Developers To Build Hotel And Office Tower On Mill Avenue Corner
There will be two new high rise buildings on the site of the former Monti’s La Casa Veja restaurant in Tempe. Thursday night, the Tempe City Council voted to move forward with the development.
The towers will be built on the corner of Rio Salado Parkway and Mill Avenue. The project called, One Hundred Mill will include a 240 room hotel, office space and stores and restaurants. The council and developer addressed concerns about the preservation of the historic Hayden House. Tempe Mayor Mark Mitchell and Attorney Manjula Vaz explained the terms.
“I think that’s part of the reassurance that you and your developer are giving to the city in terms of if anything does happen to it," Mitchell said.
“The entire incentive package goes away," Vaz added.
"The entire incentive package which is crucial to the development of the buildings would not exist,” Mitchell said.
The incentive they are referring to is an eight-year property tax break. Construction is scheduled to start by the end of the year and the towers should be completed by 2017.