TEMPE, ARIZ. — Los Angeles-based Banyan Residential has broken ground for the first phase of Banyan North Tempe, a 651-unit multifamily community in Tempe. Working with Indianapolis-based Milhaus, Banyan annexed a 16.5-acre site, which is the first time the City of Tempe has expanded its boundaries in more than a decade.
Construction is now underway for the $177 million development, with the first phase slated for completion in early 2023. Designed by Todd & Associates, Banyan North Tempe will feature 310 studio, one-, two-, three- and four-bedroom units in its first phase and a total of 651 units at full build-out. Community amenities will include two swimming pools, a fitness center, an outdoor spa, a clubhouse and library.
The development team secured a $52 million construction loan from UMB Bank and Academy Bank. McShane Construction Co. is serving as general contractor on the project.