A San Francisco developer has selected Tempe to develop its first car-less neighborhood, a $140 million project that will house 1,000 people.
Called Culdesac, the company was founded in 2018 by former Opendoor founding team member Ryan Johnson and economic development specialist Jeff Berens.
The company has raised $10 million in venture capital funding, led by Khosla Ventures, as well as Initalized Capital, Zigg Capital, Bessemer Venture Partners and Y Combinator.
The 16-acre site at 2025 E. Apache Blvd. was chosen for the first car-free neighborhood because of the city's thriving job market, growing population and land available on a light rail station, according to a company statement.