It’s the beginning of what is expected to be a $1.8 billion project. McBride Cohen Co., Cantor Fitzgerald and Silverstein Properties have closed on a $233 million construction loan for the development of the first phase of South Pier at Tempe Town Lake, a large mixed-use master-planned development in Tempe. The first phase includes 724 rental units and 26,000 square feet of retail. Funding came from Banco Inbursa and Pearlmark.

The three towers in the initial phase will rise 22-, 23- and 24-stories high and will include one-, two- and three-bedroom apartments, along with retail. Resident amenities are slated to include fitness centers, swimming pools and spas. Completion is expected by the spring of 2026.

The project is divided into seven phases expected to bring online 18 buildings. Future additions are slated to include thousands of residential units, along with two hotels, a multi-acre entertainment district, an observation wheel and more than 600,000 square feet of high-rise office space. The project has an estimated cost of $1.8 billion, as reported by Commercial Edge, and will be constructed in eight to 12 years.