By Ron Davis | Phoenix Business Journal (abridged)
Artist rendering of the 15-story Verve Tempe mixed-use project in Tempe.
Two new Tempe apartment projects near Arizona State University took a step forward (last) week.
An amended planned area development overlay for the seven-story Apache Square and a general plan land-use map amendment for the 15-story Verve Tempe projects each were recommended for approval by Tempe’s Development Review Commission on Jan. 23. Both projects are proposed at the sites of existing structures that would be cleared to make way for the new buildings, and both are subject to City Council approval.
The apartment plans advance through city channels at a time when housing has emerged as a top priority for the city of Tempe, which has thousands of units in the pipeline.
Set for 1747 E. Apache Blvd., Apache Square would bring 272 units to a 1.95-acre site that was formerly the home of a Pep Boys auto repair shop. Scottsdale-based KB Devco is the owner and developer of the land after it purchased the parcel in January 2022 for $5.75 million, according to Maricopa County records. It is working with Phoenix law firm Gammage & Burnham on its application with the city.
Verve Tempe would bring 240 units to a 0.9-acre site at 1011 E. Orange Street. Currently home to Park Terrace Apartments, the 58-unit complex is primarily occupied by students. California-based KDF Communities bought the site in October 2022 for $9 million, county records show. KDF is developing Verve Tempe and working with Tempe law firm Sender Associates.
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