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6/14/23
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The McBride Cohen Company has secured $385 mil in debt and equity for the construction of South Pier at Tempe Town Lake Phase I, a 737.6k sf, waterfront, trophy mixed-use project in Tempe, AZ. The development will include 724 multi-housing units and 26.8k sf of retail space.
Upon completion, Phase I of the project will be the largest apartment development in the state of Arizona and will feature the towering Arizona Amazing Wheel, a pedestrian bridge, public dock, and world class entertainment isle.
Funding for the project was arranged by Tom Wilson, Brad Miner, Matt Benson, Brock Knapp and Elle Miraglia with JLL Capital Markets. It consists of $162 mil in equity from Cantor Fitzgerald and Silverstein’s Opportunity Zone Fund, as well as $223 mil in financing through both senior and mezzanine loans.
With an anticipated completion during the second half of 2026, Phase I will consist of three Class A towers ranging from 22 to 24 stories that will sit on a four-story, 836-space parking structure. The planned unit mix of the project’s 724 units includes studios and one-, two- and three-bedroom apartments.
Residents will benefit from an unparalleled living experience with condominium-quality finishes and The Central Green, a lush, two-acre public park at the heart of the project, along with fitness centers, spas, pools, and doorstep access to other waterfront amenities, including the South Pier Isle Entertainment District. Phase I will begin the development of the 3.2 msf resort-inspired development, placemaking it as one of the largest master-planned projects in the Western United States.
Located within an Opportunity Zone, the development sits on the 3.32-acre South Pier Lot 6 and is ideally situated on the southern edge of Tempe Town Lake. It is positioned northeast of Arizona State University and directly south of Scottsdale.
The development is near numerous public transportation options, including the Loop 202 Fwy, Phoenix Metropolitan Bus System, Tempe Streetcar System and the Phoenix Metropolitan Light Rail System, all located within proximity to the site. The land is surrounded by the Novus Innovation Corridor, a planned 330-acre mixed-use urban destination. Additionally, Mill Avenue Entertainment District, Papago Park, and ASU Gammage Performing Arts District are all within proximity of the site. It is less than a 15-minute commute to downtown Phoenix.
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