One of Tempe’s most prominent empty lots is finally headed for a makeover. Tempe City Council has cleared the way for a 16-story housing tower beside Tempe Town Lake, signing off on a plan that would add up to 110 for-sale homes on a long-vacant slice of Rio Salado Parkway next to Tempe Beach Park.
The project, known as 250 Rio, would rise on roughly two acres and is expected to feature family-sized two- and three-bedroom units along with resident amenities. Planning documents for the site also call for preserving and rehabilitating the existing stretch of Old Ash Avenue that cuts through the property, so the new tower would share space with a bit of Tempe history.
Council sign-off
Tempe City Council adopted an ordinance on Jan. 22 that creates a development overlay allowing up to 110 residential units along Rio Salado Parkway, according to the City of Tempe agenda. Coverage from 12News noted that the move effectively opens the door for a new 16-story complex near Tempe Town Lake on a parcel that has sat idle for years.
What Hines is pitching
Houston-based developer Hines, which bought the parcel in 2021 and previously floated an office tower there, is now proposing a 16-story, for-sale condominium building with about 110 units, according to Homes.com. Plans filed with the city outline a mix that could include roughly 75 two-bedroom units, 23 three-bedroom units, and about a dozen larger homes, along with several townhouse-style walk-ups and resident amenities.
In other words, the developer is pivoting from a lakeside office address toward a tower geared more toward households looking to buy into the downtown Tempe skyline.
Where it would sit
The site is currently unimproved and is surrounded by some of the city’s marquee public spaces. It is bounded by Tempe Beach Park to the north and east and by Rio Salado Parkway to the south and west, and planning documents describe it as one of the last remaining parcels in the Tempe Town Lake core, 12News reports…