A Scottsdale development company missed a Dec. 12 deadline to purchase a large piece of land along Tempe Town Lake, but according to the Phoenix Business Journal, the firm still plans on acquiring the 11-acre plot.
TrendEx Holdings LLC, which is partnering with a company in China, was supposed to pay the city $17.6 million for the land in December.
Even though the deadline came and went, the developer told the Phoenix Business Journal that it had a 30-day extension and it plans on making the next deadline.
The land is located north of Rio Salado Parkway and between Rural Road and McClintock Drive. The plan is to make it into a 2-million-square-foot commercial development.
TrendEx is partnering with China International Development Investment Corp. on the proposed $1.2 billion project.
The Phoenix Business Journal earlier reported that TrendEx was the only bidder on the land at the never-built Pier 202 along the lake east of Mill Avenue.
The developer has said it wants to build offices, multifamily housing, retail shops and a hotel on the property. It would be one of the largest developments in Arizona — if the deal goes through and the project goes up as planned.