Introducing 250 RIO

This one’s moving. Slowly, then all at once. The long discussed site near Tempe Town Lake just cleared an important hurdle, and the name now matters. 250 RIO is no longer a placeholder. In "The Valley," that shift signals momentum. So here’s a clean update to keep you current as approvals line up and the finish line comes into view. This project has us espe3cially interested due to the uncertainty of when and the South Pier condos will be built anytime in the next few years. Many have been waiting with very little info to come out.

Quick Points

• Project now known as 250 RIO

• Condos replace earlier office plan

• Review commission recommends approval

• City Council vote still ahead

A Formal Name As The Plan Sharpens

Names show intent. This update does exactly that. The proposed condominium tower near Tempe Town Lake is now formally branded 250 RIO, tying it directly to its Rio Salado Parkway address. That clarity arrives as the project edges closer to full approval. The concept stays tall, dense, and residential. The focus stays on ownership near the water. You can feel the confidence building.

• 16 story residential tower

• 110 total condominium units

• Located near Tempe Town Lake

• Corner of Rio Salado Parkway & Ash Avenue

This is the phase where projects stop feeling theoretical. 250 RIO now feels real.

Also Read: Office Project May Change To Condos In New Tempe Lake Plan

A Key Vote That Pushed Things Forward

On December 9, the Tempe Development Review Commission weighed in. The group reviewed an amended planned area development overlay tied to the site. That overlay matters. It allows the shift from a 14 story office concept to a 16 story residential tower. The commission recommended approval, sending the item forward.

• Overlay amendment recommended

• Height increase supported

• Residential use endorsed

• City Council review next

That recommendation doesn’t end the process. But it clears a major gate.

The Land Deal That Set This Up

The dirt tells part of the story. Hines acquired the 1.8 acre parcel back in 2021 for $5 million. The seller was American Airlines. At the time, office plans still penciled out. Market signals changed soon after. By 2024, the firm revisited the numbers and reworked the concept. Condos made more sense.

• Purchased in 2021

• $5 million sale price

• Formerly under office contract

• Shift followed market reassessment

Timing matters in development. This site caught the turn cleanly.

What 250 RIO Will Actually Deliver

The proposal stays consistent on scale and layout. The tower would include a mix of larger units aimed at long term owners. Parking and bike storage are baked in. The structure totals over 437,000 square feet, giving it a strong presence within this office heavy pocket near the lake.

• 75 two bedroom units

• 23 three bedroom units

• 12 four bedroom units

• 226 vehicle spaces

• 113 bike spaces

This mix fits the setting. It also fills a gap near the water.

Also Read: Shorehaven Tops Off At South Pier But Condos Still Years Away

Why This Location Still Pulls Weight

The site sits just west of Hayden Ferry Lakeside III. Tempe Beach Park sits close by. Tempe Town Lake frames the area with trails and daily activity. Offices surround the parcel, including buildings tied to major employers. The streets feel pedestrian friendly, and foot traffic stays steady throughout the day.

• Near Tempe Beach Park

• Steps from the lake paths

• Inside a major office cluster

• Adjacent to global HQ space

That blend keeps demand anchored here.

The Team With History On This Block

Hines leads the development. The Houston based firm already knows this corner well. Nearby, it partnered with Cousins Properties on 100 Mill, an 18 story office tower familiar to anyone who spends time near the park. That building houses firms like Amazon, Deloitte, Imagine Learning, and IBM.

• Developed 100 Mill nearby

• Deep Tempe footprint

• Active near major employers

• Long term local presence

That track record explains the patience behind 250 RIO.

What Comes Next From Here

The next stop is Tempe City Council. A meeting date hasn’t been set yet, but the item will move forward following the commission’s recommendation. Updated landscape plans still require review. No construction timeline has been shared. That’s normal at this stage.

• City Council vote pending

• Landscape updates required

• Groundbreaking not scheduled

• Conditions tied to approval

We’ll be watching closely.

When full approval lands, you’ll hear it here at Williams Luxury Homes right away. 250 RIO is getting closer, and near Tempe Town Lake, that matters.