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Tempe to decide on fate for lakefront property

PHOENIX — The property on Tempe Town Lake will
continue to stay barren, according to Phoenix Business
Journal
.

After lengthy negotiations between the city of Tempe
and TrendEx Holdings LLC for a $1.2 billion, 2 million-
square-foot development fell through in January, the
city has revisited the drawing board.

Although the city has yet to decide whether to issue a
new request for proposals on the 11-acre property, it
was rumored it could happen later this year.

Tempe spokeswoman Nikki Ripley said the decision will
not come anytime soon.

“A decision on whether to issue a new RFP is estimated
to be several months away,” Ripley said.

The property, located north of Rio Salado Parkway
between Rural Road and McClintock Drive, was offered to
the
Scottsdale-based developer for $17.6 million, along
with $36 million in tax breaks. Tempe pulled the deal
after TrendEx failed to make deadlines to purchase the
land.