Catherine Reagor

The Republic | azcentral.com

This Valley is in the midst of an apartment boom with more than 10,000 units underway or recently built

Develop Opus announced this Tempe highrise project last year, but ASU had issues with the height

The apartment project will also have space for shops and restaurants

Construction has started on two high-rise apartment towers on a former parking lot next to Arizona State University in downtown Tempe.

The development, yet to be named, will include 20-story and 12-story buildings with a total of 407 apartments on the northwestern corner of University Drive and Forest Avenue.

This Valley is in the midst of an apartment boom with more than 10,000 units recently built or underway. Downtown Tempe is a hot spot for new apartment development because of the area's growing student population and infill draw for other residents.

About 31,000 square feet of space for retail and restaurants will front University Drive in the new apartment development.

Previous plans called for Opus developing a 230-room hotel on the 3-acre Tempe site. The developer said Wednesday the hotel would be developed by a separate group.

Opus’ project was announced last year but faced opposition from ASU because of the height of the towers.

The developer updated its design so the buildings are shorter facing University Drive and Seventh Street and then climb in height midblock.The number of apartments has also been scaled back from 450.

“We designed a mixed-use project unique to the area that allows for an active, centrally located community within walking distance to all that Tempe has to offer,” Larry Pobuda, senior vice president of Minneapolis-based Opus Development Co., said in a press release.

Plans call for the apartment towers to share a fifth-floor amenity deck with a swimming pool, barbecue area and outdoor lounges with cabanas.

The development will also have a bike workroom with storage for more than 450 bikes.

The apartments are scheduled to open to renters in the summer of 2018. Rents haven’t been finalized.