TEMPE, AZ — Arizona State University is embarking on a unique project with the Novus Innovation Corridor, a 355-acre development near its Tempe campus, aimed at maintaining state-of-the-art athletic venues without using taxpayer or student dollars.
The Novus Innovation Corridor is set to transform the area with 10 million square feet of mixed-use space, including office spaces, over 4,000 residences, and more than 1,000 hotel rooms. The project is expected to create 40,000 jobs and generate over $1 billion by 2035, providing a significant economic boost to the region.
"We think it's absolutely becoming a destination location for the Valley," said Dr. Morgan Olsen, ASU Executive Vice President, Treasurer and CFO.
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"We think we have features in here that'll be attractive for people," said Mia Mitchell, General Manager of Blue Sushi Sake Grill. "We're just in an ideal location that they just will be walking in the door for us."
"The opportunity to have a walkable place where you can basically spend the major elements of your life without having to travel a long ways is pretty attractive," added Dr. Olsen.
The development, which will take two decades to complete, is strategically located next to ASU's basketball, football, and hockey arenas. It aims to create a vibrant, walkable community that integrates living, working, and entertainment spaces.
Restaurants like North Italia, which has already hired 200 employees, are banking on the foot traffic and parking facilities to drive business.
"We are looking at a multi-million-dollar-a-year restaurant," said Antonia Wagner, North Italia's Regional Manager of Operations.
As the Novus Innovation Corridor progresses, it promises to reshape the landscape of Tempe, offering a modern urban environment while supporting ASU's athletic facilities.
However, concerns about traffic remain, as noted by local resident Colton Hutchins, who tells ABC15 that drivers can have a challenging time navigating the area.
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