Posted Jan 30, 2023, 5:03 PM
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Join Date: Jan 2013
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First phase of South Pier at Tempe Town Lake mixed-use project breaks ground
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Originally Posted by Mr.RE
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The skyline across the Tempe Town Lake waterfront will see new additions in the coming years.
South Pier Tempe Holdings LLC, an entity of Washington state-based McBride-Cohen Management, recently broke ground on the first phase of a multibillion-dollar master-plan development along the lake. The first phase will include three apartment towers totaling 724 units and 26,000 square feet of retail on 3.3 acres and located along Vista Del Lago Drive.
"Imagine waterfront living right here in the desert,” said Loren McBride Cohen, owner and developer of South Pier Tempe Holdings, in a statement. “It’s no longer just a dream. There have been numerous attempts by others in the past to develop this incredible site. With this first project, we will jump-start the delivery of a world-class waterfront destination.”
The three towers will be completed in the next 42 months with the towers completing construction on staggered schedules. Cohen expects the first occupancies to take place by the end of 2025.
In addition to the towers in the first phase, South Pier will have more housing units and retail that will be built in subsequent phases. McBride-Cohen will build more than 2,500 units across rentable apartments, condominiums for purchase, senior housing and two luxury hotels and 200,000 square feet for dining, shopping and entertainment retail. Beyond the housing and retail component, the developer plans more than 600,000 square feet of high-rise office space.
Luxury hotel, condo and senior-living tower proposed
McBride-Cohen expects to move forward on several of those developments at the beginning of 2024 with an office tower, a luxury hotel, a for-sale condo tower, a senior housing tower, additional retail space and multifamily housing units all in the works. Those plans still need to be approved by Tempe's Development Review Commission.
Plans also call for a central green plaza that can serve as event space, and a 150-foot tall Ferris wheel located on the pier. The total development spans about 18 acres and has a price tag north of $2 billion. At $37.78, Tempe's office market commanded the highest asking rate per square foot out of any Valley submarket during Q4 2022, according to a market report from CBRE Group Inc.
McBride-Cohen's plans for its multibillion-dollar development became public in December 2021 and the first phase was heard by Tempe City Council in March 2022.
"The dream is finally becoming a reality. South Pier at Tempe Town Lake will be the epicenter of waterfront activity offering attractions and activities for the entire Phoenix valley,” said Cohen. “With a long list of entertainment and recreational opportunities, South Pier will offer a 24/7 lifestyle that caters to those who want to live, work and play surrounded by the natural beauty, excitement and energy of this unique waterfront environment.”
Phoenix-based firms Buesing Corp. and Davis Architecture are working on the first phase of South Pier. Miami-based private real estate lender BridgeInvest issued an $11.5 million loan to McBride-Cohen to acquire land for the development for later phase of the project, which was BridgeInvest's first loan in the state.
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Can anyone around Tempe confirm? 
I was nervous the higher interest rates would stall the project.
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