From a parking lot to 2-million square feet of commercial space. The Tempe Town Lake front is being transformed.
The city's mayor and Governor Jan Brewer helped kick off construction on what's being called the 'Marina Heights Development.'
"Today we kick off the construction of a 2 million square foot $600 million office complex, wow," said Brewer.
"What currently sits as a parking lot will grow into the largest commercial development history in the state of Arizona," said Tempe Mayor Mark Mitchell. "Attracting thousands of jobs and even more quality development in and around the lake. New jobs and residents translate into revenue."
The Tempe Town Lake front is about to change. A video rendering of the Marina Heights development was revealed Wednesday at ASU Sun Devil Stadium, where the Tempe mayor, the governor and State Farm execs kicked off construction of what's being called the "largest office deal in Arizona history."
"By the time this project is done State Farm will have created up to 8,000 jobs in the state of Arizona," said Brewer.
The mixed-use development includes 5 office buildings leased by State Farm, retail, and a 10-acre plaza to be built over the next four years.
"State Farm didn't pick Tempe by accident. We have worked hard to make a foundation and make wise investments, to create an environment where companies want to do business," said Mitchell.
State farm expects to move much of its valley workforce into Marina Heights. The first building is expected to be done by 2015.
"I commit to you, we look forward to being good neighbors to this area for many many years to come," said Mary Crego, State Farm Senior VP.