Today in Tempe, Ariz., city officials announced that two private developers will build a $600 million mixed-use complex that will be anchored by State Farm.
According to a report in the East Valley Tribune’s online edition, Ryan Companies US, Inc. and Sunbelt Holdings will develop a site owned by Arizone State University near Tempe Town Lake. The deal is subject to City Council approval of development agreement details in the coming month. (I wonder what the chances are of that agreement not getting approved.)
More details from the Tribune:
The Marina Heights project in Tempe will be the largest office development deal in Arizona history, with more than 2 million square feet to be constructed on more than 20 acres. Construction costs are estimated at $600 million. Additionally, 40,000 to 60,000 square feet of retail amenities will complement the transit-oriented development, including food service, coffee shops, restaurants, business services, and fitness facilities. The site will also feature an approximately 10-acre lakeside plaza, which will be open to the public.
The five-building campus will be leased by State Farm and become a hub to include a combination of new hires and existing employees who will provide claims, service, and sales support to State Farm customers.
“State Farm selected Tempe because it has a growing population with skill sets that match our customers’ needs,” said Mary Crego, Senior Vice President, State Farm. “The site along Tempe Town Lake gives our employees access to nearby amenities as well as easy connections to public transportation.”
State Farm has leased enough space in downtown Tacoma to employ 1,100 people, but the company’s long-term plans here are unclear. It’ll be interesting to see what happens next around town.