TEMPE, AZ—City officials plan to partner with a large, publicly-traded real estate firm for the commercial development of approximately 100 acres of city-owned land near Tempe Town Lake. The development would take place over the next decade, the Phoenix Business Journal reports.
The city issued a statement this week outlining how the proposed contract with Liberty Property Trust (NYSE: LRY), a Philadelphia-based real estate investment trust, could rake in about $11.9 million in net revenue for the city. That revenue would come from the sale of the land and the project also has the potential to create up to 6,500 new jobs over the life of the agreement.
The deal is still contingent on Tempe City Council approval and is up for public hearing at tonight’s meeting.
Over the term of the contract, Liberty would buy 81 parcels, in stages, for the construction of more than 800,000 square feet of office, flex or industrial buildings by 2027, according to city documents. Construction would begin sometime before July, this week’s statement said.
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