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Phoenix & Southwest  + Phoenix  + Apartments  | 
South Pier at Tempe Town Lake land acquired for $33.75 million

Land Deal at Tempe Town Lake to Kickstart Mixed-Use Development

The transaction paves the way for a $1.8 billion mixed-use development project recently approved by the Tempe City Council. The developers of South Pier at Tempe Town Lake paid $33.75 million for 3.32 acres on the south side of the lake. That comes out to about $10 million an acre.

The sale consummates a process the city started in 2019 by putting out a request for purchase of the parcel with South Pier Tempe Holdings being the winning bidder.

The project will include apartments, retail, hotel offices and common areas. The development is expected to be built-out in seven phases and take over 15 years to complete. Among the public benefits will be a contribution of $10 million for affordable housing, $4.7 toward public transit and $250,000 for the local school district.


Inside The Story

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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