Fronteras

Wednesday morning, business and community leaders are set to kick off a major development along the Tempe Town Lake. The 2 million square foot project’s being hailed as the largest office deal in state history. It could serve as a model for development in other parts of the Valley. 

The Marina Heights development is supposed to cost $600 million and take four years to build. It’s going up on ASU land. State Farm insurance will lease five of the office buildings.

Mayor Mark Mitchell said whether it’s partnerships or re-zoning land or adding new attractions, cities like Tempe have to keep moving forward.

"We have continued to make investments in our community over the years, and I think the private community sees that. We have a thriving arts communtiy, not to mention we have Arizona State University. I think all these amenities make a quality of life that companies are looking for, especially for their employees."

In Tempe, new construction like this has to be infill, because the city is landlocked. Having a constraint like that is an enormous benefit, according to Wellington Reiter. He's with the ASU Foundation and the Urban Land Institute of Arizona.

Reiter said constraints force cities to improve on the space they already have, instead of expanding in every direction. He wants to see valley cities focus on their urban cores.

“Building them up such that people can find themselves in a situation where they’re not driving excessively has to be the future in this region. The kinds of high-tech, intellectually-based companies that need to come to this region are looking for proximity.”