uli sustainability 5 19 2011
DESCRIPTION
A look at how Tempe Town Lake transformed a dangerous floodplain into a thriving recreation and development location.TRANSCRIPT
Tempe Town Lake: A Sustainable Oasis
Town Lake Purposes
Flood Control Economic
Development Recreation
Opportunities Environmental
Restoration
The Lake Channel - 1997
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 [email protected]/lake
Randy [email protected]
Find this presentation at: www.slideshare.net/tempegov