Novus Innovation Corridor | Tempe, Arizona
The Novus Innovation Corridor is located on the Arizona State University (ASU) campus in Tempe, Arizona. Novus is a 355-acre mixed-use development that will ultimately encompass more than 10 million square feet of urban development. As master developer, Banbury oversees over 8 million square feet of new construction, including residential, office, retail, and hotel uses.
The project integrates private, sustainable mixed-use development with new and renovated, best-in-class collegiate athletic facilities, creating a dynamic and connected campus environment. Novus is planned to include approximately 3,600 multifamily units, over 10 million square feet of commercial space, 1,000 hotel rooms, and 275,000 square feet of retail space.
Major tenants in Novus include the 2.1-million-square-foot Marina Heights campus, home to State Farm, as well as ASU Realty, Infosys, MSC, Hyatt Place / Hyatt House, and multiple ASU athletic and entertainment venues.
Novus Place, the project’s retail district, features the urban Novus Place Park, and a growing collection of restaurants and shops like Blue Sushi, Eureka!, Starbucks, Flowerchild, North Italia, and Blanco, with additional tenants continuing to open.
Upon completion, Novus Place will offer shopping, dining, and entertainment on ASU’s main campus. Designed as a vibrant gathering space, it will host community events and provide shaded walkways, bike paths, and an urban park-like setting for residents and visitors.
Novus is expected to deliver significant economic benefits to the City of Tempe, including job creation, increased tax revenues, and enhanced national and international visibility. At full buildout, the development is projected to support approximately 34,000 jobs, house 5,000 residents, and generate an estimated $75 billion in economic activity by 2035
In 2012, ASU issued a request for proposals for a master developer to implement the vision for a world-class innovation hub, and Catellus Development Corporation was announced as master developer and the development agreement was completed in 2016. The development is expected to take place over 25 years.
In 2024, Banbury Development assumed the role of development manager for Novus, bringing forward the same leadership team that has been involved since the project’s inception. In 2026, Banbury acquired Novus from Catellus.
