The Mill Ave & Hu Estate Assemblage / Redevelopment
Strategic ±31,729 SF Corner Assemblage-Mill Ave Innovation Corridor High Density Redevelopment
Marketing description
THE OPPORTUNITY
Presenting the "Mill & Hu Esta Assemblage," a premier 0.728-acre urban infill development site located on a high-visibility hard corner of Tempe’s iconic Mill Avenue. This is a pure "Path of Progress" play, perfectly positioned between the high-density urban core of North Tempe and the major employment hubs to the south.
UNMATCHED DEVELOPMENT POTENTIAL
While currently featuring an aging residential improvement, the property is being marketed for its Highest and Best Use: New Residential Development. Under the newly passed Arizona State Legislature Bill HB2721, and the City of Tempe’s Transportation Overlay District guidelines, this site is a prime candidate for a high-density rezoning. The ±31,729 SF footprint allows for a significant "residential-over-parking" or "luxury townhome" product that is currently in zero-supply within this zip code.
LOCATION & CONNECTIVITY
The site sits within the "Innovation Corridor," surrounded by the state's largest employers including Amazon, State Farm, and Microsoft. With a walkability factor enhanced by the nearby Tempe Streetcar and Light Rail, future residents will enjoy seamless access to ASU, Tempe Town Lake, and Sky Harbor International Airport.
STRATEGIC ADVANTAGES
The appraisal confirms superior site characteristics, including significant frontage along Mill Avenue and a "Hard Corner" position that offers developers flexible ingress/egress options and maximum architectural visibility. This property will be delivered vacant, allowing for an immediate start to the entitlement and site-prep process without the delay of tenant relocation.
This is the last remaining assemblage of this size on the Mill Avenue corridor. Secure the dirt today in the most supply-constrained market in the Southwest.
Investment highlights
- Rare Assemblage SF: A consolidated ±31,729 SF (0.728 Acre) footprint in the land-locked Tempe submarket.
- Prime Corner Influence: Situated on the NWC of Mill Ave and Hu Esta Dr with significant arterial frontage and dual-access potential.
- Massive Zoning Upside: Located in the Transportation Overlay District (TOD) and positioned to benefit from Arizona HB2721, allowing for significantly higher density than current R1-6 zoning.
- ASU Proximity: Less than 1 mile from Arizona State University (55,000+ students), providing a permanent floor for housing demand.
- Transit-Oriented: Immediate access to the Tempe Streetcar and Valley Metro Light Rail, qualifying the site for parking reductions and height bonuses.
- Clean Development Slate: Delivered vacant; 916 SF existing structure is a prime candidate for a "scrape" to make way for luxury townhomes or mixed-use residential.
- Infrastructure Ready: Utilities on-site including an SRP Head Gate for irrigation and City of Tempe water/sewer at the lot line.
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