Tempe announces $600M office development deal - New York News

Tempe announces $600M office development deal

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TEMPE, Ariz. (AP) - Tempe has announced a $600 million office development deal to be built near Tempe Town Lake.

Officials said Friday that the deal is subject to City Council approval of development agreement details next month.

They say the State Farm insurance company will lease office space and anchor the multi-use development called the Marina Heights project.

The development will cover more than 2 million square feet to be constructed on more than 20 acres.

City officials say up to 60,000 square feet of retail amenities will complement the transit-oriented development including food service, coffee shops, restaurants, business services, and fitness facilities.

The site also will feature a nearly 10-acre lakeside plaza, which will be open to the public.

The project is being developed by Ryan Companies US, Inc. and Sunbelt Holdings.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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