Sat, October 30, 1999

Tempe Town lake lagging

Financial hurdles already have stalled projects for years

By Elvia Diaz

The Arizona Republic

In a week, throngs of people will descend on Tempe Town Lake
for a day of canoeing, free excursion cruisers food and music.

But those 'wishing to live or shop or spend the. night in a
hotel overlooking the 224-acre lake, the
city's crown jewel development, will have to wait a few
years.  

Although Tempe is all set to officially open the lake to the public
at an all-day festival Nov. 6, major developments along the 2-mile-long 
waterway are facing financial hurdles that have
already put construction off for years.

 Developers of the lake's centerpiece project, the 29-story
Peabody hotel, are scrambling to secure most of the $220 million
needed to break ground.

 A group of residents want to halt transforming the historic
Hayden Flour Mills, a project known as Hayden Ferry South,
into modem condominiums and other developments.

 There is still no money approved for a 258-room Marriott hotel
on, the southern shore of the lake.

Arizona State University is barely beginning to court
developers for a 25-acre site of townhomes and office space.

Please see TM LAKE Page

• Crazy Atheist Libertarian
• Government Snitch?????
• David Dorn
• Fat Blond Guy
• Crazy Atheist