Cousins, Hines Team Up on $153M Tempe Project

Article originally posted on Commercial Property Executive on February 7, 2020

Cousins Properties and Hines have started construction of 100 Mill, a Class A, 287,000-square-foot office development in downtown Tempe, Ariz. The project has an estimated development cost of approximately $153 million and a completion date scheduled for the first quarter of 2022.

When completed, the 18-story building will rise at 100 S. Mill Ave. on a 2.5-acre site. Designed to achieve LEED Silver certification, 100 Mill will feature 31,000-square-foot floorplates and a parking ratio of 4 spaces per 1,000 square feet. A covered first-floor outdoor patio, rooftop amenity deck, training center and fitness center are among the project’s upcoming amenities. The property, that will also include 7,500 square feet of retail space, is already 44 percent preleased.

The development site is on the southwest corner of Mill Avenue and Rio Salado Parkway, near Cousins’ existing 1.3 million-square-foot Tempe office portfolio that includes the U.S. Airways corporate headquarters. The property is just south of Salt River and Tempe Beach Park, within walking distance of restaurants, shops and hotels. Phoenix Sky Harbor International Airport is some 4 miles west.

RESPECTING TEMPE HISTORY

The project’s development site includes the historic Hayden House, the oldest continuously occupied building in Maricopa County, according to the City of Tempe. Built between 1871 and 1873, the house initially served as home of Tempe founder Carl Trumbull Hayden, later to become Monti’s La Casa Vieja Restaurant from the 1950s through 2014.

The joint venture purchased the site from Hensel Phelps Development for $19.5 million in 2018, according to the Phoenix Business Journal. Hensel Phelps had already been through the zoning process and had signed an agreement with the City of Tempe to rehabilitate Hayden House to its 1924 condition. The document also stipulated that no new construction could begin on the 100 Mill site before rehabilitation work was completed.

 

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