Developers of a new apartment complex under construction in Tempe are convinced retail space on the ground floor will fill because of the apartment’s downtown location despite the slow economy.
Benjamin Modleski, chief operating officer of student housing developer Core Campus, said the 24,000 square feet of retail space in The Hub will not share the same fate as other retail spaces in the area that have sat empty for months.
Modleski said the space is in negotiations and they are already seeing strong demand.
“We’ve all noticed the empty retail spaces throughout Tempe, but we know that retail tenants are heavily dependent on location,” Modleski said. “With a location far superior to other large student and non-student housing properties in the area, we do not anticipate having vacancies at this time.”
The Hub is located at East Veterans Way and South College Avenue, across the street from Sun Devil Stadium and a few blocks from Mill Avenue.
Developers estimate to be open for the fall 2013 semester.
The multi-million dollar 19-story complex, designed by the same company that designed The Vue on Apache, will feature 291 apartment units and a two-story parking garage.
Modleski said The Hub was designed with students in mind, but anybody can sign a lease.
The condo-style apartment complex will include a yoga room, a fitness center and a tanning salon.
The building will also include a 22-foot LED outdoor television screen and a swimming pool on a 40,000 square foot deck.
“We wanted to focus our amenities on both the social and the academic aspects of ASU life,” Modleski said. “We’ll have floors dedicated to the scholarly type and there will be ample study room space, meeting spaces and a modern business center.”
There are six different unit types, ranging from studio apartments to five bedroom apartments. Prices range from $1,030 per person for a studio to $3,505 in total for a five-bedroom space. Leases will be signed individually.
Leasing Manager Melissa Flath said the project is energy efficient and looking for a LEED Silver Accreditation.
Flath said the apartment began leasing Sept. 1 and has already leased 16 units as of Sept. 11.
Film and media production junior Joseph Bassani was the first to sign a lease.
Bassani, who first heard about The Hub on Facebook, said the location of the apartment sparked his interest.
“The location, prices, luxury and overall look appealed to me,” Bassani said. “I knew it was somewhere I wanted to live.”
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