Shortly after Homesteaders (incl that the notable Charles Trumbull Hayden) founded what is now Tempe, that Community quickly became known as that trading center for that south side of that Salt River Valley. And since then, Tempe has continued to be bustling with activity Business-driving powerhouse. With staples like Tempe Town Lake, which attracts 2.4 million visitors and has generated nearly $2 billion in economic impact since opening, combined with newer endeavors like that $1.8 billion mixed-use South Pier project, that The city shows no signs of slowing down in its economic role.
So what makes this modern place mixed with old-school charm so persistent in attracting talent, business, and bankroll? that local, regional and state Business?
“I would say that Tempe has always been known for our innovative spirit,” said Corey Woods, Mayor of Tempe. “ThatIt was mayors and city councilors from decades past who had a vision for what that could become a city. And so I think a lot of what you see is like that that Culmination of all that effort 10, 20, 30 and 40 years ago, all happening right now, which is really exciting.”
That Indeed, the collective foresight of Woods and his predecessors created an infrastructure conducive to cultivating a strong presence of staple industries across the country that Community. Under that strong industries refuel Tempes Business are advanced business services, advanced manufacturing, technology, healthcare and biotechnology, and tourism.
Woods explains that a built-in workforce pipeline courtesy of renowned institutions such as Arizona State University and that Tempe’s economic resourcefulness owes much to the Maricopa Community College District, coupled with a robust transportation network. “We make so many people with bachelor’s, master’s and doctoral degrees,” he says, “which is tremendous for our current employers and our future employers thatYou see a constant talent pipeline in our community. And that makes us very attractive to companies of all sizes.”
According to Woods, nearly 20% of Tempe residents have postgraduate degrees — which is significantly higher than in Maricopa County or that entire state.
And as for transportation, Woods shares that because it has a “truly multimodal transportation system,” Tempe is beginning to resemble communities like Chicago or Washington DC that cater to those looking for ways to get around that City without disposable cars.
In addition to easy access to that I-10, Loop 101, Loop 202, US60, I-143 and I-153, Tempe is just 10 minutes from Phoenix Sky Harbor International Airport and offers 365-day bus service (including free orbit shuttles). that ASU campus, downtown Tempe and neighborhoods) and that Valley Metro Rail line between Tempe, Phoenix and Mesa. And so forth, that city becomes that only metro city in the greater Phoenix area to have a streetcar.
Cyclists also welcome Tempe’s American Bicyclist Gold-Level Bicycle-Friendly Community Award status; currently, that city boasts that highest proportion of bicycle commuters in that Country.
It’s important to note that while Tempe’s robust workforce, education, and transportation systems draw a lot of development interest, projects like South Pier continue to yield dividends thatsee silos. “You’re talking about $12 million that The developer plans to build a pedestrian bridge on Tempe Town Lake,” says Woods, “and will spend over $10 million on it that Tempe Coalition For Affordable Housing is our non-profit affordable housing organization that City of Tempe administered. And $250,000 goes to our Tempe Education Foundations to support our students and our educators.”
South Pier on Tempe Town Lake.
According to Woods, South Pier will also provide $2 million for landscaping.
Accompanying economic contributions from South Pier is that Novus Innovation Corridor, a public-private partnership between Arizona State University and developer Catellus Development Corporation that 2.1 million square foot Marina Heights project and $307 million renovation at Sun Devil Stadium, which is expected to create 34,000 jobs when complete.
As for Tempe’s future economic ventures, “That The outlook is optimistic at this time,” said Robert Cortazzo, President of the Southwest Division of Tempe-based Adolfson & Peterson Construction.
“That We only have concerns when we talk that management level or what impact inflation or other external factors may have.”
Cortazzo goes on to explain that inflationary pressures are a concern: “Some of our more demanding clients are looking for ways in which we can share this risk thatm and have that Ability to drive projects forward,” he says. “I think that Rate hikes could affect some that Multifamily and other projects that we see that are finance based. So thatre seems to be a rush for customers at the moment thatir projects signed and launched.”
But despite inflationary challenges and demand for talent that exceeds supply, Tempe’s development and redevelopment efforts remain.
“We are currently on the best way to get a cool project that Hayden Flour Mill,” says Woods. “We entered into negotiations with Sunbelt Holdings and Venue Projects about six weeks ago for a redevelopment that Mill.”
That The Hayden Flour Mill currently occupies a two-acre property that Woods describes as an appropriate place for food and beverage concepts, as well as open space and event spaces. “It is fine that most iconic site in that given to the whole city that fact that Hayden Flour Mill owes its name to Mill Avenue,” he says.
As development continues in mixed-use areas and retail—as recent examples—Tempe is prioritizing opportunities for accommodating its workforce. “Tempe is known for being a very diverse, inclusive community. And you can only stay that way if you have housing for people of all backgrounds, income levels and occupations,” says Woods.
In 2018, a market study and report on the Affordable Housing Context showed: “Based on projections of household growth in the city through 2040, an additional 21,324 housing units will be needed to accommodate households of all income brackets.”
That Study results are what Woods notes: “that impetus for why that Council in January 2021, passed the so-called that Hometown for all, affordable housing strategy. Which really serves to generate additional income that Purpose to make more land and property purchases that City of Tempe to create affordable housing.
“We are actively acquiring land,” adds Woods. “We bought that largest, probably up to this point, that was that old Food City website [formerly] owned by Michael Pollack, at that Apache and Dorsey corner that At the end of December 2021 for around 10.6 billion US dollars. At some point it will become affordable housing and an affordable grocery store that ground floor for that Residents in this corridor on Apache Boulevard.”
Speaking of refueling that BusinessWoods concludes with a positive prognosis:“Honestly,” he says, “I think so that The best is yet to come in our city. And I would invite everyone to be a part of what we do.”
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