Rio Yards — located at 1337 E. Rio Salado Parkway in ASU’s sprawling mixed-use district — was bought Jan. 30 by Scottsdale-based real estate investment firm Silver Creek Development…Silver Creek has rebranded the property as Horizon Bay, according to a marketing brochure for the property.
“ASU is excited to have Silver Creek join the Novus community as the new owner of Horizon Bay,” an ASU spokesperson said in a statement to Phoenix Business Journal. “This is an exceptional opportunity for Novus to deliver move-in-ready office options to the market, opening the door for additional collaboration between ASU and the private sector and continuing to drive the success and expansion of the Novus Innovation Corridor.”…
ASU’s Novus project now completing third phase
Horizon Bay is one of many developments on the 355-acre Novus Innovation Campus that is adjacent to ASU’s college campus in Tempe. The wider Novus project is currently in the process of completing its third phase, Novus Place. It’s been referred to as the “heartbeat” of the corridor and the entertainment district with 11 restaurants, retail, green spaces, hotels and apartments.
Novus Place is one piece of the seven-phase, 20-year-development “city within a city” that will encompass 10 million square feet at full buildout, with 4,100 planned residents; more than 1,000 hotel rooms; about 275,000 square feet of retail, restaurants and entertainment; and 40,000 jobs.
In the third phase, the project will continue expanding Novus Place north toward Mullett Arena, the multi-purpose space where the ASU hockey team plays its home games. Then the development team will work to move ASU’s track and tennis sections to the east of Rural Road.
The project began in 2013 with Marina Heights, an office development off Tempe Town Lake, and the project is expected to be completed in 2033…
Phoenix Business Journal subscribers can read the full story HERE
