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

Tempe, AZ is witnessing a new phase of urban development with the grand opening of Vero, a luxury apartment tower in the Novus Innovation Corridor. Transwestern Development Co., partnered with Globe Corp. and University Realty, have unleashed a 199-unit behemoth aimed to entice residents with a blend of deluxe living and strategic placement near Arizona State University.

Fueling the demand for upscale dwellings, Vero offers a salve to the metropolitan's thirst for high-end apartments. "As a residential anchor of Novus, Vero responds to the market's demand for luxury apartments that offer efficiency, affordability and top amenities in a dynamic, mixed-use neighborhood," Brendan O'Leary, partner of Transwestern Development Co. Southwest, declared in a statement reported by Phoenix Business Journal. The swanky tower is grabbing eyes with studios featuring custom Murphy beds and well-thought-out floor plans.

There's more on the luxe side, as Vero lays out a slew of amenities — a resort-style pool, a fitness center, and coworking space, all wrapped up in a walkable retail district. Greystar manages the property where prices hover between $1,500 for studios and north of $3,000 for two-bedrooms, as detailed by ABC15 News.

But the tides of change don't ebb with Vero. Mediterranean Shipping Co., a heavy hitter in the transport and logistics world, has dropped anchor less than a mile from the tower at 777 Tower's sixth-floor office space, expecting to fill the sails with around 170 employees, as stated on LinkedIn by the Greater Phoenix Economic Council.

The burgeoning Novus Place, where Vero stands tall, is a testament to Tempe's burgeoning growth. With over 3,500 residential units given the green light last year and another 13,500 in various stages of the development pipeline, Mayor Corey Woods stressed the urgent need for more affordable housing during his State of the City address in December, as reported by Phoenix Business Journal. And the city's initiative seems steadfastly determined to provide just that.

Phoenix-Real Estate & Development