The skyline across the Tempe Town Lake waterfront will see new additions in the coming years.
South Pier Tempe Holdings LLC, an entity of Washington state-based McBride-Cohen Management, recently broke ground on the first phase of a multibillion-dollar master-plan development along the lake. The first phase will include three apartment towers totaling 724 units and 26,000 square feet of retail on 3.3 acres and located along Vista Del Lago Drive., owner and developer of South Pier Tempe Holdings, in a statement. “It’s no longer just a dream.
The three towers will be completed in the next 42 months with the towers completing construction on staggered schedules. Cohen expects the first occupancies to take place by the end of 2025.In addition to the towers in the first phase, South Pier will have more housing units and retail that will be built in subsequent phases.
Plans also call for a central green plaza that can serve as event space, and a 150-foot tall Ferris wheel located on the pier. The total development spans about 18 acres and has a price tag north of $2 billion. At $37.78, Tempe's office market commanded the highest asking rate per square foot out of any Valley submarket during Q4 2022, according to a market report from CBRE Group Inc.
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