By Mike Sunnucks for Phoenix Business Journal
A Scottsdale development company – with Chinese backing – still plans on buying land from the city of Tempe for a proposed $1.2B mega-development.
TrendEx Holdings LLC missed a Dec. 12 deadline to pay the city $17.6 million for 11 acres of land along Tempe Town Lake. But the developer says it has a 30-day extension to still buy the property and plans on making that January deadline.
The land is located north of Rio Salado Parkway and between Rural Road and McClintock Drive.
TrendEx is partnering with a Hong Kong company, China International Development Investment Corp., on the proposed 2 million-square-foot commercial development.
Scottsdale-based TrendEx wants to build offices, multifamily housing, retail shops and a hotel on the Tempe Town Lake property. It would be one of the largest developments in Arizona – if it ever gets built.
There are several other large developments and hotels under construction or in the works in Tempe along the lake and Mill Avenue area.