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| Site of 1010 Lemon Development |
The property at 1010 E Lemon is planned
for a mixed-use student housing project, which includes a ground floor retail
component, convenient access to light rail and is described by the development
team as follows:
1010 Lemon, a mixed-use development,
reflects a village concept in which there is opportunity for residency
including dining and recreation within the development, and on the same hand to
go to school, work, buy merchandise and recreate within the area. This
connectivity is reasonably available without the use of an automobile. This
proposal is predominantly residential but includes a commercial restaurant
component at the Lemon and Terrace intersection for enjoyment by the public.
The proximity of the site to ASU main campus (educational use), Mill Avenue
(mixed-use) and to Apache Boulevard (commercial use, including grocery) via
walking or bicycling is a principal feature that supports the village concept.
The project, as approved by the Tempe City
Council on June 27, 2013, would include a ±325,399 sf 6-story housing cluster
of 220 dwelling units with 600 bedrooms and a ±131,198 sf integrated
400-vehicle parking structure. This project will rise ±76 ft above the city
streets on a triangular parcel at the northwest corner of Terrace Rd and Lemon
St in the neighborhood just east of ASU. The planned unit mix is 24 1-bedroom
units, 84 2-bedroom units, 40 3-bedroom units and 72 4-bedroom units. The sale price of this project
corresponds to $29,545 per dwelling unit or $10,833 per bedroom. For more
information on the project, including renderings and site plans, follow this link and complete the form.
IMH Financial had originally loaned $6.12m
on this property on May 16, 2008 to developers Ken Losch & David Dewar of
Avenue Communities (also Tempe Land Company) and acquired ownership of the
property on September 22, 2010 through a trustee sale.
Edward
Moore
Director of Research
www.vizzda.com
Director of Research
www.vizzda.com
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