Fall Groundbreaking In Works for $1B Mixed-Use

TEMPE, AZ-Development company Pier 202 LLC, consisting of three companies in California and Arizona, is preparing to break ground on the 27-acre, mixed-use Pier at Town Lake. Infrastructure work on the $1-billion development’s first phase will begin in the fall.

Brad Gorman, co-managing member with Pier 202 LLC and chairman, president and CEO with Irvine, CA-headquartered Laguna Pacific Properties, says the first phase will consist of a 230,000-sf office building, 90,000 sf of retail, 150 condominium units and possibly a 285-room hotel. The initial phase has a mid-2009 completion date.

“Right now, we’re set for a minimum of three phases, with the build-out probably over a seven-year period,” Gorman tells GlobeSt.com. He adds that construction for the remaining phases will be determined by market demand. Future phases will include 230,000 sf of office space and 1,330 additional condominiums.