The City Council of Tempe has voted to approve the qualifications for the new 250 Rio office and retail project proposed by Hines, an international real estate company in downtown Tempe.
The development of the 250 Rio will be a parking structure between a 216,000 sq ft Class AA office building and the current Rio Salad Parkway adjacent to the historic Ash Avenue alignment and Tempe Beach Park.
The project is designed to be a signature development at the gateway to downtown Tempe, with a modern multipurpose building that enhances the footprint of offices in the region. It also focuses on health and wellness due to its proximity to the recreational facilities of Tempe Town Lake and Tempe Beach Park.
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250 Rio includes a pedestrian zone around the property that improves walking from downtown Tempe to Tempe Beach Park. The proposal includes an option to work with the city to work on the historic Ash Avenue road base, the abutment of the historic Ash Avenue Bridge, and to make the Ash Avenue road base part of the second phase of the Veterans Memorial. It also includes working on. site.
“We are very pleased that the city of Tempe has realized the vision of this property and how it truly enhances the downtown area.” Brandon Dillingam,Managing Director Hines.. “We look forward to celebrating and revitalizing the roadbed of Ash Avenue and integrating it into 250 Rio in a way that makes it a historic community asset.”
The project is designed as if the historic Ash Avenue roadbed was the main frontage of the site. Hines will work with the Tempe History Preservation Commission for feedback on the Ash Avenue portion of the project.
“This is an incredibly unique opportunity to create a new public facility that respects the history of Tempe while not only succeeding in multipurpose development but also improving the visitor’s experience at Tempe Town Lake.” Said Dillingham. “We look forward to continuing to expand our presence in Tempe and creating projects that we are proud of in our community.”
According to Dillingham, Tempe is an ideal place for new developments as the office market emerges from the pandemic, and the 250 Rio is strategically to continue its best-in-class service after Hines’ 100 Mill project. Will be provided. Real estate for corporate users.
The 100 Mill was the first building in the state to collect more than $ 50 per square foot of rent, and the building was already 92% rented six months before its completion. New tenants include well-known companies such as Amazon, Deloitte, Mov and LiveRamp. The 250 Rio is expected to show similar rent trends and attract a carefully selected best-in-class tenant mix.