TEMPE, ARIZ. — A joint venture between Core Spaces and Wexford Developments has broken ground on Hub on Campus Tempe, a 30-story student housing tower located near the Arizona State University campus in downtown Tempe. The development, which will feature 1,957 student housing beds, a rooftop amenity deck and ground-level retail space, is scheduled for completion in summer 2028.
Kennedy Wilson provided construction financing for the project, and TSB Capital Advisors consulted on the transaction. The development team includes general contractor Findorff and RSP Architects. Core Spaces will manage Hub on Campus Tempe upon completion and the firm’s in-house design team will design the interiors.
The project site was formerly home to the historic Harry Walker House, also known as the House of Tricks restaurant, which was recently relocated next to Tempe City Hall on Fifth Street for future preservation and restoration. The development team is working to preserve the nearby First Congregational Church, which will be transferred to city ownership to ensure its continued protection.
“This development will provide much-needed housing while also keeping the city’s historic landmarks part of the evolving landscaping,” says Doug Tichenor, senior director of entitlements at Core Spaces. “We see this project as a place that adds to and reflects the character, energy and history of this community, where residents can shop, eat and live.”
“Tempe’s growth gives us the opportunity, and the responsibility, to invest in housing that strengthens our community while preserving the stories and landmarks that define who we are,” adds Tempe Mayor Corey Woods, who attended the official groundbreaking event held Thursday, Oct. 16.
In 2013, Core Spaces developed and sold the first Hub on Campus Tempe, which has since rebranded as University House. In 2020, the company delivered ōLiv Tempe, which it still owns and operates today.
Core’s student housing portfolio includes over 48,000 beds currently owned or managed, with a pipeline of more than 49,800 beds in various stages of development. The Chicago-based company’s build-to-rent (BTR) division has more than 3,000 homes under development, now leasing or in its pipeline in high-growth metros nationwide.
Wexford Developments has offices in Calgary and West Palm Beach, Fla. The developer has a long track record in Tempe, having acquired and operated multiple residential, hospitality and restaurant properties in the downtown area.
— John Nelson and Katie Sloan