Cantor Fitzgerald, Silverstein Top Out Arizona Mixed-Use Project
This is the first phase of a $1.8 billion master-planned destination.
Cantor Fitzgerald and Silverstein Properties have topped off Shorehaven, the first phase of South Pier, a $1.8 billion mixed-use development on Tempe Town Lake in Tempe, Ariz. The master-planned project will have apartment, condominium, hotel and office towers along with an entertainment pier upon full built-out.
Shorehaven features 722 luxury residential units and 26,000 square feet of retail across three towers totaling 1.3 million square feet of space. The project also includes more than 840 below-grade parking spaces, 750 bicycle parking spaces, 20,000 square feet of indoor amenity space and 30,000 square feet of outdoor amenity space. Retail will be located at the base of the three towers which range in size from 22 to 24 stories.
Silverstein is leading the development while Clayco is the builder, DAVIS is the project architect and Katie Bowe Design is the interior designer.
The developers received $233 million in construction financing from Banco Inbursa and Pearlmark in May 2023 for the project that broke ground in January 2023. Shorehaven, located on 3.3 acres, is scheduled for completion in 2026.
Chris Milner, CIO, real assets, at Cantor Fitzgerald Asset Management, said in a prepared statement the project, a Qualified Opportunity Zone investment, will help transform the area into a vibrant community and premier recreational destination for the Phoenix area. Milner described Shorehaven as the foundation of the new waterfront community in Tempe.
Project details
Shorehaven will have a mix of studio, one-, two- and three-bedroom units with lakefront and mountain views. The apartments will feature interiors with natural stone, wood paneling and earth-toned plaster. Units are set to include balconies, oversized closets, stainless steel appliances, full-size washers and dryers and smart home technology.
The indoor amenity spaces will include coffee bars, lounge seating, fitness centers, a yoga studio, a game room and a business center. Outdoor amenities will feature two resort-style pools, barbeque stations, yoga lawns and a dog run and a spa.
Local artist Andy Brown will create a mural of more than 1,000 square feet to enhance the retail corridor. The property will also have pedestrian-friendly pathways, green spaces and open areas. Cushman & Wakefield is handling the retail leasing, which will include a waterfront dining offering with views of the lake.
The overall project is divided into seven phases that are expected to encompass 18 buildings and include more residential units, two hotels, a multi-acre entertainment district, an observation wheel and more than 600,000 square feet of high-rise office space.
The site is less than 2 miles from Downtown Tempe and about 12 miles east of Phoenix. It is adjacent to the main campus of Arizona State University and near the Novus Innovation Corridor, a 330-acre mixed-use project developed by ASU. It will also be within walking distance of the Mill Road entertainment district.
Opportunity zone projects
In 2019 Cantor and Silverstein launched the Cantor Silverstein Opportunity Zone Trust, a joint venture to invest in, develop, redevelop and manage assets in Qualified Opportunity Zones. The opportunity zone business, which has an emphasis on multifamily properties, now has a diversified portfolio of institutional quality commercial real estate assets throughout the United States. The portfolio includes 11 projects in various stages of development valued at more than $2.2 billion in total estimated project costs, with an average of $203 million per project.
Last November, Cantor, Silverstein and TRU Development opened theAPEX@meadows, a 334-unit luxury multifamily community in Las Vegas. It was Silverstein and Cantor’s first opportunity zone project. Silverstein had acquired the 9.6-acre project site in 2018. The community is close to Route 95, which provides direct access to Downtown Las Vegas.
Several months earlier in September 2023, Cantor and Silverstein, in a joint venture with Collins Capital Partners and Kaufman Jacobs, secured $53.6 million in construction financing from Truist Bank for a mixed-use development with 298 units and 28,000 square feet of retail in Chesterfield County, Va.
Earlier in 2023, the joint venture between Cantor and Silverstein secured a $165 million loan from Banco Inbursa to develop an 11-story mixed-income community in Queens, N.Y. The property in the Astoria neighborhood will have 354 units.
