Another Huge Development Project 600 Million dollars in the works for Downtown Tempe.
A massive regional headquarters along Tempe Town Lake will be built for State Farm Insurance
Ryan Cos. and Scottsdale-based Sunbelt Holdings Inc. will develop the project’s 2 million square feet — double the size previously reported — for an estimated cost of $600 million. The project is subject to city council approval of a development agreement within the next month, the statement said. State Farm will lease the office space and serve as the project’s anchor tenant.
The facility will be located on a 20-acre site that is currently owned by Arizona State University, although the statement did not specify the exact location other than it is “adjacent to Tempe Town Lake.”
The campus will also include 40,000 to 60,000 square feet of retail amenities — such as restaurants, coffee shops and fitness facilities — and feature a 10-acre “lakeside plaza” that will be open for public use.
This is what makes Tempe such a great place to call home and even though the city is landlocked there is still so much undeveloped land. In 5-10 years property values will only go up and will develop into a true urban lifestyle in Mill Ave Tempe.
I for one am excited to hear this and can’t wait till it’s completed. I do love all the commercial offices but hope they do a mixture of restaurants, bars, and add to the Tempe college lifestyle. I also hope they keep the development college friendly with the college vibe. Please have some damn parking without excess fees!
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