Shorehaven, a mixed-use development on the south bank of Tempe Town Lake, has completed its structural phase.

Affiliates of Cantor Fitzgerald and Silverstein Properties announced the topping out of the project, which is 1.3 million square feet and built across 3.3 acres, in a press release. It features three towers, offering a blend of residential, retail and recreational spaces designed to enhance urban living.

Silverstein is leading the development, with Clayco as the builder, DAVIS as project architect, and Katie Bowe Design as interior designer.

A topping out ceremony took place on Oct. 25, where project executives and government officials spoke at the ceremony, including Tempe Mayor Corey Woods.

“This milestone is a celebration of the dedication and craftsmanship of the more than 1,000 men and women who have put their heart and soul into making Shorehaven a beautiful and welcoming place to live and visit,” Ryan Abbott, president of the Southwest Region at Clayco, said in the release. 

Abbott added that they believe in creating spaces that are more than just structures, and Shorehaven embodies that vision, offering a beautiful and welcoming environment that reflects the hard work of everyone involved.

Shorehaven represents the first phase of South Pier, a comprehensive master-planned community on Tempe Town Lake. The $1.8-billion development, when complete, will build out a multi-acre complex of apartment, condo, hotel and office towers along with an entertainment pier, according to the release.

Shorehaven is slated for completion in 2026.

“Shorehaven represents the foundation of a new waterfront community in Tempe,” Chris Milner, CIO, Real Assets at Cantor Fitzgerald Asset Management, said in the release “This project, supported by Qualified Opportunity Zone investment, will help transform the area into a vibrant community and a premier recreational destination in the greater Phoenix area.”

The units feature over 50,000 square feet of indoor and outdoor amenity space that encourages social connection and personal retreat, all set against stunning natural views, the release detailed. 

“Shorehaven will not only offer a luxurious lakeside experience but will also serve as a cornerstone for a community-centric destination, enriching both residents' lives and the surrounding waterfront landscape,” Jeffrey Deitrich, head of equity investments and portfolio manager of Silverstein Properties, said in the release.

With more than 26,000 square feet of retail space, Shorehaven presents a rare opportunity to create a destination that caters to the over 1,100 future residents, the release stated. 

Cantor and Silverstein launched the opportunity zone business in early 2019 to invest in, develop, redevelop and manage a diversified portfolio of institutional quality commercial real estate assets with an emphasis on multifamily properties located in qualified opportunity zones in the United States. 

Their opportunity zone development portfolio includes eleven projects in various stages of development exceeding $2.2 billion in total estimated project costs, an average of $203 million per project.

For more, visit LiveShorehaven.com.