Scottsdale-based Wolff Co. is moving forward on a mixed-use project at Tempe Town Lake that eventually could house 3.6 million square feet of residential, office, retail and hotel space.
But South Bank’s buildings won’t arrive for several years. Wolff began street and utility work on the 27 acre site between Rural Road and McClintock Drive south of the lake in February. Actual construction will likely start in early 2009 and take place over eight years, spokesman Nick Quan said.
Wolff, which is working with development firm Barker Pacific Group and plans to work with joint-venture partners on portions of the project, is planning for 2.2 million square feet of residential development, 889,000 square feet of office space, 260,000 square feet of retail and 170,000 square feet of hotel space.
The company has not submitted site plans to the city yet.
Plans also include a central plaza, boardwalk, pier and park that would connect the project to Mill Avenue.
The first phase will include about 400,000 square feet of office and residential, which will include a combination of condos and apartments, Quan said.
Wolff is the latest commercial developer to target downtown Tempe.
SunCor Development Co. is behind Hayden Ferry Lakeside, a high-end office and condo project on 43 acres at the northeastern corner of Rio Salado Parkway and Mill Avenue.
Vestar Development Co. last year opened Tempe Marketplace, a 1.3 million shopping mall near Loops 101 and 202.
High-rise development is also taking place downtown, including WestStone Communities’ 26-story Onyx Tower condo project and its five-story Northshore condo development.
Despite an overall slowdown in commercial-real-estate activity because of tighter lending and less demand from users, many developers are planning projects for completion when they think the market will have bounced back.
Wolff bought the land for South Bank in August for $43 million from Pier 202 Tempe LLC, a joint venture between Laguna Pacific Properties and Barker.
The two companies had bought the city-owned land for $42.5 million in May.
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