A major redevelopment is underway near Arizona State University, transforming part of the shuttered Karsten Golf Course into a creative office hub.
Key Highlights:
- Project Name: Rio Yards
- Location: McClintock Drive and Rio Salado Parkway, Tempe
- Background: The Karsten Golf Course closed in 2019 to pave the way for the Novus Innovation Corridor—a 300-acre development intended to generate revenue for ASU athletics.
- Development Status:
- One office building and a parking garage have been completed.
- The building is currently available for lease but remains unoccupied.
- Three more office buildings are planned, pending demand.
Investor Insight:
- This development aligns with long-term growth in the East Valley tech and office corridor.
- Its proximity to ASU makes it attractive for businesses seeking access to a young, educated workforce.
- While demand will dictate the pace of further construction, the project represents a key piece in Tempe’s transformation into a high-density, innovation-focused urban core.
Stay tuned as this project evolves—it’s a signal of Tempe’s continued appeal to commercial tenants and institutional investors.