Tempe Town Lake May Get New $1.8B Mixed-Use

An aerial map shows where South Pier Tempe Holdings plans to build a 12.43-acre mixed-use development.

South Pier Tempe Holdings LLC (McBride-Cohen Management Group) plans to add a new $1.8B mixed-use development to Tempe Town Lake.

The seven-phase, 15-year project will go on a 12.43-acre site on the north side of Rio Salado Parkway next to the ongoing Pier 202 development, also by South Pier Tempe Holdings. According to media reports, planned components include 600KSF of office, 2,300 apartments, 160 owner-occupied condos, 111KSF of retail and 520 hotel rooms.

At its December 9th meeting, Tempe City Council adopted a notice of intent stating it plans to enter into a tax incentive agreement with the developer, a preliminary step in the development agreement and project approval processes.

Council expects to hear the development agreement next month. (Source)

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