TEMPE, AZ - Development partners Sunbelt Holdings and Ryan Companies kicked off the construction of a 2 million square foot project along Tempe Town Lake on Wednesday, July 31.
According to a report, the $600 million mixed-use development called Marina Heights will include five office buildings leased by State Farm, retail amenities and a 10-acre plaza when fully completed in the next four years.
The first building is expected to be finished by mid-2015.
The project, a collaboration with State Farm and Arizona State University, will bring thousands of new jobs to Tempe according to the president and CEO of Sunbelt Holdings John Graham who also noted that "with the completion of this transit-oriented development, the vision for Tempe Town Lake will be realized."
The new State Farm facility will have capacity for 8,000 employees.
"We look forward to welcoming State Farm employees into our community and hope that Tempe will be their city of choice to live, work and play," said Tempe Mayor Mark Mitchell in the report.
Because of its proximity to ASU's Tempe campus -- Marina Heights is adjacent to ASU Sun Devil Stadium and ASU's Athletic Facility -- ASU's President, Michael Crow, hopes the university will expand its partnership with State Farm in future programs.
"The groundbreaking on July 31 demonstrates our partnership with State Farm who shares our strong commitment to education and the development of future generations," said Crow.