November 13, 2012
Lofts at Hayden Ferry Project Moves Toward Launch
Phoenix Business Blog
by Kristena Hansen, reporter Phoenix Business Journal The estimated $50 million luxury apartment project along Tempe Town Lake whose fate had been pending city approval is almost a done deal. The Tempe City Council approved blueprints for The Lofts at Hayden Ferry late last month. That approval paves the way for San Diego-based developer OliverMcMillan to move forward with the purchase of the 3.7-acre site just east of the Hayden Ferry Lakeside project near Rio Salado Parkway and Mill Avenue, Michael Lieb of Michael A. Lieb Ltd. in Phoenix told me recently. That land deal is slated to close in December for roughly $6 million, said Lieb, who is negotiating the land deal. The property currently is owned by an entity controlled by Sunbelt Holdings LLC in Scottsdale. The four-story project, which is a first in the Valley for OliverMcMillan, will consist of two levels of underground parking and 264 units; that�s up from the previously allowable density of 226 units, which the Tempe council amended at last month�s meeting. Lieb said construction likely will start by mid-2013 and cost upwards of $50 million. Despite the project�s proximity to Arizona State University�s main campus, he was adamant it was not going to be student housing. �The north Tempe markets is one of the strongest markets in Arizona,� so the units will be priced competitively with market rates, Lieb said.