The Culdesac Tempe community is the first of its kind in Arizona and in the nation, according to company officials, and the company's priority is "building cities for people, not cars." Culdesac Tempe is a $170 million project with 761 residential units, 16,000 square feet of retail and 35,000 square feet of amenities on 17 acres. The rest of the residential units will continue to open in phases, according to company officials.

Residents will not have private cars or parking spaces, although the retail area will have parking for retail visitors and resident guests, according to the company.

The first phase of the project is set to open this fall with about 50 residential units, a grocery store, a restaurant, coworking space, a coffee shop and a bike shop.

"The community is 100% for rent," said Erin Boyd, head of business operations at Culdesac. "We wanted to make sure that the amenities of the community opened in the first phase, so the first phase is really mixed-use, with apartments on top of the coffee shop and coworking spaces."