[HX_Guy]

A not-as-optimistic view of the announcement...

Tempe to expand Hayden Ferry Lakeside -- eventually
Phoenix Business Journal by Jan Buchholz, Reporter
Date: Tuesday, March 20, 2012, 12:40pm MST


Today in the shadows of the Hayden Ferry Lakeside commercial development, Tempe officials articulated the city’s accomplishments since the recession nearly strangled the country’s economy. The verbal pats on the back were palpable as Mayor Hugh Hallman said he knew in March 2008 that Tempe would be the first city in the Valley to transcend the debilitating effects of the economic downturn.

“I knew it would turn around fast,” Hallman said at the press conference that mostly was designed to celebrate Ryan Cos. plans to build a third office tower at Hayden Ferry Lakeside.

The only thing that wasn’t mentioned was that the CBRE brokerage firm in Phoenix has to find a primary building tenant before any ground will be unearthed. So, nothing is imminent, given that it’s not so easy finding large tenants these days. Especially since some of the biggest local tenants already have moved into new spaces across the Valley.
“Our hope is to begin by the end of this year but it really depends on the tenants,” said Molly Carson, vice president of development for Ryan Cos.

When a tenant is located — however long that will take — Ryan will build the $100 million, 10-story office building with a nautical theme at the northeast corner of Mill Avenue and Rio Salado Parkway. And that will be a good thing one might suppose — eventually.
Ryan hasn’t even purchased the land from Sunbelt Holdings , so a lot of details still must come together.

Why all the hoopla about something that might happen in the future?
Take a look back at my blog last week when Tempe announced to the world that it was actively looking for developers to enter the Tempe market.
“If you’ve got the right project, we’ve got the land,” said Kris Baxter-Ging, community development marketing specialist. “We need more developers to step up.”
This is a marketing ploy pure and simple.

In fact, Hallman today mentioned that he wanted to generate some national buzz.
I’d say that was a tad bit optimistic. However, you never know what the media might bite on or who might show up for what was largely a non-event.
After all, I was there. And I wrote about it.