Tempe Skywater Apartments is currently under construction on the edge of Tempe Town Lake. Developers have been following a trend of building high-end, luxury apartments in Tempe. (Photo by Emily Johnson)With ASU’s rapid growth and urbanization, the demand for new housing options is greater than ever before. Developers in Tempe have responded to that demand by creating facilities that cater to a wide range of amenities and luxury, and officials say students can expect that trend to continue.
Since 2000, ASU has developed over $700 million in new campus housing facilities with over 9,500 beds under privatized structures, according to a University case study.
In 2006, ASU established a partnership with American Campus Communities to provide solutions for project design and development, financial structures, “green” building, and construction management, according to the study.
Through this partnership was a launch of a pioneering transaction program called American Campus Equity. The first ACE project on the main campus was Vista Del Sol, which opened in 2008 and set a new standard for student living with its resort-style feel and inclusive amenities.
Tempe is a rapidly growing city and the increasing amount of out-of-state students contributes to the demand for close-proximity off campus housing.
Aligning with this factor, President Michael Crow explained in the case study that the goal behind the initiative is to build an adaptable university capable of rapid growth but still remains cost effective.
“Expectations are so much more here,” Tom Simplot, Arizona Multihousing Association President said. “The market demands more amenities.”
Following this trend, the Tempe Skywater Apartments, currently under construction on the water’s edge of Tempe Town Lake, invites future residents to “experience a unique brand of lifestyle only possible at Skywater,” according to its website.
The plans feature an outdoor kitchen lounge, clubhouse with wrap-around patio and gourmet coffee shop located on site.
“There is so much student housing, companies have built new products to differentiate,” Simplot said.
Communications student Noah Ciccel said it's nice to have a wide variety of housing options as an out of state student.
"It's appealing to students to have luxury places," he said. "Especially as someone from out of state."
Also under construction, The Cottages of Tempe aims to create a unique community of cottages similar to a neighborhood.
The goal of the Cottages is to create a resort-style community like Tempe has never seen before, according to its website.
Amenities include a tech-filled entertainment room, steam room and sauna and gated community for optimal security.
“Quality of life has increased,” Pamm Seago-Peterlin, real estate agent and relocation director said. “It’s a natural progression.”
Everyone wants newer and better, she said.
“It’s happening around ASU, NAU, all over the nation,” she said.
Both neighboring public Arizona universities, NAU and UA, have also been subject to the demand for more sophisticated student living and have responded with similar project developments.
Simplot said the luxury housing market holds a lot of promise for the future.
“The question is ‘how deep is that market,’” he said. “And there appears to be no end in sight.”
Reach the reporter at rtdavis1@asu.edu or follow her on Twitter @ryantaylordavis
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