Affiliates of The McBride Cohen Company (“McBride Cohen”) a preeminent real estate development company, Cantor Fitzgerald, L.P., (“Cantor Fitzgerald”) a leading global financial services firm and real assets investment company, and Silverstein Properties (“Silverstein”) a leading global full-service real estate development, investment, and management firm, announce the latest closing of construction financing for the first phase of South Pier at Tempe Town Lake, an investment of Cantor Silverstein Opportunity Zone Trust, Inc.
$223 million in construction financing was secured from Banco Inbursa and Pearlmark to develop the first phase of South Pier at Tempe Town Lake in Tempe, Arizona. The project, which includes three residential high-rise towers with 724 rental units and 26,000 square feet of retail space on 3.3 acres, represents the first phase of a comprehensive master-planned development on Tempe Town Lake.
Seattle-based McBride Cohen is leading the development of the project, with The Davis Experience as the project architect and Clayco as the general contractor. Construction on the site began in January 2023 and completion is expected by Spring 2026.
“The closing of this construction loan is another step toward delivering a world-class waterfront destination that will benefit the entire region,” said Loren McBride Cohen, CEO of McBride Cohen. “We thank our partners at Cantor Fitzgerald & Silverstein for their belief in this project and are hard at work making this dream a reality.”
“This project is a significant piece of Tempe’s evolving waterfront landscape,” said Chris Milner, Head of Real Estate Investment Management at Cantor Fitzgerald, L.P. “We are pleased to have completed this transaction with Banco Inbursa and Pearlmark and to move forward with McBride Cohen on the construction of the three towers at South Pier at Tempe Town Lake.”
Located along the southern bank of Tempe Town Lake and adjacent to the main campus of Arizona State University (“ASU”), the project is being designed to be the future of waterfront living in the Phoenix Valley. The project is within Tempe’s office market, surrounded by the larger Novus Innovation Corridor, a planned 330-acre mixed-use urban master plan being developed by ASU, and walkable to an abundance of entertainment and recreational options, including the Mill Road entertainment district.
Residents of South Pier will enjoy an unparalleled living experience with condominium-quality finishes, The Central Green, a lush, 2-acre public park at the heart of the project, along with fitness centers, spas, pools, and doorstep access to other waterfront amenities, including the South Pier Isle Entertainment District – featuring a dozen eateries and nightlife venues. The planned unit mix of the project’s 724 units includes studios and one-, two-, and three-bedroom apartments within three high-rise towers – measuring 23, 22 and 24 stories all being built above a four-story parking structure containing 836 parking spaces.
McBride Cohen is the master developer of South Pier at Tempe Town Lake and controls the seven-phase development through an agreement with the City of Tempe for a comprehensive resort inspired mixed-use master plan. The multibillion-dollar mixed use development project will transform the Tempe Town Lake waterfront and include 18 total buildings constructed in phases over 8-12 years. Future phases will include thousands of additional residential units, 600,000+ square feet of high-rise office space, two hotels, as well as a dynamic dining and shopping scene as part of the iconic South Pier Isle: a multi-acre entertainment district including restaurants, nightlife experiences, concert venues, fountain shows, and the Arizona Amazing Wheel, an 80-meter-tall observation wheel.
“We are excited to be part of Tempe’s vibrant future with this incredible development,” said Jeffrey Deitrich, Senior Vice President, Fund Management of Silverstein Properties. “South Pier at Tempe Town Lake will transform the area into a dynamic community and premier recreational destination in the greater Phoenix area.”
The McBride Cohen Company is comprised of vertically integrated affiliates with a 55-year track record of bringing ambitious real estate projects to life. Led by its owner and CEO Loren McBride Cohen, the company’s focus is developing world-class, resort-inspired mixed-use neighborhoods and creating welcoming spaces and places that elevate the way people live, work, and play.
Cantor and Silverstein launched an opportunity zone business in early 2019 to invest in, develop, redevelop, and manage a diversified portfolio of institutional quality commercial real estate assets with an emphasis on multifamily properties located in qualified opportunity zones in the United States.
