hayden ferry lakeside

Hayden Ferry Lakeside:A waterfront urban oasis in the desert

Motivators Establishing an new urban sub-market on a brown-field dry river bed

Geographic heart of Maricopa County 30 minute commute for nearly 4 million Phoenicians 5 major freeways within 2 miles; half a million past the project daily Direct connection to Sky Harbor International Airport

More Motivators:

ASU - the nation’s largest university - inexpensive & educated workforce Organically grown, pedestrian friendly downtown connected to lake 2 new light rail stations linking Tempe with Phoenix

Hurdles Starting a project in an unproven submarket with yet-to-be completed lake High-rise construction would be located atop an aquifer Stakeholder concerns on adjacent Native American Lands Project directly lined up with two runways at Phoenix Sky Harbor Airport Reducing acoustic reverberation between buildings caused by flight path City unfamiliar with mixed use urban structures

Goals & Desires

Recreate history – Tempe was the center of commerce in the 1800s Create an iconic architecture Peak the interest of those flying over lake and freeway commuters Engage “Corporate America” to work out of the box – ‘third space’ Establish a minimal carbon footprint Engage all the human senses in a Disney-like manner Make this development experience memorable

Incentives

8 Year property tax abatement Reduced land cost to offset unusual construction costs Expedited City Plan reviews ASU partnership on 99- year leased land Public/Private partnership on park space

The Numbers Entitlements for 5 million sq ft FARs of 2.68 Annual assessments of $500,000+ Avg commercial parking ratio of 4/1000 sq ft 20% premium on construction Sold 8-story tower for $53M or $265/ sq ft Sold 12-story tower for $93M or $296/ sq ft Sold condos as high as $800/ sq ft

Lessons Learned

Vertically phased parking structures are not cost effective Standardize Caisson footing size Consider retail uses as an amenity, not a revenue generator Retain a good building code and ADA consultant Stick to your expertise; joint venture with others Embrace and “partner” with the local building inspectors

Results

Creation award-winning , iconic development Lower carbon footprint, creation of a healthier environment. World class tenants: Smith Barney, Metlife, KPMG, Microsoft Record-setting valuations

Contact UsChris Anaradian chris_anaradian@tempe.govwww.tempe.gov/lake

Randy Levinrandylevin@mrlpartnersllc.comwww.mrlpartnersllc.com

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