By Mike Sunnucks | Phoenix Business Journal
It’s back to the drawing board again for the city of Tempe and a long-stalled development parcel on Tempe Town Lake.
Tempe is taking its time, however, on whether to issue a new request for proposals for the 11-acre north of Rio Salado Parkway between Rural Road and McClintock Drive.
The renewed effort comes after a proposed $1.2 billion, 2 million-square-foot development by Scottsdale-based TrendEx Holdings LLC for the property hit the skids. TrendEx — which claimed to have Chinese financial backing — never was able to finalize a deal with Tempe that included a $17.6 million purchase of the Town Lake land and $36 million worth of property tax breaks.
Tempe pulled the plug on the deal in January after TrendEx missed deadlines to buy the land.