Two companies to purchase, develop Hayden House property in Tempe
Oct 2, 2018, 4:46 AM
PHOENIX — Two investment companies have agreed to purchase and develop the prime piece of Tempe real estate that includes the historic Hayden House.
However, the former home of longtime U.S. Congressman Carl Hayden – and later the iconic Monti’s La Casa Vieja restaurant – will be restored and conveyed to the city.
Hines, an international real estate firm, and Atlanta-based Cousins Properties have placed a contract on 100 Mill, at the southwest corner of Mill Avenue and Rio Salado Parkway, according to a press release issued Monday.
They plan to build a 15-story office tower and a hotel or apartment complex on the 2.5-acre site, the release said. Construction is expected to begin in the second quarter of 2019.
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“Hines is thrilled to collaborate with Cousins Properties, well-known for high-quality projects and experienced team members, to develop a trophy office building and a hotel or multifamily complex at this iconic location,” Brandon Dillingham, director of development for Hines’ Arizona office, said in the release.
The Hayden House was built with adobe bricks in the 1870s and was the first home of Hayden, who served nearly 60 years in the U.S. House and Senate.
It might be better known among Valley residents as Monti’s steakhouse, which did business in the old house for six decades before closing in 2014.
Hines and Cousins are buying the property from Colorado-based Hensel Phelps, which bought it in 2014.
Hensel Phelps reached an agreement with Tempe this year to restore the house to its 1920s state and sell it to the city for $10 before the property around it could be developed.
Hensel Phelps will continue handling the intricate restoration process.
The city hasn’t yet indicated what it will do with the restored house.
