$1B Tempe development plans might sink into the lake

Screen Shot 2014-12-30 at 12.54.56 PMBy Mike Sunnucks | Phoenix Business Journal

A Chinese-backed development and investment company missed a deadline this month to pay Tempe $17.6 million for 11 acres of land along Tempe Town Lake.

TrendEx Holdings LLC wants to build a $1.2 billion, 2 million-square foot development on city-owned land north of Rio Salado Parkway and between Rural Road and McClintock Drive.

TrendEx was supposed to pay Tempe for and close on the land earlier this month. That did not happen, according to city officials.

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