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$11M Mixed-Use Project Marks Tempe First

TEMPE, AZ-The 50-unit Vale Condominiums, which includes four street-level units for shop space, is the first of its kind to earn a special mixed-use zoning in the city. The first sets of keys turn in December and the balance by midyear 2005.

By Lee Simmons | Updated on May 10, 2004

TEMPE, AZ-The Vale Condominiums, a 50-unit mixed-use project, has broken ground in Tempe with estimates for a June 2005 completion. With 49 units already reserved, the $11-million project features the architectural design handiwork of internationally acclaimed Will Bruder of Phoenix.

“It’s mostly different in the architecture and its feel,” Nicole Roberts, project developer with Beck Development LLC of Phoenix, tells GlobeSt.com. “I think this is my first endeavor to show a buyer a really good design and hire a really good architect and do it in a competitive way. Our prices are in the low- to mid-range area so there isn’t a premium.”

Located at 1111 W. University Dr., Vale Condominiums will feature 46 lofts in 622-sf to 2,200-sf designs, with prices ranging from $149,800 for studio units up to $510,000 for the largest three-bedroom unit. Of the residential units, seven have been set aside as live-work units. The project also includes four retail condos, priced at $167,800 for a 698-sf, street-level shop to $489,000 for a 2,078-sf storefront. The project’s 11 buildings sit on about 1.6 acres.

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