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TEMPE, AZ-The landscape of Downtown will soon be changing now that developers have broken ground on a $43.5-million project that will serve as a gateway to the Arizona State University campus and the headquarters of the ASU Foundation.

The project, set to be completed in December 2004, will transform the corner of College Avenue and University Drive on the ASU campus into a six-story, 140,000-sf office building for the school and foundation’s administrative offices along with a 1,200-space parking garage and 15,000 sf of retail space to be located in an adjacent two-story building.

“This project blends very well into the Downtown Tempe redevelopment plans,” David Krumwiede, executive vice president with Lincoln Property Co., which is developing the project, tells GlobeSt.com. “This will be a signature project of that effort and is a great example of the public university working with private real estate entities to maximize success of a development project.”

The multi-million development, a public/private partnership between the university, the foundation and Lincoln Property, will be funded through tax-exempt bonds, he says.

The ASU Foundation, one of the oldest non-profit fundraising organizations in Arizona, will occupy 50,000 sf on the top two floors of the office building, allowing the group to consolidate its business operations and staff, which are currently housed in five separatebuildings. Arizona State University will take about 90,000 sf of the building for its administrative offices.

The project’s exterior will be designed by Architekton of Tempe and Gould Evans of Phoenix, whose design teams include several ASU alumni. Interior design will be handled by McCarthy Nordburg and McCarthy Building Cos. Inc., both in Phoenix, will serve as general contractor.

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