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Posted Jan 12, 2022, 11:32 PM
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Registered User
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Join Date: Jan 2013
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Details emerge on planned $1.8 billion Tempe mixed-use project including Ferris wheel
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Originally Posted by ASUSunDevil
Does the AZcentral article mention who the architect for South Pier is? Thanks
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This latest PBJ article mentions the architect is Nelsen Partners. Man, I hope this project gets fully built-out even though will be split out in 7 phases over 15 years. Couldn't tell from the aerial site plan what phase the Ferris Wheel is part of, hopefully Phase 1 which is scheduled to break ground 1Q 2023.
https://www.bizjournals.com/phoenix/...e-project.html
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A planned $1.8 billion, multiphased mixed-use project, which includes a Ferris wheel, will go before Tempe City Council on Thursday.
South Pier Tempe Holdings LLC, an entity of McBride-Cohen Management, was the successful respondent to a city-issued request for proposals for the site about three years ago, and the plans have been in the works since then, Maria Laughner, economic development program manager for the city of Tempe, said. The city had been working to develop the site since 2006, but those plans went dormant during the Great Recession.
The site is located at 1190 East Vista Del Lago Drive, south of the lake and north of the former Karsten Golf Course. Nelsen Partners is the architect.
Five of the seven lots that are included in the site are owned by the city, which allowed the city to pursue a large-scale master-planned development, rather than have multiple landowners develop their sites independently, Laughner said.
'Destination on the lake'
“We wanted to find a developer that would create something that is more of a destination on the lake,” Laughner said. The plans include a wide mix of uses, including class A office space, rental apartments, for-sale condo units, retail, entertainment, a hotel and central green plaza that can serve as event space. The plans also show a Ferris wheel located on the pier. The project is planned to be built in seven phases over 15 years.
The developer, McBride-Cohen Management, had done a very similar project in Washington state, Laughner said, giving the city confidence that the company could handle the scale of the project in Tempe.
“We have a lot of great stuff around the lake already,” Laughner said. “This might even be a step above all that we have.”
The city-owned parcels are eligible for a government property lease excise tax (GPLET) lease, where the city retains ownership of the land for a certain period to abate property taxes. The city plans to sell the land to the developer “in a phased manner,” according to city documents, and the developer will pay the appraised rate of $74.02 per square foot for the land.
The city had plans in place to eventually add another pedestrian bridge across the lake, which coincidentally lines up with the South Pier project. Laughner said the project plans to include the pier, with the Ferris wheel, as part of the pedestrian bridge, and said the developer will contribute funds to help the city facilitate the construction of the pedestrian bridge.
Amenities, food options
In total, the proposal includes 600,000 square feet of class A office space, 2,300 for-rent apartment units and 160 for-sale condominium units, 111,000 square feet of retail and 520 hotel rooms on 12.43 acres. City documents show the first phase in the project is planned to include a below-grade garage, 16,213 square feet of retail space and 248 apartment units. Construction on that phase is planned to begin on or before Jan. 31, 2023.
The development plans to bring much-needed amenities and food options to the area, Laughner said. The city has heard from office users on the eastern portions of the lake that they would like more lunch options closer to them, so workers do not have to drive to Mill Avenue or other places for lunch. The retail and restaurants will also bring “livability” to the residential projects under construction nearby, as well as others in the area.
Even during the pandemic, Tempe has maintained its office occupancy, Laughner said, and the South Pier project plans to include speculative office in later phases, specifically the third phase, according to city documents.
Council will hear a presentation about the development agreement at its meeting Thursday, and the project is scheduled to go to Council again for approval on Feb. 10.
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