The map above shows the relation of a property Core Campus Communities recently bought to Arizona State University amenities.

A prime piece of real estate located immediately southwest of Sun Devil Stadium has been sold to Core Campus Communities, a Chicago-based firm, for $4.75 million.

The company will build a mixed-use retail and student housing project.

The land once had been slated for a glitzy high-rise condo project dubbed Lumina Tempe. That development, proposed by Constellation Property Group in San Diego, boasted that former Phoenix Suns Phoenix Suns Latest from The Business Journals Jerry Colangelo resigns from Grand Canyon University boardColangelo leaves Grand Canyon University boardChevy, APS among first advertisers on downtown billboards Follow this company star Amar’e Stoudemire had put money down on a unit on the 17th floor. At that time in Spring 2008, the developers said the project was a couple of months from groundbreaking. Like so many other condo developments, it never got off the ground.

The price of the land seems very reasonable for a site like that, and student housing makes sense. The proposed development sits right on the light rail line and within a few footsteps to campus.

No word on how quickly the project will get on track, but this might be a doable for the new economy.

The seller was Logan Tempe LLC. Brent Moser, Mike Sutton and Brooks Griffith with Cassidy Turley BRE Commercial in Phoenix represented the seller.

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