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ULI Sustainability 5 19 2011
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ULI Sustainability 5 19 2011

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A look at how Tempe Town Lake transformed a dangerous floodplain into a thriving recreation and development location.

A look at how Tempe Town Lake transformed a dangerous floodplain into a thriving recreation and development location.

Published in: Education, Technology, Business

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  • 1. Tempe Town Lake: A Sustainable Oasis
  • 2. The Lake Channel - 1997
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  • 16. Hayden Ferry Lakeside:A waterfront urban oasis in the desert
  • 17. MotivatorsEstablishing an new urban sub-market on a brown-field dry river bed
    • Geographic heart of Maricopa County
    • 18. 30 minute commute for nearly 4 million Phoenicians
    • 19. 5 major freeways within 2 miles; half a million past the project daily
    • 20. Direct connection to Sky Harbor International Airport
  • More Motivators:
    • ASU - the nation’s largest university - inexpensive & educated workforce
    • 21. Organically grown, pedestrian friendly downtown connected to lake
    • 22. 2 new light rail stations linking Tempe with Phoenix
  • Hurdles to Overcome and Resolve
    Directly lined up with two runways at Phoenix Sky Harbor Airport located just 3 miles to the west.
    Vision and courage to start a project in an unproven submarket with yet to be completed Lake.
    High-rise construction built atop an aquifer.
    Stakeholder concerns on adjacent Native American Lands.
    Developing within a municipality unfamiliar with mixed use urban structures at the time.
    Reduce possible acoustic reverberation between buildings caused by flight path.
  • 23. Goals & Desires
    • Recreate history – Tempe was the center of commerce in the 1800s
    • 24. Create an iconic architecture
    • 25. Peak the interest of those flying over lake and freeway commuters
    • 26. Engage “Corporate America” to work out of the box – ‘third space’
    • 27. Establish a minimal carbon footprint
    • 28. Engage all the human senses in a Disney-like manner
    • 29. Make this development experience memorable
  • Incentives
    • 8 Year property tax abatement
    • 30. Reduced land cost to offset unusual construction costs
    • 31. Expedited City Plan reviews
    • 32. ASU partnership on 99- year leased land
    • 33. Public/Private partnership on park space
  • The Numbers
    • Entitlements for 5 million sqft
    • 34. FARs of 2.68
    • 35. Annual assessments of $500,000+
    • 36. Avg commercial parking ratio of 4/1000 sqft
    • 37. 20% premium on construction
    • 38. Sold 8-story tower for $53M or $265/ sqft
    • 39. Sold 12-story tower for $93M or $296/ sqft
    • 40. Sold condos as high as $800/ sqft
  • Lessons Learned
    • Vertically phased parking structures are not cost effective
    • 41. Standardize Caisson footing size
    • 42. Consider retail uses as an amenity, not a revenue generator
    • 43. Retain a good building code and ADA consultant
    • 44. Stick to your expertise; joint venture with others
    • 45. Embrace and “partner” with the local building inspectors
  • Results
    • Creation award-winning , iconic development
    • 46. Lower carbon footprint, creation of a healthier environment.
    • 47. World class tenants: Smith Barney, Metlife, KPMG, Microsoft
    • 48. Record-setting valuations
  • Contact Us
    Chris Anaradian
    chris_anaradian@tempe.gov
    www.tempe.gov/lake
    Randy Levin
    randylevin@mrlpartnersllc.com
    www.mrlpartnersllc.com
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