Watermark Tempe begins construction on north shore of Tempe Town Lake
Phase I of the 1.9 million-square-foot mixed-use development will include 250,000 square feet (sf) of premium Class A office space, 44,000 sf of restaurant and boutique retail service space and 360 luxury apartments. Future phases include a second 360,000 sf office tower, an additional 20,000 sf of restaurant and retail space and a 170-room business-class hotel. Fenix Development is scheduled to deliver Phase I in fall 2018.
“After years of planning, I am proud to announce that we have officially broken ground at The Watermark,” said David Norouzi, President of Fenix Development. “Given the site’s lake-frontage, easy access, abundant parking and proximity to the 202 Freeway, we hope Watermark will become Tempe’s new gathering place.”
At build-out, Phase I will include two buildings. The first, a 15-story building with premium Class A office space, starts on the eighth floor and extends to the penthouse on the 15th floor. The office space will sit on top of the seven floor parking structure and features full height floor-to-ceiling glass around the entire building. The street level will feature 18,250 sf of restaurant and retail space that overlooks the Watermark plaza and splash pad water feature – the center and focal point of the property. The second building includes an additional seven level parking structure with an additional 25,565 sf of restaurant and retail space with street level frontage along Watermark’s main driveway facing Scottsdale Road.
“This land has sat vacant and underutilized since the days of the Devil House and Club Rio,” according to Mike Loretz, Project Manager of Fenix Development. “The Watermark is a new chapter in the history of north Tempe. This project will be the Valley’s preeminent live-work-play environment, setting a new standard for Tempe.”
As Tempe’s first vertically integrated mixed-use development, the project was designed by Nelsen Partners, Design Workshop, Erickson and Meeks Engineering and PK Associates and is being built by Okland Construction. The office building was designed to begin on level eight to arrive in the Sky Lobby that houses tenant amenities such as the Sky Game Room, Sky Fitness Center, Sky Lounge, Sky Conference Center and Sky Terrace. “Floors nine through 15 will have approximately 31,000 sf of office capacity with the 15th floor penthouse featuring 360-degree unobstructed views,” said Mike Beall, Executive Managing Director of Cushman & Wakefield. “The 90-foot Skywalk, is another exciting component, which will connect the north parking structure to the eighth floor Sky Lobby and stands 80 feet above the ground floor retail and parking. No other project in Arizona has this feature.”
“This project is truly one-of-a-kind to the area. The attention to detail and design that Fenix has put into this project provides an opportunity to attract a level of quality restaurants and retailers Tempe has not yet seen,” said Brent Mallonee, Senior Director of Cushman & Wakefield.
“The Watermark is a truly great example of forward thinking and will set a new standard for a live-work environment in the Valley. This project will add to the already thriving center along Tempe Town Lake and in our downtown – we are proud to welcome The Watermark to Tempe,” said Tempe Mayor Mark Mitchell.
“Tempe’s Class A vacancy rate is among the lowest in the Greater Phoenix Metropolitan Area,” said Donna Kennedy, City of Tempe Economic Development Director. “The Watermark will give us the opportunity to serve the many tech companies, corporate offices and finance firms that want to bring jobs to Tempe.”
Cushman & Wakefield’s Mike Beall, Chris Walker, Sean Spellman and Jeff Wentworth serve as the exclusive office leasing agents and Brent Mallonee and Golden St. John have the retail leasing assignment for The Watermark | Tempe. For more information call 602-954-9000 or visit www.watermarktempe.com to view virtual tours, videos and renderings.
Site of Watermark Tempe development
About Fenix Development
Fenix Development is a vertically integrated real-estate development company specializing in mixed-use projects in Southern California, Nevada, and Arizona. Its executive group has over 100 years of combined experience in real estate investment, development, and management. Fenix Development manages the development and investment process from acquisition, planning, and entitlement to construction and disposition. The company’s core investment strategy is centered around creating a vision for specific investment opportunities with potential for significant capital appreciation through land entitlement, development, repositioning and creative design. To learn more, visit www.fenixdevelopmentinc.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
Cushman and Wakefield
Jenny Disbrow Communication & Proposal Specialist
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City of Tempe
Kris Baxter-Ging Public Information Officer
Construction has begun at Watermark Tempe.