3.32 acres of vacant land on the south side of Tempe Town Lake has been sold for $33.75 million, according to Vizzda. That equates to $10,165,663 per acre.
The transaction — which closed June 30 — was a related sale between two McBride Cohen Management Group entities.
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The land deal paves the way for the development of South Pier at Tempe Town Lake. Earlier this year, the Tempe City Council voted unanimously to authorize South Pier at Tempe Town Lake, a $1.8 billion mixed-use development project on Tempe Town Lake with South Pier Tempe Holdings.
South Pier at Tempe Town Lake will be a mixed-use entertainment destination that will include apartments, condos, retail, a hotel, offices and central green and plaza areas, according to Tempe Economic Development Program Manager Maria Laughner.
The site is located at 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 an RFP for the site and South Pier Tempe Holdings was chosen as the successful respondent for the development of the property.
The development, which is projected to be built in seven phases over 15 years, will provide guaranteed public benefits, with a contribution of $10 million to affordable housing, $4.7 million to public transit and $250,000 to Tempe schools, according to Laughner.
“We are talking about total direct benefits to the city,” Tempe Mayor Corey Woods said.
Emily Delaney contributed to this report.