Developers break ground on first phase of The Watermark in Tempe

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Phase one includes office space, apartment units, restaurant and retail space. Phase one includes office space, apartment units, restaurant and retail space.
The Watermark is Tempe's first vertically integrated mixed-use development. The Watermark is Tempe's first vertically integrated mixed-use development.
The development is scheduled to finish Fall 2018. The development is scheduled to finish Fall 2018.
(Source: 3TV/CBS 5) (Source: 3TV/CBS 5)
(Source: 3TV/CBS 5) (Source: 3TV/CBS 5)
TEMPE, AZ (3TV/CBS 5) -

Developers broke ground in Tempe Town Lakes north bank on Wednesday to construct a new mixed-use project.

The first phase will be a 1.9 million-square-foot development with 15 stories, including Class-A office space, restaurant and retail space, according to a news release from the City of Tempe. 

There will also be 360 apartment units and a parking garage. The project is expected to be completed in the fall of 2018.

The Watermark is Tempe's first vertically-integrated mixed-use development, according to the news release. 

“The Watermark will give us the opportunity to serve the many tech companies, corporate offices and finance firms that want to bring jobs to Tempe,” said Donna Kennedy, economic development director for the City of Tempe.

Future phases of the property include a second office tower with additional space for restaurants, retailers and a 170-room business-class hotel.

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