Brad Gorman, co-managing member with Pier 202 LLC and chairman,president and CEO with Irvine, CA-headquartered Laguna PacificProperties, says the first phase will consist of a 230,000-sfoffice building, 90,000 sf of retail, 150 condominium units andpossibly a 285-room hotel. The initial phase has a mid-2009completion date.

"Right now, we're set for a minimum of three phases, with thebuild-out probably over a seven-year period," Gorman tellsGlobeSt.com. He adds that construction for the remaining phaseswill be determined by market demand. Future phases will include230,000 sf of office space and 1,330 additional condominiums.

Pier 202 LLC acquired the acreage along McClintock Drive, RioSalado and Rural Road from the city about a year ago. Gorman sayshis company has been working hand-in-glove with the city todetermine an appropriate development plan and to get theentitlement process fast-tracked. "I can't say enough about theCity of Tempe staff, city council and mayor," he adds. "They'vebeen wonderful throughout this process."