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Tempe OKs GPLET for Apartments, Hotel

Rendering courtesy of City of Tempe

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.

Read more at Phoenix Business Journal

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