4-Story Development Also Includes Rehabilitation of Historic Ash Avenue Roadbed
Hines, the international real estate firm, has completed the purchase of 1.8 acres of land in the City of Tempe for a new 14-story office building overlooking Tempe Town Lake.
The property will be the future home of the proposed 250 Rio development, which will be 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
The project is designed to be a signature development at the gateway to downtown Tempe, with a modern, mixed-use building that will enhance the office footprint in the area. It will also have a significant focus on health and wellness, with its proximity to the recreational amenities of Tempe Town Lake and Tempe Beach Park.
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.
The seller was represented by Tom Adelson with Newmark Night Frank and Troy Barron with Weston Commercial Realty. Hines represented itself in the transaction.
“We would like to thank the seller and their brokerage team for being patient partners and for allowing us the time to manage through the conceptual design process and resolve complicated entitlement and constructability challenges unique to this site,” said Chris Anderson, Senior Managing Director with Hines. “We seek to bring something quintessential to the market in one of the most iconic locations in the Valley, and an acute attention to the details and collaborative planning effort with the City of Tempe has been integral to unlocking the site’s full potential.
250 Rio is designed to meet the goals and objectives of Tempe’s General Plan 2040, and the development team is already working with Tempe’s Historic Commission to identify ways to celebrate the Ash Avenue roadbed.
“We believe this is a tremendous opportunity to create a unique experience for those who work and visit 250 Rio,” said Brandon Dillingham, Managing Director for Hines. “The upgrades and historic elements of this site will further enhance the Town Lake experience and create new opportunities for experiences and recreation along Tempe Beach Park.”