14-story project includes rehab of Tempe Ash Avenue roadbed
Staff Reports | Digital Free Press
Tempe City Council has approved entitlements at the 250 Rio office and retail project proposed by international real estate firm Hines.
The 250 Rio development is a 216,000-square-foot class AA office building and accompanying parking structure between the historic Ash Avenue alignment and the current Rio Salado Parkway, adjacent to Tempe Beach Park, according to a press release.
The project is a modern, mixed-use building that proponents of the project say will enhance the office footprint downtown Tempe.
Downtown Tempe development
250 Rio includes pedestrian zones around the property featuring direct paths from downtown Tempe to Tempe Beach Park. The proposal also includes working in partnership with the municipality to address the historic Ash Avenue roadbed, historic Ash Avenue Bridge abutment and working on options to be a part of the second phase of the Veterans Memorial, adjacent to the site, the release states.
“We are very pleased that the city of Tempe recognized the vision for this property and how it can truly enhance the downtown area,” said Brandon Dillingham, managing director with Hines, in a prepared statement. “We are looking forward to celebrating and activating the Ash Avenue roadbed and integrating it into 250 Rio in a way that will make it a historic community asset.”
Hines representative says they will work with the Tempe Historic Preservation Commission for feedback on the Ash Avenue portion of the project.
— Brandon Dillingham of Hines
“This is an incredible and unique opportunity for not only a successful mixed-use development, but the creation of a new public amenity that honors Tempe’s history while improving the visitor experience at Tempe Town Lake,” Mr. Dillingham said. “We look forward to continuing to expand our presence in Tempe and to create a project that will make the community proud.”
Mr. Dillingham says Tempe is an ideal location for new development as the office market emerges from the pandemic, and 250 Rio will be delivering strategically after Hines’ 100 Mill project across the street, in an effort to continue the offering of best-in-class real estate to corporate users.
100 Mill is the first building in the state to draw lease rates of more than $50 per square foot, and the building was already 92 percent leased six months before its completion, the release states.