TEMPE, Ariz., Aug. 20, 2014 /PRNewswire/ On Thursday night the Tempe City Council voted unanimously to adopt an ordinance approving the sale of City-owned land and authorizing the Mayor to execute a deed and related documents necessary or appropriate to effect the sale and other transactions along its iconic Town Lake to a developer consortium that includes Phoenix-based TrendEx Holdings, LLC and its partner Hong Kong incorporated China International Development Investment Corporation Limited (CIDIC) and several internationally renowned global development firms.
The five city owned parcels known as “Pier 202” are located along the south side of Town Lake and east of Rural Road in the community that is home to the largest university in the United States and a Tempe, Arizona real estate market that is among the hottest in the Southwest.
The development’s vision has been created through a joint venture between USA and Chinese financial service businesses with intent to serve as a corporate headquarters for these and other international institutions including SOEs, financial institutions, commodities service providers and technology and service companies. The plans for the estimated $1.2 billion USD investment for the 2 million square foot project is comprised of 750,000 square feet of office space, 100,000 square feet of retail space, 400 condominiums, 150 apartments and approximately 240 rooms, of a 4 or 5-star hotel. The development plans to incorporate leading green sustainable technology similar to Shanghai Financial Center that represents the values of its international partners and to benefit the community at large.
The development project plans include the establishment of a world class International Financial Center (IFC) similar to Dubai International Financial Center and Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. The IFC development will benefit the State of Arizona as the development becomes a major global financial services hub that will act as the linkage to strengthen the financial cooperation between the USA and China together with other international firms.
The businesses will add to the growing number of financial services businesses that have selected Tempe Town Lake for operations.
