By Radu Corfus | Multi-Housing News
McBride Cohen Co., Cantor Fitzgerald and Silverstein Properties have closed on a $233 million construction loan for the development of the first phase of South Pier at Tempe Town Lake, a large mixed-use master-planned development in Tempe, Ariz., in the Phoenix area. Funding came from Banco Inbursa and Pearlmark. The first phase includes 724 rental units and 26,000 square feet of retail.
The Davis Experience is the project’s architect and Clayco serves as general contractor. The development broke ground in January 2023 and expects completion by the spring of 2026. McBride Cohen Co. paid $36.5 million for the land, and the city of Tempe will pay $25 million in government property lease excise taxes, while the developer is to pay $27 million for affordable housing and other public amenities, as reported by KTAR News.
The three towers in the initial phase will rise 22-, 23- and 24-stories high and will include one-, two- and three-bedroom apartments, along with retail. Resident amenities are slated to include fitness centers, swimming pools and spas. This phase will also include The Central Green, a 2-acre public park, along with the South Pier Isle Entertainment District, a waterfront hub of dining and nightlife options. It will also feature a four-story garage with 836 parking spaces.
