By AZRE | AZ Big Media (Submitted Photo)
Banyan Residential, an LA-based private real estate investment company, has commenced construction on phase one of Banyan North Tempe, a 651-unit multifamily development in Tempe, Arizona. In conjunction with Milhaus, an Indianapolis-based development company, Banyan worked tirelessly with state and local agencies to annex the 16.5-acre site in an area frequently referred to as the North Tempe county island – the first time the City expanded its boundaries in more than a decade. Construction is now underway at the highly anticipated $177 million development, with phase one expected to be complete in early 2023.
“This area of Tempe is ripe for urban revitalization,” said Max Friedman, Partner at Banyan Residential. “We are proud to be at the forefront of this large-scale project that will soon bring new housing, public spaces and improved local infrastructure to the city. We are grateful for the tremendous support we’ve received from local officials and our project partners at Milhaus, and we are thrilled to officially commence construction.”