We recently learned some information about the possibility of the Arizona Coyotes coming to Tempe but I gotta think there is even more to this story…
**Update: ASU has pulled out of the deal that was going to bring the Coyotes to Tempe…**
More Than Coyotes Coming To Tempe?
If you read between the lines of the story that has been unfolding since about the time that Ray Anderson was hired by ASU, they obviously have some really big plans for the entire area. The ASU Athletic Facilities District sits on some *very* valuable land and represents huge opportunities for large-scale development in a very central location. Sure, the fact that we may have the Coyotes coming to Tempe is a big freakin’ deal, but is this part of a larger plan to bring even more events or even the US Olympics to town? Maybe the Pan-American games? BIG events, none-the-less. We are hearing that this Coyotes deal could be in the $400 million range. That’s some pretty big plans, if you ask me.
The Athletic Facilities District at ASU is generally bounded by Sun Devil Stadium, Veterans Way, University Drive, McClintock Road and the Tempe Town Lake.
Within this massive area, we will see the new and improved Sun Devil Stadium to the tune of more than $250 million. Next to Sun Devil Stadium we are also hearing that Wells Fargo Arena will be upgraded “for men’s and women’s basketball and some Olympic sports.” The track and tennis facilities will be moved to the east side of Rural road, and the indoor/outdoor practice facilities for ASU football will be moved to the north side of Sun Devil Stadium. With all of this movement of, and improvements to, the sports facilities, it is pretty clear to some that this is a major shift. ASU has some BIG plans, for sure. Seeing and hearing talk of olympic sports as part of the news stories is interesting, to say the least.
Still Not Set In Stone:
While a deal with the Arizona Coyotes is being negotiated, it is still not set in stone. In fact, the location, funding source, political support and public support (or lack of) will more than likely combine to make or break this deal. Mayor Mitchell in Tempe was quoted as saying that he hasn’t been aware of or involved in any negotiations of the project. This sounds like all ASU, and it sounds like not everyone agrees that it is a slam dunk. You know Glendale is going to try to keep them in their city, and we are hearing that Phoenix Mayor Greg Stanton has other ideas and opinions of this deal. Those two mayors certainly aren’t likely to jump up and down over the possible Tempe relocation, as they know we are talking about some pretty significant tax revenue from a project like this.
LeBlanc also reiterated that funding for the stadium would be a joint public/private venture with more than 50 percent of the cost privately funded by the Coyotes. The public portion would likely come in the form of a tax district that would only generate tax revenues with the existence of the arena. A percentage of that revenue would be used to pay for the arena and associated costs. The creation of that district would require approval from the Arizona State Legislature but would not require a public vote. – via azsports.com
More talk of the funding for the site was mentioned in an AZ Central article titled “Arizona Coyotes’ plan to build arena at ASU would need support of taxpayers, legislators”
The public’s contribution to development costs would come from a portion of sales taxes generated by the arena, a proposed luxury hotel and a mixed-use commercial development at the site. – AZ Central
The immediate area surrounding the proposed Coyotes development is mainly commercial and industrial in nature. We do have some homes close by and along the lake, but I’m not hearing of any live / work options within these arena plans. If you look at the map of the ASU Facilities District, they do show areas designated as “Urban Density / Multi-Family”. We’ll watch for more information about that, as well. Given the scope of the Athletic Facilities District, one has to assume that homes in the area could see some more upward pressure. There’s a LOT of jobs being created in downtown Tempe, and the University appears to continue to grow and grow and grow. Thus, homes close to ASU should continue to be in very high demand.