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.
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