April 17, 2013
OliverMcMillan buys land for $50 million Tempe Town Lake luxury apartment project
Phoenix Business Journal
by Kristena Hansen, Reporter
OliverMcMillan officially took over a 3.7-acre site along Tempe Town Lake this week, sealing the deal for an estimated $50 million luxury apartment project that will eventually be wedged between the lake?s narrow strip of large corporate tenants.
The San Diego-based developer paid $5.8 million for the site in a transaction that closed escrow on Monday, local real estate broker Michael Lieb, who handled the deal, told me. Lieb previously estimated the project to cost roughly $50 million, although OliverMcMillan declined to comment.
The site is located along Rio Salado Parkway near Mill Avenue, just east of the Hayden Ferry Lakeside office project and west of the planned 1 million-plus square foot regional headquarters that State Farm Insurance is aiming to build within the next few years. It was sold by Scottsdale-based Sunbelt Holdings Inc.
?Tempe is a great city with a young, growing population,? Dene Oliver, CEO of OliverMcMillan, told me in a statement Tuesday. ?We are looking forward to creating a thoughtfully designed project that reflects our mission of making special places happen.?
Blueprints for the four-story apartment project, dubbed The Lofts at Hayden Ferry, had been contingent on both city approval and the land deal. Tempe City Council approved the plans ? comprised of 264 luxury units and two levels of underground parking ? in late November.
Construction will begin later this year, company officials said.
The Lofts at Hayden Ferry also marks a return to the Valley for OliverMcMillan, which made its debut in 1987 with the development of Regents Centre in Tempe, formerly the corporate headquarters for America West Airlines.