Cushman and Wakefield and Los Angeles developer Fenix Development announced in October that V's Barbershop, Dip Nail Bar and Obon Sushi + Bar + Ramen will be the three new tenants joining The Watermark | Tempe.
Fenix Development broke ground on phase one of the 1.9 million square-foot, mixed-use development on the north side of Tempe Town Lake in June of last year. The full Watermark project will include apartments, retail, office space and a hotel, with completion of the first phase targeted for the end of fall 2019.
This is the most recent in a long string of large mixed-use developments to come to the region, as Tempe's profile as a commercial and residential destination has grown.
This will be the fifteenth location for Arizona-based V's Barbershop, which opened in 1999.
Dip Nail Bar is the latest concept from the the owners of over 50 nail spas in Baltimore and Phoenix.
Obon Sushi and Bar and Ramen opened in 2015 and has two other locations in the Valley.
"All three tenants were carefully curated by Fenix Development," said Mike Loretz, a project manager for Fenix Development. "We set out to attract top operators in their class, and feel that these three groups accomplish that.”
Loretz said the first phase of the Watermark development will be finished in September of 2019.
Plans for phase two include a hotel and a 20-story office tower, he said.
The quality and design of the three new tenants will make these locations the nicest stores within their respective chains, said Brent Mallonee, senior director at Cushman and Wakefield.
“(I hope) that (future developments) can look to Watermark as an example ... where elevating the design and finish level of a project attracts higher quality tenants, and they will follow suit," he said.
The tenants are well-suited for the commercial activity of the surrounding area, said Mark Stapp, the director of ASU's Center for Real Estate Theory and Practice.
"Mill Avenue is essentially an entertainment district. People go there to enjoy themselves, eat, drink, have fun," Stapp said. "I think Tempe in general will continue to see market growth due to its proximity to the metro area, its infrastructure and desirability as a place to be."
Tempe is a top growth spot in the state, according to a January U-Haul International report.
"Tempe has turned out to be a place where employees want to be, which makes it attractive to employers," Stapp said. "The regional accessibility, lifestyle, character and amenities, including ASU, along with a pro-business attitude make it desirable."
Reach the reporter at adunn11@asu.edu or follow @adrienne_dunn on Twitter.
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