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.

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ULI Sustainability 5 19 2011

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