3.32 acres of vacant land on the south side of Tempe Town Lake has been sold for $33.75 million, according to Vizzda. This equates to $10,165,663 per acre.
The transaction – which closed on June 30 – was a related sale between two McBride Cohen Management Group entities.
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The land agreement paves the way for the development of South Pier in Tempe Town Lake. Earlier this year, the Tempe City Council voted unanimously to allow Tempe Town Lake South Piera $1.8 billion mixed-use development project on Tempe Town Lake with South Pier Tempe Holdings.
According to Tempe Economic Development Program Manager Maria Laughner, South Pier in Tempe Town Lake will be a mixed-use entertainment destination that will include apartments, condos, retail, a hotel, offices and green space. and central squares.
The site is located on the northeast corner of Scottsdale Road and Rio Salado Pwarkway, south of Tempe Town Lake, one of Arizona’s most visited tourist destinations. In 2019, the city issued a tender for the site and South Pier Tempe Holdings was chosen as the successful respondent for the development of the property.
The development, expected to be built in seven phases over 15 years, will provide guaranteed public benefits, with a $10 million contribution to affordable housing, $4.7 million to public transit and $250,000 to Tempe Schools, according to Laughner.
“We’re talking about total direct benefits to the city,” Tempe Mayor Corey Woods said.
Emily Delaney contributed to this report.