Tempe City Council has voted to approve fees for the new 250 Rio office and retail project proposed by Hines, the international real estate company, in downtown Tempe.
The 250 Rio development will be a 216,000 square foot Class AA office building and associated parking structure between the historic Ash Avenue alignment and the current Rio Salado Promenade, 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 emphasize health and well-being, thanks to its proximity to recreation facilities at Tempe Town Lake and Tempe Beach Park.
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250 Rio will include pedestrian areas around the property that will increase walking from downtown Tempe to Tempe Beach Park. The proposal also includes working in partnership with the City to address the historic Ash Avenue roadbed, the historic Ash Avenue bridge abutment, and work on options that will allow the roadbed to of Ash Avenue to be part of the second phase of the Veterans Memorial, next to the Placer.
“We are very pleased that the City of Tempe has recognized the vision for this property and how it can truly improve the downtown area,” said Brandon Dillingham, Hines’ general manager. “We look forward to celebrating and activating the Ash Avenue platform and integrating it into 250 Rio in a way that will make it a historic community asset.”
The project was designed as if the historic roadbed of Ash Avenue was the main frontage of the site. Hines will work with the Tempe Historic Preservation Commission to get input on the Ash Avenue portion of the project.
“This is an incredible and unique opportunity not only for a successful mixed-use development, but also for the creation of a new public amenity that honors Tempe’s history while enhancing the visitor experience in Tempe. Town Lake,” Dillingham said. “We look forward to continuing to expand our presence in Tempe and creating a project that will make the community proud.”
Dillingham said Tempe is an ideal location for new development as the office market emerges from the pandemic, and 250 Rio will strategically deliver after Hines’ 100 Mill project across the street, with the aim to continue to offer the best in its category. real estate to user companies.
100 Mill is the first building in the state to pull rental rates over $50 per square foot, and the building was already 92% leased six months before completion. New tenants will include well-known companies like Amazon, Deloitte, Moov, LiveRamp and others. 250 Rio is expected to post similar rental rates and attract a mix of best-in-class tenants.