South Pier, a mixed-use development along Tempe Town Lake, has received a large loan to complete the first phase.
South Pier Tempe Holdings LLC is a Washington-based entity that has developed a multi-billion-dollar mixed-use development along the Tempe lakefront. McBride Cohen began construction of the first phase in early 2018. It will consist of three apartment towers with a total of 724 apartments and 26,000 square foot retail space on 3.3 acres.
McBride Cohen announced that it had secured a $223-million loan from Banco Inbursa, a Mexican bank owned by Carlos Slim. The Chicago-based private equity firm Pearlmark also provided the money. McBride Cohen is the lead developer for this project, and works with New York firms Cantor Fitzgerald & Silverstein Properties on the first phase.
Loren McBride Cohen CEO of McBride Cohen said in a press release that the closing of this construction loans is another step towards delivering a waterfront destination of world-class quality, which will benefit all of the region. We thank Cantor Fitzgerald, Silverstein and their partners for believing in this project. They are working hard to make this dream a realty.
See the new renderings for the South Pier project at Tempe Town Lake in the accompanying slide show.
Three apartment towers will be finished in the first 42 months. The towers are being built on a staggered schedule. Cohen stated that he expects the first occupancy to occur by the end 2025, and for the towers to be completed in their entirety by 2026.
The project includes housing and retail.
South Pier, in addition to the towers built in the first phase will also have additional housing units and retail in later phases. McBride Cohen will build over 2,500 units, including apartments for rent and condominiums to purchase as well as senior housing. The developer plans to build two luxury hotels and more than 600,000.00 square feet of high rise office space. It also plans a multi-acre district with restaurants, nightlife venues, concert venues and a large ferris wheel.
The project's heart is a two-acre park named "The Central Green".
McBride Cohen expects to start moving forward with several of these developments by the end of 2024. These include an office tower and luxury hotel. They also have a tower for senior housing, retail space, and multifamily housing in the works.
McBride Cohen is working with Bill Blake of Lee & Associates Arizona and Colton Trauter at Western Retail Advisors to lease office space, Western Retail Advisors to lease retail space and Greystar as the management company for apartment towers.
South Pier could cost more than $4 billion to build. Construction is expected to take eight to twelve years and will include 18 buildings.
The Davis Experience, the architect and general contractor of the first phase is Clayco.