About Novus Innovation Corridor
Novus: In the Heart of Tempe
Novus Innovation Corridor is a partnership between the nation’s “Most Innovative University”, Arizona State University and master developer Banbury Development. Strategically integrated with ASU’s Tempe campus along Tempe Town Lake, the mixed-use development enables companies to achieve synergies with a major university, including access to world-class research and a highly educated and skilled workforce.
Early phases of Novus include the 2.1 million square-foot Marina Heights and the $307 million renovations of Mountain American Stadium.
Located on Tempe Town Lake, Novus has a multimodal advantage, making it easily accessible for anyone coming to visit, work or live here. With a planned 4,100 residences, 700 hotel rooms and 275,000 square feet of retail and entertainment venues, Novus has created a place in the heart of Tempe where you can Live, Work, Play and Stay.
About Tempe
Tempe is a city just east of Phoenix, Arizona. Its striking Tempe Center for the Arts hosts concerts, dance and comedy shows. Tempe Town Lake is dotted with kayaks, pedal boats and paddleboards. Tempe Beach Park hosts numerous outdoor festivals.
Tempe is a bustling city centered around Arizona State University, rated No. 1 in the Country for Innovation. With over 75,000 students, faculty and staff it is an elite area driving future leaders and economic growth.
ASU Innovation Zones
ASU’s Innovation Zones represent a distributed, regionally integrated model of university-driven economic development. Rather than concentrating innovation in a single dense district, ASU has embedded specialized zones across the Phoenix metro area, aligning research strengths with industry clusters. Success depends less on real estate occupancy and more on whether it generates sustained research commercialization, talent retention, venture capital growth, and cross-sector collaboration. Its greatest strength is regional integration.
As one of nine ASU Innovation Zones across Greater Phoenix, each unique, Novus drives the regional economy by connecting ideas to industry, talent to opportunity and research to impact.
One of the defining expressions of the Novus Innovation Corridor is its preeminence as a collegiate sports venue. Novus presents a mix of uses that transform athletic venues into year-round integrated community assets, creating activity and engagement 365 days a year.
The Players
Novus Innovation Corridor is a partnership between Arizona State University (ASU) and master developer Banbury Development, and is expected to bring approximately 40,000 new jobs and 5,000 new residents to the downtown Tempe area.
Banbury Development
Arizona State University
Arizona State University, ranked the No. 1 “Most Innovative School” in the nation by U.S. News & World Report for nine years in succession, has forged the model for a New American University. Year after year, ASU ranks at or near the top of the list in areas that matter. ASU is a comprehensive public research institution, measured not by whom it excludes, but by whom it includes and how they succeed; advancing research and discovery of public value; and assuming fundamental responsibility for the economic, social, cultural and overall health of the communities it serves. ASU operates on the principles that learning is a personal and original journey for each student; that they thrive on experience and that the process of discovery cannot be bound by traditional academic disciplines. Through innovation and a commitment to accessibility, ASU has drawn pioneering researchers to its faculty even as it expands opportunities for qualified students, attracting some of the highest- quality students from all 50 states and more than 130 nations.
