Phoenix/ Real Estate & Development
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Published on May 28, 2024
New Luxury Apartment Tower Vero Opens in Tempe's Novus Innovation CorridorSource: Google Street View

The skyline of Tempe has a new addition with the opening of Vero, a luxury seven-story apartment tower within the expansive Novus Innovation Corridor, mere steps from Arizona State University. According to a report by the Phoenix Business Journal, Houston-based Transwestern Development Co., in conjunction with Globe Corp. and University Realty, has completed the 199-unit building located at 651 E. 6th St, offering residents modern amenities and a mixed-use neighborhood vibe.

The new complex boasts a range of units, pricing from "about $1,500 for studios to more than $3,000 for two-bedroom units," the Phoenix Business Journal reported. Vero aims to cater to a range of tenants with features like custom-made Murphy beds in studios, a resort-style pool, and a fitness center – all woven into a walkable district with retail, and, dining options.

In a separate yet closely related development, less than a mile east of Vero, the Mediterranean Shipping Co. has secured a lease for roughly 28,000 square feet of office space as it gears up to operate at the 777 Tower within the corridor. With the Geneva-based company aiming to hire a workforce of 170, their establishment is a boon for the local job market. The Greater Phoenix Economic Council, ASU, and the Arizona Commerce Authority were instrumental in recruiting the firm, as publicized on LinkedIn earlier this month by GPEC. The 160,000-square-foot tower where they will reside was developed by Ryan Cos. and University Realty, and sold in December 2020 to Ascentris and Cypress Office Properties.

Tempe Mayor Corey Woods previously noted in December's State of the City address the import of improving conditions for the unhoused, positioning the city's effort to increase housing units as critical. Following the approval of plans for over 3,500 units in 2023 and with 13,500 more in the pipeline, developments like Vero are seen as substantial steps toward addressing housing demands.  Phoenix Business Journal indicates that residents have commenced moving into the building, marking the beginning of a new chapter for community expansion in Tempe.

Phoenix-Real Estate & Development