Financing plans change for $350M USA Basketball/Omni Hotel project in Tempe








It is dangerous to be right in matters on which the established authorities are wrong.

~Voltaire [François Marie Arouet] (1694-1778)



Mike Sunnucks Senior Reporter-Phoenix Business Journal Jul 11, 2014, 2:29pm MST

Financing plans have changed for the proposed $350 million USA Place development in downtown Tempe, and that is pushing back the timetable for the project.

Developers say they still are moving forward with the project.

The Tempe development is slated to be the new home of USA Basketball as well as a 330-room, 13-story Omni Hotel at Mill Avenue and University Drive.

Original plans called for the USA Basketball — the Jerry Colangelo-chaired group that puts together American national teams for the Olympics and other tournaments — to relocate its headquarters from Colorado Springs, Colorado to Tempe in 2015. The Omni Hotel was also tentatively scheduled to open in 2015.

Now, developers and USA Basketball are looking at the fall of 2016 for construction to be completed and the sports group’s relocation to Arizona.

The USA Basketball move would also happen after 2016 Summer Olympics in Brazil, instead of before, as originally planned.

Susan Eastridge, CEO of Scottsdale-based Concord Eastridge and a principal of USA Place LLC, said financing for the project is going in a different direction than originally planned.

“Nothing is ‘delayed,” she said in statement to the Phoenix Business Journal.

Eastridge said original plans called for separate financing for the various components of the project including the hotel, apartment, commercial space and parking. “While this would have been an effective way to get the entire project financed, we had the opportunity to re-evaluate our financing approach and engage one large equity investor to finance the entire project,” Eastridge said. “We are completing that transaction now.”

The development sits on 10.5 acres of Arizona State University-owned land at the southeast corner of Mill and University. ASU has long sought to redevelop the parcel. A Chili’s restaurant at the corner of the parcel has been closed to accommodate the project.

The USA Place will lease the land from ASU. The school will get a 1,000-square-foot boardroom in a planned conference center next to the Omni hotel. Office space, 540 apartments, as well as a parking garage and underground parking are also part of the project.

Eastridge said development partners and Omni are still on board with the project.

Tempe business and real estate officials have been wondering about the status of the project and whether financing was delayed.

“It’s definitely not dead. People are talking about,” said Kate Borders, president of Downtown Tempe Community Inc.

Borders notes that Tempe has the lowest office vacancy rate in the state and there are number of commercial and residential developments in the works along Mill Avenue and Tempe Town Lake.

Colangelo — the former Phoenix Suns and Arizona Diamondbacks owner — has been the chairman of USA Basketball since 2005. He was part of an effort in 2008 to move the basketball program to Glendale and the Main Street Glendale development. Main Street failed and went into foreclosure and USA Basketball canceled its Glendale plans in 2010.

Roughly three years later, the Colangelo group announced it was working with Eastridge and Los Angeles developer Michael Hallmark on the Tempe/ASU development.

Mike Sunnucks writes about politics, law, airlines, sports business and the economy.




A little about me and my expertise – video


commercial / investment real estate / Arizona land specialist


I go to great heights to sell or purchase your land,_Arizona_history


Facts of Arizona – year 1848 to 2013



Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Investment Properties in Phoenix.



View my listings and my profile at:


What is a CCIM?


Join My Mailing List



Please go to my web-site and get all the newsflashes and updates in Commercial Investment Real Estate in Phoenix and Commercial Investment Properties in Phoenix daily



Check out my professional profile and connect with me on LinkedIn.


Follow me on Facebook:


Follow me on Twitter:



Follow Me on Google+


Walter Unger CCIM, CCSS, CCLS

I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.





we are at on the a rise of the cycle in Commercial Real Estate.  so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix.  The prices on deals I may get you will not be around forever.


If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona,  I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us. 


Please reply by e-mail or call me on my cell 520-975-5207 or Office:480-948-5554


Thank You


Walter Unger CCIM

Associate Broker,  West USA Commercial Real Estate Advisers

7077 E. Marilyn Road, Bldg 4, Suite 130

Scottsdale, AZ 85254

Cell:      520-975-5207   

Office :  480-948-5554

Fax: (480-658-1172


View my listings and my profile at:             


a little about me and my expertise – video


commercial-investment real estate adviser-land specialist


What is a CCIM?



Delivering the New Standard of Excellence in Commercial Real Estate 


  • Commercial Real Estate Scottsdale
  • Commercial Real Estate Phoenix
  • Commercial Real Estate Arizona
  • Commercial Investment Properties Phoenix
  • Commercial Investment Properties Scottsdale
  • Commercial Investment Properties Arizona
  • Land Specialist Arizona
  • Arizona Land Specialist
  • Land Specialist Phoenix
  • Phoenix Land Specialist
  • Land For Sale Phoenix
  • Land for sale Arizona
  • Commercial Properties For Sale Phoenix
  • Commercial Real Estate Sales Phoenix
  • Commercial Properties Phoenix
  • Commercial Properties Arizona
  • Commercial Land Specialist Phoenix
  • Commercial Land Phoenix
  • Multifamily land Phoenix
  • Retail Land Phoenix
  • Industrial Land Phoenix
  • Land Commercial Phoenix
  • Land Retail Phoenix
  • Land Industrial Phoenix
  • Land Multifamily Phoenix
  • Industrial Land for sale Phoenix
  • Land Industrial
  • P
  • Investment Real Estate


Disclaimer of Liability

The information in this blog-newsletter is for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.