TEMPE, Ariz., Aug. 20, 2014 /PRNewswire/ -- On Thursday night the Tempe City Council voted unanimously to adopt an ordinance approving the sale of City-owned land and authorizing the Mayor to execute a deed and related documents necessary or appropriate to effect the sale and other transactions along its iconic Town Lake to a developer consortium that includes Phoenix-based TrendEx Holdings, LLC and its partner Hong Kong incorporated China International Development Investment Corporation Limited (CIDIC) and several internationally renowned global development firms.
The five city owned parcels known as "Pier 202" are located along the south side of Town Lake and east of Rural Road in the community that is home to the largest university in the United States and a Tempe, Arizona real estate market that is among the hottest in the Southwest.
The development's vision has been created through a joint venture between USA and Chinese financial service businesses with intent to serve as a corporate headquarters for these and other international institutions including SOEs, financial institutions, commodities service providers and technology and service companies. The plans for the estimated $1.2 billion USD investment for the 2 million square foot project is comprised of 750,000 square feet of office space, 100,000 square feet of retail space, 400 condominiums, 150 apartments and approximately 240 rooms, of a 4 or 5-star hotel. The development plans to incorporate leading green sustainable technology similar to Shanghai Financial Center that represents the values of its international partners and to benefit the community at large.
The development project plans include the establishment of a world class International Financial Center (IFC) similar to Dubai International Financial Center and Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. The IFC development will benefit the State of Arizona as the development becomes a major global financial services hub that will act as the linkage to strengthen the financial cooperation between the USA and China together with other international firms.
The businesses will add to the growing number of financial services businesses that have selected Tempe Town Lake for operations. Leading factors that resulted in the selection of this site by the group include the favorable business economics in the State of Arizona, close proximity to a major international airport, collaborative opportunities with local academia and high quality life style benefits. The proposed investments are keeping with Tempe Mayor Mark Mitchell's "Think Big" theme that was incorporated since taking office in 2012.
"I have had the opportunity to work closely with the principals of this project and am pleased with the positive results the proposed project will have for not only the Tempe Community but for the State of Arizona at large," stated John Berry, Esq. of Berry Riddell and Rosensteel LLC.
CIDIC's President and CEO, Mr. Oswald Wong, expressed that the development, "represents a new era for Chinese financial industry in the North America. It is no longer a simple bilateral cooperation between two countries' financial institutions, but is also Chinas first opportunity to directly participate in the ownership and operations of a new financial center in North America. This opportunity along with related experiences is significant. More Chinese oriented US enterprises and US-oriented Chinese enterprises will benefit by and from this development. The IFC creates the opportunity to create many senior-to-medium level job opportunities to the US community. In return, the Chinese community will gain the opportunity to learn and directly participate in the financial structures and management skills from its US partners. Innovation will happen and business cultures will be exchanged."
"We are excited to be doing business with our Arizona partners and look forward to deploying substantial resources for a signature development in the dynamic Tempe market," said Alan Tay, CIDIC North America CEO who has visited the site and met with various members of the City leadership.
Further announcements will be made following the company's completion of its planned diligence over the next several months.
SOURCE TrendEx Holdings, LLC