Real estate development firm The McBride Cohen Company, financial services firm Cantor Fitzgerald, and full-service real estate firm Silverstein Properties announced the latest closing of financing for the first construction phase of South Pier at Tempe Town Lake.
$223 million in construction financing was secured from Banco Inbursa and Pearlmark to develop the first phase of South Pier, according to a press release.
The project, which includes three residential high-rise towers with 724 rental units and 26,000 square feet of retail space on 3.3 acres, represents the first phase of a comprehensive master-planned development on Tempe Town Lake.
Seattle-based McBride Cohen is leading the development of the project, with The Davis Experience as the project architect and Clayco as the general contractor. Construction on the site began in January 2023 and completion is expected by spring 2026.
“The closing of this construction loan is another step toward delivering a world-class waterfront destination that will benefit the entire region,” said Loren McBride Cohen, CEO of McBride Cohen.
"This project is a significant piece of Tempe’s evolving waterfront landscape,” said Chris Milner of Cantor Fitzgerald.
Located along the southern bank of Tempe Town Lake and adjacent to the main campus of Arizona State University, the project is being designed to be the future of waterfront living in the Valley.
The project is within Tempe’s office market, surrounded by the larger Novus Innovation Corridor, a planned 330-acre mixed-use urban master plan being developed by ASU, and walkable to an abundance of entertainment and recreational options, including the Mill Avenue entertainment district.
The planned unit mix of the project’s 724 units includes studios and one-, two-, and three-bedroom apartments within three high-rise towers – measuring 23, 22 and 24 stories all being built above a four-story parking structure containing 836 parking spaces.
McBride Cohen is the master developer of South Pier at Tempe Town Lake and controls the seven-phase development through an agreement with the city of Tempe for a comprehensive mixed-use master plan.
The multibillion-dollar mixed-use development project will transform the Tempe Town Lake waterfront and include 18 total buildings constructed in phases over 8-12 years.
Future phases will include thousands of additional residential units, 600,000+ square feet of high-rise office space, two hotels, as well as a dynamic dining and shopping scene.
Jeffrey Deitrich, senior vice president at Silverstein said, “South Pier at Tempe Town Lake will transform the area into a dynamic community and premier recreational destination in the greater Phoenix area.”