Huge new development, with penthouse space, slated on Tempe Town Lake

An aerial view of The Watermark development/ JENNY DISBROW/USA

By Mike Sunnucks | Phoenix Business Journal

Los Angeles-based Fenix Development has broken ground on the first phase of a big new development on Tempe Town Lake.

Dirt is being moved on the north bank of the Tempe lake for Phase I of The Watermark development.

If built-out, the project could total as much as 1.9 million square feet.

It is also more evidence of Tempe’s growth as an epicenter for jobs and development in the sprawling Phoenix market.

The first phase includes 250,000 square feet of Class A offices, 44,000 square feet of restaurant and retail space and 360 apartments. The office building will be 15 stories and will have penthouse office space with 360-degree unobstructed views.



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