Ryan Companies US, Inc. and Sunbelt Holdings will establish a $600 million mixed-use development on a more than 20-acre site owned by Arizona State University, adjacent to Tempe Town Lake in Tempe, Arizona
The project is subject to City Council approval of development agreement in the coming month. According to Ryan Companies, State Farm will lease office space and anchor the multi-use development.
The Marina Heights project in Tempe will be the largest office development deal in Arizona history, with more than 2 million square feet to be constructed on more than 20 acres, according to the developer. Construction costs are estimated at $600 million. Additionally, 40,000 to 60,000 square feet of retail amenities will complement the transit-oriented development, including food service, coffee shops, restaurants, business services, and fitness facilities. The site will also feature an approximately 10-acre lakeside plaza, which will be open to the public.
The five-building campus will be leased by State Farm and become a hub to include a combination of new hires and existing employees who will provide claims, service, and sales support to State Farm customers.
“State Farm selected Tempe because it has a growing population with skill sets that match our customers’ needs,” said Mary Crego, Senior Vice President, State Farm. “The site along Tempe Town Lake gives our employees access to nearby amenities as well as easy connections to public transportation.”
“This is a proud day for Tempe and everyone involved. We are tremendously excited about what the addition of State Farm will mean to our community over the decades to come,” said Tempe Mayor Mark Mitchell. “These employees, buildings, and amenities will further contribute to and showcase the vibrancy of Tempe Town Lake, Mill Avenue, and Arizona State University, and serve as a catalyst for more high-quality development.”
"We are thrilled that State Farm will be expanding in Arizona," said Gov. Jan Brewer. "The jobs that will be created to make this project a reality will be a tremendous boon to our economy. This is a great example of how our plan to build an Arizona that is attractive to high value employers is hitting the mark."
"We look forward to having State Farm as a neighbor and to working with the company on a variety of programs including employee recruitment and academic programs for their staff," said ASU President Michael M. Crow. "State Farm's decision to lease the land owned by the university immediately adjacent to the ASU Athletic Facilities District is the first major step in the campaign to fund new and renovated sports facilities for the university. The Athletic Facilities District will be home to an exciting mixed-use development reflecting high quality and the best practices of sustainability. A high stature tenant such as State Farm will add to the luster of the district and validates its attractiveness."
The project is being developed by Ryan Companies US, Inc. and Sunbelt Holdings. Tempe-based architectural firm DAVIS designed the project.