ASU is on its Way to Getting a New Sports Arena

ASU is on its Way to Getting a New Sports Arena

Arizona State University Sun Devil fans will soon have reason to celebrate. According to a recent report, the university’s Board of Regents committee has approved building a 5,000-seat sports arena. The new facility will be the new home for the Sun Devil’s hockey, wrestling, and gymnastic program and is part of ASU’s planned Novus Innovation Corridor.

The ASU Sports Arena

The project will be developed by real estate and development company Mortenson, which recently completed the new 259-room Hyatt Place/Hyatt House in the Novus Innovation Corridor. Construction on the ASU sports facility is planned to begin in early 2021 and will ideally be completed for the start of the Sun Devil’s 2022-23 men’s hockey season. The ASU facility will have a practice ice rink for the team. The arena will also serve the gymnastics and wrestling programs and as an alternative venue for ASU sports like men’s and women’s basketball and volleyball. The ASU sports arena will feature nine loge areas, 20 private suites, two larger group suites, and premium club seats.

The Novus Innovation Corridor

According to its website, the Novus Innovation Corridor “is a public/private partnership between the nation’s “Most Innovative University,” Arizona State University and award-winning master developer Catellus Development Corporation.” As part of this collaboration, the Novus project is transforming the property on both sides of Rural Road into new athletic facilities for ASU as well as hotels, offices, and multifamily buildings.

Catellus and the university are reportedly promoting potential partnerships between ASU and private enterprise to encourage development at Novus. Some estimate that the project will create approximately 25,000 permanent jobs. According to Morgan Olsen, ASU executive vice president, treasurer, “ASU is the largest research university in the country,” and the institution “is hopeful that “[c]ompanies may want to work with us to license new technologies.” ASU plans to use funds from ground leases and assessments generated by the Novus project to develop an athletic village near the Novus land site, the present location of ASU’s football and basketball stadiums. Olsen commented that this collaboration “will allow [ASU] to maintain and construct sports facilities for our 23 sports programs.”

In addition to recruiting other developers, Catellus is charged with overall planning, securing entitlements, designing and installing infrastructure, negotiating 99-year prepaid ground leases on behalf of ASU, and administering design reviews for each Novus project.

Laura B. Bramnick is an Arizona real estate attorney with the knowledge and experience you need to protect your interests during every stage of your real estate matter. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the State of Arizona, contact Laura B. Bramnick to schedule your consultation.

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