How the Watermark Is “Reshaping” the Tempe Skyline

Fenix Development is aiming to transform the Tempe skyline with its latest project, The Watermark. The Los Angeles-based developer is building a 1.9 million-square-live-work-play complex sprawling over 15 acres in Tempe Town Lake. Construction started last year, and the includes a 265,000-square-foot, eight-story class-A, spec office tower above a seven-story parking garage, a 360-unit luxury apartment complex, 44,000 square feet of retail and restaurant space and a 250-room on-site hotel. The office tower and a potion of the retail space is the first phase of the project, and will deliver in 2019.

“As one of the fastest growing regions in the country, the greater Phoenix metro is continually evolving—from its people to its culture to its buildings. In Tempe, home to Arizona State University and a budding tech hub located just minutes from downtown Phoenix, a new kind of suburban office destination is being led by developers with an eye on the future,” Mike Loretz, project manager with Fenix

Development, tells GlobeSt.com. “Tempe has all the right metrics to become its own metropolitan city, just like Phoenix. Rental rate growth is the highest in the state, job growth figures are over double the national average, and population growth is astonishing. Big cities are built vertically, and this municipality truly gets that. In the next 5-10 years, we see Tempe growing to be the next Austin.”