Cantor Fitzgerald, Silverstein Opportunity Zone Project Tops Out in Tempe, Ariz.

Affiliates of Cantor Fitzgerald LP and Silverstein Properties announced the topping out of Shorehaven, a mixed-use, opportunity zone development on the south bank of Tempe Town Lake in Arizona. Built across 3.3 acres, the 1.3-million-square-foot project features three towers offering a blend of residential, retail, and recreational spaces.

Silverstein has led the development with Clayco as the builder, DAVIS as project architect, and Katie Bowe Design as interior designer. Project executives and government officials, including Tempe, Ariz., Mayor Corey Woods, spoke at a topping-out ceremony last week.

“This milestone is a celebration of the dedication and craftmanship of the more than 1,000 men and women who have put their heart and soul into making Shorehaven a beautiful and welcoming place to live and visit,” said Ryan Abbott, president of the Southwest region at Clayco.

Shorehaven represents the first phase of South Pier, a comprehensive master-planned community on Tempe Town Lake, one of Arizona’s leading tourist attractions. The $1.8-billion development, when complete, will build out a multi-acre complex of apartment, condo, hotel, and office towers along with an entertainment pier.

As previously reported by Alts Wire, Cantor Fitzgerald and Silverstein secured $223 million in construction financing for South Pier in May 2023.

The 722-unit luxury residential project includes more than 840 below-grade parking spaces, 750 bicycle parking spaces, 20,000 square feet of indoor amenity space, 30,000 square feet of outdoor amenity space, and 26,000 square feet of retail at the base of the three towers. Shorehaven is slated for completion in 2026.

“Shorehaven represents the foundation of a new waterfront community in Tempe,” said Chris Milner, chief investment officer, real assets at Cantor Fitzgerald Asset Management. “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 will offer a mix of studio, one-, two-, and three-bedroom units with sweeping lakefront and mountain views. The units include balconies, oversized closets, stainless steel appliances, full-size washers and dryers, and smart home technology.

The units feature over 50,000 square feet of state-of-the-art indoor and outdoor amenity space, including coffee bars, lounge seating, fitness centers, a yoga studio, a game room, and a business center indoors, while outdoor offerings include two pools, barbecue stations, yoga lawns, a dog run, and a spa.

Cantor and Silverstein launched an opportunity zone business in early 2019 to invest in, develop, redevelop, and manage a diversified portfolio of institutional quality commercial real estate assets with an emphasis on multifamily properties located in qualified opportunity zones in the United States. Their opportunity zone development portfolio includes 11 projects in various stages of development exceeding $2.2 billion in total estimated project costs, an average of $203 million per project.

Cantor Fitzgerald is an investment bank serving more than 5,000 institutional clients around the world. Silverstein Properties is based in New York and has developed, owned, and managed more than 40 million square feet of commercial, residential, retail and hotel space.

For more Cantor Fitzgerald news, please visit their directory page.