TEMPE, AZ — The south bank of Tempe Town Lake could see a major new development near an already booming construction area.
A $1.8 billion mixed-use development is planned for 1190 East Vista Del Lago Drive, south of the lake and north of the former Karsten Golf Course. The project is in the early stages of hearings with Tempe City Council, which adopted a notice of intent to enter into a retail development tax incentive agreement with the developer at its Dec. 9 meeting.
That step is required by statute before moving forward on approving the development agreement or any more substantive approvals, Maria Laughner, economic development program manager for the city of Tempe, said.
The development agreement with the developer, South Pier Tempe Holdings LLC, an entity of McBride-Cohen Management Group, is expected to be before Council in mid-January.
Some of the basics of the project include 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, 520 hotel rooms and central green areas for pedestrians.
Read more of this story from the Phoenix Business Journal.