A $1.8 billion mixed-use development has its eyes set on the south bank of Tempe Town Lake.
According to the Phoenix Business Journal, the development is planned for 1190 East Vista Del Lago Drive. It's in the early stages of hearings with the Tempe City Council, which is expected to have the development agreement in hand in mid-January. Construction for parts of the project could begin as early as late 2022 once approved.
On Dec. 9, the Tempe City Council signed a notice of intent to enter into a retail development tax incentive agreement with the developer, South Pier Tempe Holdings LLC. Maria Laughner, economic development program manager for the city of Tempe, told the Phoenix Business Journal the tax incentive agreement is the first step toward approving the development agreement.
The project at Tempe Town Lake will include:
- 600,000 square feet of office space
- 2,300 for-rent apartment units
- 160 for-sale condos
- 111,000 square feet of retail
- 520 hotel rooms
- Central green areas for pedestrians
It will be located south of Tempe Town Lake and north of where Karsten Golf Course used to be. To the east is Tempe Marketplace and to the south is Arizona State University.
This project will most likely fill the empty land near the Pier 202 development on the lake, which is home to nearly 600 apartment units and about two dozen retail spots.