Nice in-depth look at under construction and forthcoming projects.
Landlocked Tempe building lakefront skyline
by Erick Jay Toll | Phoenix Business Journal
Tempe is taking its skyline to new heights along Tempe Town Lake, joining a small class of U.S. cities with high-rise, urban waterfront development.
Within 20 years, nine new projects totaling nearly 20 million square feet of mid- and high-rise buildings will line Tempe Town Lake. There is talk of other potential developments adding 250,000 to 600,000 square feet of offices to that massive volume.
These numbers don't include the more than 1,000 proposed new residences, four to six high-rise hotels and more than 500,000 square feet of retail space on both sides of the lake and the Salt River between Priest and McClintock drives.
The urbanization of Tempe is part of a lengthy planning process that began in the early 1970s, according to city documents. The lake itself launched development in 1989, when the Rio Salado Plan was adopted. The lake was constructed and filled 10 years later, opening in 1999.
In addition to the Arizona State University Athletic Facilities District, three proposed projects would include more than 6 million square feet of office space, making them the closest in size to what ASU is planning.
Here are three projects currently underway along Tempe Town Lake.
Liberty Center at Rio Salado
Going up in two phases, Liberty Property Trust is developing the Liberty Center at Rio Salado on both sides of Priest Drive between Rio Salado Parkway and Tempe Town Lake.
The project's first phase will total nearly 1 million square feet, and the second phase will include 400,000 square feet. One building is complete, with another under construction. Five additional office buildings are planned, ranging from two to four stories in the first phase; one of those is under construction. Liberty also has a 220,000-square-foot light industrial/warehouse distribution building planned in the first phase at the site's west end.
"We designed this to be a notch above our Cotton Center business park," said John DiVall, senior vice president for Phoenix and the Arizona manager for the real estate investment trust. "We believe we've found a sweet spot in the demand for Class A office space, and there is heavy interest in the center."
WageWorks has taken 75,000 of the completed building's 160,000 square feet.
There has been significant interest in the site, according to Liberty executives, who expect to make additional leasing announcements this fall.
RSP Architects has the design assignment.
The Grand at Papago Park Center
Graders and earth-moving equipment already are making changes to the landscape on the last 58 acres adjoining Priest Drive and Loop 202. The Grand at Papago Park Center is the final phase of development.
A Salt River Project subsidiary is anticipating a 20-year build out with more than 3.2 million square feet of office, retail, lodging and residential development.
Mitch Rosen, Papago Park Center's development manager, said the company received approval for 2.1 million square feet of Class A office space, support retail uses for office employees, as well as 800 apartments. In addition, the Grand will accommodate two 600-room hotels.
The construction underway is relocating the Grand Canal and developing the primary interior loop road, creating a centerpiece for the development.
Papago Park Center stretches from Mill Avenue to Priest Drive along Washington Street.
Kendle Design Collaborative is the project architect.
Trendex Holdings
Trendex Holdings LLC is the first U.S. joint venture by China International Development and Investment Corp. Ltd. of Hong Kong. It is seeking to develop a 2.1 million square-foot mixed-use project on 11.4 acres fronting Tempe Town Lake east of Rural Road.
Phase I includes 380,000 square feet of Class A office space for financial services in 20 stories sitting on top of a four-story structure with retail and 1,380 parking spaces.
The original proposal reviewed by Tempe included 550 mechanized parking spaces. Never before seen in Arizona, according to city officials, robotic parking generates more points than a traditional parking structure under the U.S. Green Building Council's Leadership in Energy and Environmental Design program, and it is less expensive and space-consuming.
City officials said the developer has committed to building a world-class project achieving LEED certifications, but added they are bound by a nondisclosure agreement and cannot provide detailed information.
Jason Rose, principal of Rose+Moser +Allyn, Trendex's public relations representative, said the review period is expected to finish in December.
The balance of the first phase includes an additional 60,000 square feet of office, 53,000 square feet of retail, 240 hotel rooms and 375 condo and apartment units.
Phase II adds 310,000 square feet of office, 46,000 square feet of retail space and 203 residential units.
This project, wrapped by ASU's facilities district, has a 10- to 20-year build-out. An architect will not be retained until the diligence period is completed.
Eric covers economic development, banking and finance, infrastructure, transportation and utilities.