Hayden Ferry Lakeside:A waterfront urban oasis in the desert<br />
MotivatorsEstablishing an new urban sub-market on a brown-field dry river bed <br /><ul><li>Geographic heart of Maricopa C...
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</li></li></ul><li>More Motivators:<br /><ul><li>ASU - the nation’s l...
Organically grown, pedestrian friendly downtown connected to lake
2 new light rail stations linking Tempe with Phoenix  </li></li></ul><li>Hurdles<br /><ul><li>Starting a project in an unp...
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
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Hayden Ferry Lakeside

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This is the draft presentation for Randy Levin and ULI conference for May 19. Changes may be made to this.

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Hayden Ferry Lakeside

  1. 1. Hayden Ferry Lakeside:A waterfront urban oasis in the desert<br />
  2. 2. MotivatorsEstablishing an new urban sub-market on a brown-field dry river bed <br /><ul><li>Geographic heart of Maricopa County
  3. 3. 30 minute commute for nearly 4 million Phoenicians
  4. 4. 5 major freeways within 2 miles; half a million past the project daily
  5. 5. Direct connection to Sky Harbor International Airport</li></li></ul><li>More Motivators:<br /><ul><li>ASU - the nation’s largest university - inexpensive & educated workforce
  6. 6. Organically grown, pedestrian friendly downtown connected to lake
  7. 7. 2 new light rail stations linking Tempe with Phoenix </li></li></ul><li>Hurdles<br /><ul><li>Starting a project in an unproven submarket with yet-to-be completed lake
  8. 8. High-rise construction would be located atop an aquifer
  9. 9. Stakeholder concerns on adjacent Native American Lands
  10. 10. Project directly lined up with two runways at Phoenix Sky Harbor Airport
  11. 11. Reducing acoustic reverberation between buildings caused by flight path
  12. 12. City unfamiliar with mixed use urban structures</li></li></ul><li>Goals & Desires<br /><ul><li>Recreate history – Tempe was the center of commerce in the 1800s
  13. 13. Create an iconic architecture
  14. 14. Peak the interest of those flying over lake and freeway commuters
  15. 15. Engage “Corporate America” to work out of the box – ‘third space’
  16. 16. Establish a minimal carbon footprint
  17. 17. Engage all the human senses in a Disney-like manner
  18. 18. Make this development experience memorable </li></li></ul><li>Incentives<br /><ul><li>8 Year property tax abatement
  19. 19. Reduced land cost to offset unusual construction costs
  20. 20. Expedited City Plan reviews
  21. 21. ASU partnership on 99- year leased land
  22. 22. Public/Private partnership on park space </li></li></ul><li>The Numbers<br /><ul><li>Entitlements for 5 million sqft
  23. 23. FARs of 2.68
  24. 24. Annual assessments of $500,000+
  25. 25. Avg commercial parking ratio of 4/1000 sqft
  26. 26. 20% premium on construction
  27. 27. Sold 8-story tower for $53M or $265/ sqft
  28. 28. Sold 12-story tower for $93M or $296/ sqft
  29. 29. Sold condos as high as $800/ sqft</li></li></ul><li>Lessons Learned<br /><ul><li>Vertically phased parking structures are not cost effective
  30. 30. Standardize Caisson footing size
  31. 31. Consider retail uses as an amenity, not a revenue generator
  32. 32. Retain a good building code and ADA consultant
  33. 33. Stick to your expertise; joint venture with others
  34. 34. Embrace and “partner” with the local building inspectors</li></li></ul><li>Results<br /><ul><li>Creation award-winning , iconic development
  35. 35. Lower carbon footprint, creation of a healthier environment.
  36. 36. World class tenants: Smith Barney, Metlife, KPMG, Microsoft
  37. 37. Record-setting valuations</li></li></ul><li>Contact Us<br />Chris Anaradian <br />chris_anaradian@tempe.gov<br />www.tempe.gov/lake<br />Randy Levin<br />randylevin@mrlpartnersllc.com<br />www.mrlpartnersllc.com<br />Find this presentation at www.slideshare.net<br />

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