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Arizona State Creating Downtown Tempe Hub To Help Fund Athletic Facility Projects

Arizona State Univ. revealed Friday the "first look at plans to transform 330 acres near downtown Tempe into an urban hub with offices, apartments and a hotel that could potentially bring in hundreds of millions of dollars for athletic facilities during the next two decades," according to Reagor, Metcalfe & Ryman of the ARIZONA REPUBLIC. The ASU Athletics Facilities District will "include 3.5 million square feet of office space, 2,500 to 3,000 apartments or condos and two hotels." The Verde Dickey Dome, ASU's indoor football facility, "will move closer to Sun Devil Stadium." None of the names of the athletic facilities "will be changed." ASU officals and Catellus Development Corp. said that the first phase of construction, "in the area that currently includes Sun Devil Stadium, parking lots and a golf course, could start later this year." The stadium "already is under renovation." Money generated from the district will "go toward building and revamping ASU athletic facilities, mostly in the area." Developments in the district will "pay fees to ASU, instead of property taxes." ASU Exec VP, Treasurer & CFO Morgan Olsen said, "Creating a revenue stream with the district will allow ASU to compete even better in Pac-12 Conference athletics." Reagor, Metcalfe & Ryman note ASU sports fans "might have to deal with some short-term parking issues as sports facilities and fields are relocated within the district." The school "plans to build a multiuse arena for men's hockey, which is becoming a NCAA varsity sport" in '15-16, and "some Olympic sports" (ARIZONA REPUBLIC, 6/19).

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