Town Lake Nets Two Condo Developments
The Business Journal
More condominium towers are showing up on the
Valley's residential radar screen, and the newest
residential buildings are planned on two Tempe
sites by SunCor Development Co. and Gray Development
Condominiums priced up to $1.7 million w
phase two of Hayden Ferry Lakeside in Tempe. SunCor
plans to add four condo buildings next to an existing
office tower, said Randy Levin, SunCor's senior
project manager of commercial development. Sales
of the condos, to be named Edgewater, are projected
to begin as early as this summer. (For re-sale info: Edgewater - Bridgeview at Hayden Ferry Lakeside )
Drawings, building plans and other details were
shared with about 200 prospective buyers March
27 by SunCor, developer of the mixed-use property
on the south side of the lake and east of Mill
Avenue. Sales are expected to start in late summer,
when SunCor expects to have its public report
from the Arizona Department of Real Estate.
Three swimming pools, water features and landscaping
-- including grassy areas for bocci ball -- are
planned between the condo buildings.
"We definitely are positioning ourselves
for the top of the market for this area,"
Potential buyers include retirees now living
in Paradise Valley, Arizona State University professors,
airline pilots, medical doctors and other executives
who work in Tempe or in downtown Phoenix.
The Edgewater condo marketing center will open
in late May in the Hayden Ferry Lakeside office
building. Levin said the condo building will have
a north-south orientation. Every condo will have
a view of the lake because their angled windows
will be designed looking northwest or northeast
over the lake.
The condo building will have a design and color
palette similar to the existing office building.
And, like the offices, the condos will have specially
designed, two-paned windows and heavy wall insulation
to minimize noise from aircraft using Phoenix
Sky Harbor International Airport, Levin said.
"We haven't had a single tenant in the office
building complain about the aircraft noise,"
McCarthy Building Cos., which has its regional
office in the Hayden Ferry Lakeside building,
is SunCor's condo contractor. The architectural
team consists of Callison Architecture in Seattle,
and Hancock, Bruckner, Eng & Wright in Vancouver,
The Hayden Ferry Lakeside project was started
a few years ago as a joint venture of SunCor and
Benton-Robb Development Co., in partnership with
Bay State Milling. The other partners decided
in late 2003 to opt out of the project, leaving
SunCor the lone developer in the project. Levin
declined to release any details about the other
"SunCor is 100 percent the sole stockholder
in Hayden Ferry Lakeside LLC," Levin said.
Meanwhile, Gray Development is a key part of
the Playa del Norte project on the north side
of the lake and east of Rural Road. The condo
development, called Mondrian Tempe Town Lake,
will have about 475 units on four floors, construction
is projected to start this summer, and it will
open in 2005. More details, such as whether the
residences will be rentals or condos, are yet
to be finalized, President Bruce Gray said.
Playa del Norte is a mixed-use development with
office, retail and residential components. Developer
Brad Wilde and partner Roberta Barrett could not
be reached for comment.
Both developments are encouraging to Tempe officials,
who have been seeking more residential projects
along the lake. Chris Anaradian, the city's Rio
Salado project manager, said SunCor's condos "will
further solidify our connection between Town Lake
and downtown Tempe."
Anaradian said Gray Development's condos, now
in the design stage, will be a vital part of the
Playa del Norte development on the lake's northeast
An additional new residential community in Tempe
is Riverview at Rio Salado, a 466-unit apartment
complex under construction at 987 W. Washington
St. The developer is Trillium Residential, and
the contractor is hardison/downey construction
The new condo developments in Tempe come in the
wake of plans for residential units as part of
the total redevelopment package Arizona State
University envisions on its old Tempe Center shopping
plaza at the southeast corner of Mill Avenue and
University Drive. ASU officials are reviewing
applications filed by development teams.