A topping-out ceremony has been held at the Shorehaven mixed-use development to mark its structural completion in Tempe Town Lake, Arizona, US.
The construction milestone was announced by US-based Silverstein Properties and financial services company Cantor Fitzgerald.
Shorehaven spans 3.3 acres and boasts a 1.3-million-square-foot space. It features three distinct towers that offer residential, retail, and recreational spaces to enhance urban living.
The development is the inaugural phase of the $1.8bn South Pier master-planned waterfront destination, which features residential, dining, entertainment, shopping, hotel, and office developments. South Pier is set to be built in seven phases over 15 years.
Cantor Fitzgerald Asset Management Real Assets CIO Chris Milner said: “Shorehaven represents the foundation of a new waterfront community in Tempe.
“This project, supported by Qualified Opportunity Zone investment, will help transform the area into a vibrant community and a premier recreational destination in the greater Phoenix area.”
Shorehaven's luxury residential segment comprises 722 units and includes a vast array of amenities such as indoor and outdoor spaces for community engagement and personal leisure.
Comprising a mix of studio, one, two, and three bedrooms with lakefront and mountain views, the project required Arizona-based Katie Bowe Design to create an inviting atmosphere through the use of natural materials and bold architecture.
The project also features parking for vehicles and bicycles and pedestrian-friendly pathways, as well as more than 26,000ft² of retail space, which is managed by Cushman & Wakefield.
Cantor Fitzgerald and Silverstein Properties have been focusing on Opportunity Zone developments since early 2019, with Shorehaven being one of 11 projects in their portfolio.
Silverstein Properties equity investments head and portfolio manager Jeffrey Deitrich said: “Shorehaven will not only offer a luxurious lakeside experience but will also serve as a cornerstone for a community-centric destination, enriching both residents' lives and the surrounding waterfront landscape.”
