The city's Development Review Commission will meet June 25 to hear the proposal for Vale Student Housing — an eight-story, 277-unit project encompassing 578,773 square feet. The 3.88-acre site is currently home to the Moxy Phoenix Tempe/ASU Area hotel and a CVS Pharmacy.
Nick Wood, a partner at Snell & Wilmer and land-use attorney on Vale Student Housing, told the Business Journal that the student housing project would replace the Moxy. However, the 16,000-square-foot CVS will not be affected and will continue to operate. Project documents say CVS is operating on a ground lease that limits the redevelopment of that portion of the site"until a later date.
The 186-key Moxy by Marriott International Inc. opened in 2016 at 1333 S. Rural Road with an aim to attract millennials and business travelers. The Tempe hotel was the first Moxy-branded hotel in the United States for Marriott.