How ASU’s innovation zones fuel the valley’s economic development

In the Phoenix metropolitan area, ASU has developed seven innovation zones with the aim of advancing the university’s mission of helping local and state economies by creating quality jobs, tax revenues, increasing value surrounding private properties and prioritizing quality development that attracts private investment.

Innovation Zones are private and public partnerships connecting the valley’s local economies with more than 100 global companies, including Go Daddy, PayPal, State Farm, Walgreens and US Foods.


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“Innovation Zones are a key part of ASU’s economic development portfolio, and they provide a plethora of openings for companies to settle with us, have access to a large network of talented students, and work with the staff and faculty in one of the leading research institutions in the country, ”said Aric Bopp, executive director of economic development at ASU.

ASU innovation zones were built for the sake of economic progress. It begins by fostering a cooperative environment in which top-level companies can be established in one of ASU’s seven zones: the Phoenix Biomedical Campus; Arizona Health Solutions Corridor; the ASU polytechnic campus; SkySong, the ASU Scottsdale Innovation Center; ASU research park; ASU West campus; or the Novus Innovation Corridor, which is strategically located on ASU’s Tempe campus.

“Just over half of ASU graduates stay in Arizona to kick-start their careers,” Bopp said. “Almost a quarter of a million ASU graduates were employed in the state in 2018, generating an estimated $ 15.9 billion and remitting $ 1.13 billion in state and local taxes. , the economic effects of ASU’s operations on Arizona’s gross proceeds in fiscal 2019 were $ 4 billion.

Cultivating a strong economy goes beyond the possibilities of collaboration, skills development and research. It is also about creating an environment in which to foster a talented, educated and skilled workforce capable of advancing the industries of the future.

The Novus Innovation Corridor, which spans downtown Tempe, is ASU’s largest innovation project. The construction of completed and currently active projects at Novus is expected to generate an economic impact of $ 1.86 billion. ASU also predicts that 33,734 jobs will be created by 2035 through office, hotel, collective housing and retail operations at Novus. More than 20,000 temporary construction jobs linked to its development will also be generated.

ASU President Michael Crow credits Novus with being the primary reason ASU has been ranked as America’s Most Innovative University for the past seven years.

“The development within the Novus Innovation Corridor aligns with our vision to be America’s premier hub for innovation and entrepreneurship at all levels,” Crow said in a statement. “The benefits to our students, faculty, the university, the city of Tempe, and the business community are already being felt, and they will only increase as other visionaries construct new buildings and facilities to deliver opportunities within the framework of Novus. “

The most recent development in Novus is the Piedmont, a multi-family structure that will add 318 units to the housing market by its completion in December.

“This is a rare opportunity where a university has all of this undeveloped land, as well as the market outlook to build something that will be fundamentally profitable,” said Brian Kearney, vice president of development at Catellus, the lead developer of Novus.

“Most units can go from a bedroom to a living space when not sleeping,” Kearney said. “This development is not intended to accommodate a large number of students. There is nothing preventing students from renting these units and there will be students moving into these units, but the students are not our primary customer.

The development within Novus advances our vision to be the leading center of innovation in America, ”said President Crow. “The benefits to our students, faculty, the university, the city of Tempe, and the business community are already being felt, and they will only increase as other visionaries construct new buildings and facilities to deliver opportunities within the framework of Novus. “

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