Tempe is planning a new housing and shopping hub at a recently purchased Food City Plaza in north Tempe. This latest purchase is one of six projects planned by Tempe to increase housing.
No development partner has been announced yet.
“We are at the very early stages. We closed on the transaction on August 23rd of this year,” said Mike DiDomenico, the city’s economic development director. He says whoever they select as a partner will need to meet very specific criteria.
“Number one, we look for development partners that share the vision so that their intent is aligned with what the city envisions for the property,” he said.
Construction is not expected to begin for another two years after the leases of the existing businesses end.