The Tempe City Council will hear plans for the first phase of the $1.8 billion proposed mixed-use project on the south bank of Tempe Town Lake at its meeting Thursday, a phase that will include nearly 1 million square feet of buildings.

South Pier Tempe Holdings LLC, an entity of McBride-Cohen Management, is planning to develop 12.43 acres of land near the lake over a period of 15 years, the first phase, which is what will go before the council, is on one of the seven lots included in the site. Plans for the first phase include 724 apartment units and 26,175 square feet of commercial space on a 3.3-acre parcel, according to city documents.

“Opportunities to develop waterfront communities with unmatched views are rare, and an opportunity to develop such a community in the thriving Tempe market is a once-in-a-lifetime opportunity,” Manjula Vaz, attorney at Gammage & Burnham, zoning attorney for the project, wrote in the submission to the city.

The apartments are planned to be built in three buildings, ranging in height from about 236 feet to 259 feet, and 21 to 23 stories tall. According to public documents, the commercial space will include 16,213 square feet of restaurant space, nearly 4,000 square feet of outdoor dining and patio space and nearly 10,000 square feet of retail space. The site will be developed in three phases, working from west to east on the site, which is called “lot 6” of the 12-acre site. The developer also has plans for an open space “promenade” with a boardwalk and event space.

The site is located at 1190 East Vista Del Lago Drive, south of the lake and north of the former Karsten Golf Course. Nelsen Partners is the architect.

“The purpose of the application is to facilitate the first phase of development of South Pier by creating a vibrant and upscale mixed-use development that will provide housing opportunities in immediate proximity to commercial services, enhance pedestrian connectivity to and activity around the lake, and serve as a gateway to both the lake and downtown Tempe,” the development team wrote in the zoning application to the city.