Arizona State University is breaking ground on a project it hopes will provide hundreds of millions of dollars to renovate and improve Sun Devil Stadium and other athletic facilities.
A new luxury apartment complex, office building and hotel will be the first projects to go up in Arizona State University's athletic district in the Tempe Novus Innovation Corridor, which extends from ASU's Tempe campus to the shores of Tempe Town Lake.
Heavy-duty building machinery came out in recent weeks, signaling a move from theoretical to actual for the special athletic district launched in 2015.
The 350-acre Novus Corridor is expected to generate as much as $500 million for ASU athletics over the next two decades, ASU said. By law, the money must be used only to construct or improve athletic facilities.
The new developments are scheduled to open late next year or in 2020.
“This will be real now. It will be coming up out of the ground. People will see it,” ASU Chief Financial Officer Morgan Olsen said.