TEMPE - A brand new development is underway at Tempe Town Lake.
Real estate investment and development company Fenix Development broke ground on The Watermark -- a project that will include 1.9 million square feet of office space, restaurants, retail and luxury apartments.
The first phase of the project is set to be completed in late 2018. A second phase of the project will include an additional office tower, more restaurant and retail space and a business-class hotel.
"This land has sat vacant and underutilized since the days of the Devil House and Club Rio," according to Mike Loretz, Project Manager of Fenix Development. "The Watermark is a new chapter in the history of north Tempe. This project will be the Valley's preeminent live-work-play environment, setting a new standard for Tempe."
The Watermark will be located on the north bank of Tempe Town Lake.