August 31, 2012
Luxury Apartment Complex Slated for Banks of Tempe Town Lake
Phoenix Business Journal
by Kristena Hansen San Diego-based OliverMcMillan is vying to erect a roughly 260-unit luxury apartment complex on the south edge of Tempe Town Lake. Blueprints call for a four-story project -- dubbed The Lofts at Hayden Ferry -- that would include fifth-level lofts and two levels of underground parking. It would be located just east of the Hayden Ferry Lakeside project near Rio Salado Parkway and Mill Ave., according to records filed with the city. The project is being designed by MVE & Partners in Irvine, Calif. On Sept. 11, the city's Development Review Commission will consider OliverMcMillan's request for zoning approval, which would increase allowable density from 226 units to 264, and eliminate the required 20-foot front parking setback entirely, according to city documents. The developer also wants minimum required parking spaces to be reduced from 511 to 459, and bicycle spaces from 125 to 100. The commission will decide that day whether to recommend the developer's requests for city council approval. OliverMcMillan representatives declined to comment, but according to a recent Business Real Estate Weekly of Arizona article, which initially broke the story, approval of the project would be a grandiose entrance into the Phoenix-area market for the private developer. The BREW article also said that OliverMcMillan has yet to even purchase the 3.7-acre site slated for the apartment project, which is currently owned by an entity controlled by Sunbelt Holdings LLC in Scottsdale. Sunbelt Holdings did not immediately respond to a request for comment on Friday. That land transaction, according to BREW, could close for roughly $5 million, and is contingent upon zoning approval by the council. Michael Lieb of Michael A. Lieb Ltd. in Phoenix, who is negotiating the land deal, also declined to comment. Should OliverMcMillan win the city's favor, the developer would likely break ground within about a year and wrap up construction within 18 months thereafter, according to BREW. It was unclear as to how much the project would cost, or which company would be selected as the general contractor.