Posted Dec 5, 2022, 6:34 PM
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Mixed-use development near proposed Coyotes' arena gets green light from Tempe
https://www.bizjournals.com/phoenix/...-by-tempe.html
Quote:
Marc Bonilla received the thumbs up from Tempe City Council on Thursday for a project he's been working to develop for years.
Bonilla, who is part of the development entity Hardy Rio Development LLC, will move forward on Modera Rio Salado — a seven-story, 319-unit, mixed-use development with a planned address at 835 W. Rio Salado Pkwy. Tempe City Council approved a land-use amendment, a zoning map amendment and a development plan review Thursday on a 6-0 vote.
The project totals more than 400,000 square feet on a roughly 5-acre site. There will be 3,428 square feet of commercial space on the ground floor of the project. Bonilla said he's in conversations with restaurants and specialty grocery stores as a possible tenant for the commercial space. All first-floor units will have enclosed outdoor patios while the upper units will feature outdoor balconies.
In total, Bonilla said the investment to develop Modera Rio Salado is about $200 million.
With the green light from Tempe City Council, he wants to move as quickly as possible to break ground on the project. He said he's targeting the first quarter of 2023 to do so, most likely sometime in March. Bonilla said a 12-month timeline is reasonable.
He said he's owned the site since 2015 and went through several iterations before landing on the concept for Modera Rio Salado. Hardy Rio Development includes Dax Howard — the son of the late Wayne Howard — who is Bonilla's partner in the development.
Hardy Rio Development is co-developing the project with Mill Creek Residential, which will handle the vertical construction of the development. Phoenix-based ORB Architecture is the architect.
Bonilla, who is president and CEO of Valley real estate firm Viaone, said this project is separate from the Viaone project umbrella.
The site for the planned Moderna Rio Salado project is across the street from the IDEA Campus and located less than a mile to the east of the proposed Arizona Coyotes' entertainment district and arena. Tempe City Council unanimously approved a development agreement late Tuesday evening that would allow the Coyotes' ownership to build a $2.1 billion district if Tempe voters approve it.
The Coyotes submitted their proposal to build the arena and entertainment district — which would include restaurants and other retail, hotels, offices and apartments — on 46 acres on the northeast corner of Priest Drive and Rio Salado Parkway. Tempe set a date for a special election in May 2023 to hold a referendum election on the development.
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