It would be huge for Tempe. Tempe could be the potential sight of a 10 and a half acre, $350 million dollar development. The jewel in all this -- the USA Basketball Headquarters -- that's the group associated with the Olympic Games.
The USA Basketball's Board of Directors approved this parking lot on the southeast corner of Mill Avenue and University to be its new home for its headquarters and training center.
"I think it's another great entertainment sports venue that we are known for down her," says Nancy Hormann, downtown Tempe resident.
It seems like a slam dunk, considering the chairman for USA Basketball is Jerry Colangelo, a man pretty familiar with the valley and its potential.
Considering he's responsible for the success of the Phoenix Suns at US Airways Center, he was also instrumental in making the Arizona Diamondbacks a reality.
If Colangelo can work his magic again, and both the city and ASU's Board of Regents approves, he could do for Tempe what he did for Phoenix because the complex would be so much more than just a sports facility.
"It's a conference hotel as long as well as USA place, and that conference hotel is a huge shot in the arm for downtown Tempe because we need larger ballroom space and more places for conferences."
Picture this parking lot filled with a 4,500 seat arena, 330 room omni-hotel, luxury apartments, along with office space and retail space.
"I think it's great I think a lot of things in Tempe are up and coming, I think more jobs are coming here," says student Bill Schaffer.
But not everyone sees a gold mine in this empty parking lot.
"As far as like for the success of the city maybe, I don't know. As for students, because there's not that much parking. It just seems like a lot of money which might not reap the same rewards that they're intending," says student Sarah Stradling.
If approved, construction would start later this year and be completed in 2015.