The Hayden Flour Mill redevelopment project in Tempe has a new financial backer and is getting closer to starting construction.
Tempe is leasing out the land to a development group made up of Aparium Hotel Group, Baum Revision and BlueRoad Ventures, all of which are based out of Chicago. New to the team is Dick Portillo, founder of the Portillo’s restaurant chain. Portillo sold the chain to Berkshire Partners for nearly $1 billion in 2014, but he still owns a substantial amount of the Portillo’s restaurant properties.
The planned mixed-used project will have restaurant and retail space, as well as offices. The project’s second phase will feature a hotel by Aparium Hotels, which has opened a number of boutique hotels in the Midwest.