Multifamily development springs forth in Tempe

  • 2021-05-03
Construction is underway on the first phase of Banyan North Tempe. This is a multifamily development with 651 units in Tempe.

Banyan Residential, a private real-estate investment company based in Los Angeles, worked with Milhaus, a development company form Indianapolis, and local and state agencies to annex the site known as the North Tempe county island. The property spans 16.5 acres and the project is expected to cost $177 million. It is designed by Todd & Associates.

The first phase of Banyan North Tempe will have 310 studio, one-, two-, three- and four-bedroom units. Among the state-of-the-art amenities will be a fitness center, two resort-style swimming pools, clubhouse, library, a dog park, and outdoor spa. Such projects and their features are often highlighted with brochure printing. There will be a total of 651 units when the project is completed.

Banyan North Tempe is also located near downtown Tempe, Arizona State University, and Tempe Town Lake. Vice President of Development at Milhaus, Brad Vogelsmeier, said that this development is situated close to all that Tempe has to offer and will become very desirable for both the residents and the rest of the community.

Academy Bank and UMB Bank provided a $52 million construction loan for the project. The general contractor is McShane Construction Company. This phase is expected to be completed in early 2023.