TEMPE, Ariz., — Transwestern Development Co. has broken ground on VELA at Town Lake, a 290-unit luxury apartment community in Tempe, Ariz.
Transwestern Development Co. purchased a 4.57-acre site with its partner, FL Lakeside Investor LLC. The first units are slated for delivery in February 2016.
Transwestern Development Co. Associate Vice President Josh Delk is leading the development team, and Transwestern Vice Presidents Jack Hannum and Bret Zinn negotiated the land sale.
With two buildings ranging from three to five floors, VELA at Town Lake will wrap around a structured parking garage. VELA at Town Lake is adjacent to the Tempe Town Lake marina and directly across from the new regional headquarters of State Farm and Sun Devil Stadium, the football stadium for Arizona State University.
Financing for the project was provided by Bank of the Ozarks and Cornerstone Real Estate Advisers LLC. The project was designed by Wilder Belshaw Architects and Davis Architects; the general contractor is MT Builders Cos.; and the civil engineer is Hilgart Wilson LLC.