The Tempe City Council is considering a Government Property Lease Excise Tax abatement for Hines’ proposed 14-story, 216KSF 250 Rio office development near Rio Salado Parkway and the Ash Avenue Alignment.
If approved, Hines would sell the site to the City and the project would receive an eight-year abatement on property taxes.
Under the proposed agreement, Hines would make payments to area educational foundations to offset the property tax revenue. Other payments would be made to the Tempe Coalition for Affordable Housing, and Hines would contribute $150K for a planned veterans’ memorial. The developer would also fund improvements on the Ash Avenue roadbed and $1.95M in public infrastructure on Rio Salado Parkway.
If approved, construction could begin in Q1 2023. A second hearing on the development agreement is planned in August.
The project is represented by Gammage & Burnham. RSP Architects Ltd. is the design firm. The leasing brokers are Jerry Roberts and Pat Boyle with Cushman & Wakefield. (Source)
