According to recent rumblings, Suncor, the developer of the prominent, steel and blue Tempe development on the shores of Tempe Town Lake, has some new ideas regarding their proposed Hayden Ferry Lakeside development site plan.

First, a little history.  It was announced in April, that Suncor had decided to exit the residential development business. Click here to read our previous blog post and article regarding this. The developer made the decision to unload their remaining un-sold units at “Bridgeview at Hayden Ferry Lakeside” to an investor. (According to reports, the developer is indeed in escrow with an out-of-state investor and the completion of the sale is imminent.)

Once this sale was announced, it left the final two proposed residential buildings in a state of limbo. (The two unbuilt residential buildings are shown in the rendering above: “Shoreline” and “Waterford” Condominiums.)  The community was left to wonder whether the developer would sell the rights to the remaining residential towers to the new investor or retain the rights. It appears that Suncor has decided to keep control of that land. However, Suncor has plans to scrap the two residential towers and instead build a 12 story commercial office building as well as a 3 story building with retail.

Considering the current residential housing environment, this seems to make a great deal of sense.  We are unsure of the time frame planned for these new commercial buildings, but based upon the recent news flowing from the commercial real estate industry, we would venture to guess an invitation to a “ground breaking ceremony” will not arrive in our mailbox anytime soon!

For additional information on property at Hayden Ferry Lakeside residential or commercial property, contact us below.

Tom Tokoph | 602.549.9000

Designated Broker | Urban Realty & Development