By Mike Sunnucks for Phoenix Business Journal
The Tempe City Council has approved property tax breaks for proposed high-rise condos and a hotel.
The council approved a property tax deal with Minneapolis-based Opus Development Co. for a planned 3.2 acre project near University Drive and Forest Avenue at its meeting Thursday.
The development is slated to include a 20-story apartment tower and possibly a grocery store. It is in the midst of Arizona State University’s main campus in Tempe.
Opus is the latest developer to get property tax help from Tempe via a Government Property Lease Excise Tax deal.
Tempe has also approved GPLET deals with a number of other planned and existing developments, as well as some that never got built.
Opus will pay $3.4M to Tempe over 10 years as part of the GPLET deal. Opus will also build a 1,000-space parking garage with 227 public spaces as part of project and agreement with Tempe.
The city agreement also looks to encourage a grocery store on the ground level retail of the project, which is a few blocks from Mill Avenue. A 14-story hotel could be developed by Opus at its University Drive project.
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