCH LOOP, TUCSON
Southwest Associates, LLC, dba Meridian Surveying & Development, leased 1,200-square-feet of office space at 1668 S. Research Loop, Suite 522 in Tucson from Foothills Business Ventures, LLC. Isaac Figueroa, Office Specialist with Cushman & Wakefield | PICOR, represented the tenant and Gary Emerson with GRE Partners, LLC, represented the landlord in this transaction. [mepr-show rules=”58038″]Asking lease rate: $0.55 – $0.90 SF/MO Modified Gross; Tenant Phone: 520.325.6990[/mepr-show]

RETAIL – 410 N. TOOLE AVE., TUCSON
Laura Tanzer, LLC, doing business as Ateller, has leased 1,012-square-feet of retail space at 410 N. Toole Ave from City of Tucson. The tenant was represented by Kent Simpson from Tierra Antigua. The landlord was represented by Buzz Isaacson with CBRE’s Tucson office.

OFFICE – 7650 E. BROADWAY BLVD., TUCSON
E-Corp has leased 944-square-feet of office space at 7650 Broadway Boulevard from AZ State Retirement System. The tenant was self-represented. The landlord was represented by Bruce Suppes with CBRE’s Tucson office. [mepr-show rules=”58038″]Asking lease rate: $15.00 SF/YR Modified Gross; Tenant Phone: 520.334.4067[/mepr-show]

OFFICE – 5501 N. SWAN RD., TUCSON
Julia Miller Pilates, LLC, leased approximately 750-square-feet of office space located at 5501 N. Swan Road, Suite 215, Tucson, Arizona, from DaVinci Plaza, LLC.  Michael Gross and Doug Richardson of Tucson Realty & Trust Co. represented the Landlord in the transaction. [mepr-show rules=”58038″]Asking lease rate: $18.00 SF/YR Full Service; Tenant Phone: 520.869.5258[/mepr-show]

RETAIL – 3940 E. GRANT RD., TUCSON
Super Nails leased 675-square-feet in the Fry’s Shopping Center at 3940 E. Grant Rd. in Tucson from Grant and Alvernon Realty Trust.  Greg Furrier, Retail Specialist with Cushman & Wakefield | PICOR, handled this transaction.

OFFICE – 2001 ORANGE GROVE RD., TUCSON
Tula Wellness has leased 500-square-feet of medical office space at 2001 Orange Grove Road from HTA-Tucson Medical Office, LLC. The tenant was self-represented. Dave Montijo with CBRE’s Tucson office represented the landlord. [mepr-show rules=”58038″]Tenant Phone: 520.577.1129[/mepr-show]

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