$233M construction loan secured for South Pier Tempe Town project in Arizona

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Construction commenced on South Pier Tempe Town, a large mixed-use master-planned development in Tempe, Arizona. The developers, McBride Cohen, Cantor Fitzgerald and Silverstein Properties recently secured a $233 million construction loan for the project.

McBride purchased a property at  1190 Vista Del Lago Drive for $36.5 million to build  South Pier Tempe Town. Afterwards, the developer broke ground on the project’s initial phase in January 2023. The developers will complete the project in seven phases and the estimated cost of the entire development is $1.8 billion.

The  South Pier Tempe Town development is taking place at 1190 Vista Del Lago Drive. Therefore its location is less than 2 miles from downtown Tempe and roughly 12 miles east of Phoenix. Furthermore, the property will also be adjacent to Arizona State University’s main campus and near the Novus Innovation Corridor.

Development plans for the South Pier Tempe Town project in Arizona

Upon completion, the South Pier development will produce 18 buildings. However, the first phase of development will only produce three towers, standing at a height of 22, 23 and 24 stories. These buildings will offer one, two and three-bedroom apartments, along with retail options.

Also Read The Clove mixed-use residential development at Buffalo Grove, Illinois

The first development phase will feature 724 units for rental purposes and a 26,000-square-foot retail space. The developers hope to conclude the initial phase in 2026, while the rest of it could take about fifteen years.

The first phase of the South Pier project will also feature shared amenities such as fitness centres and swimming pools. Additionally, the first phase will include spas and a 2-acre public park referred to as The Central Green. Residents will also have access to the South Pier Isle Entertainment District, a waterfront hub of dining and nightlife options. A four-story garage with 836 parking spaces will be available on the property as well.

The developers intend to build a total of 2,300 apartments and 160 condos for the entire South Pier project. Their plan for mixed-use development will consist of a large entertainment district and two hotels with 520 rooms. Other future additions to the project include an observation wheel and over 600,000 square feet of high-rise office space.

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