South Pier's Apartments Begin Leasing

We’re closing out the final days of March 2026, and here on LUXE BLOG we’ve got a major update on South Pier at Tempe Town Lake. The big headline is now confirmed. Shorehaven has officially entered pre-leasing, which gives buyers and renters the clearest sign yet that the first residential phase is moving forward. Here’s the catch, though. These first buildings are apartments only, and there are still no condos for sale yet at South Pier. For buyers who’ve been waiting on one of the planned 160 luxury condos, this update matters because it confirms the for-sale portion is still further out. From our outside perspective at Williams Luxury Homes, we continue hearing from clients who want a condo here, but right now, there’s still no timeline on when that product might even break ground.

Quick Points

• Shorehaven pre-leasing is now live
• First phase is rental apartments only
• No South Pier condos for sale yet
• Condo buyers could still wait years
• 250 Rio remains another lakefront option

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

Shorehaven Opens First & Condo Buyers Still Wait

This latest Shorehaven update gives the market a real milestone. After years of talk around the massive $1.8 billion South Pier vision, the first tower is finally moving into leasing mode with initial occupancy expected in April 2026. That’s meaningful because it shows Silverstein Properties is advancing vertical delivery, not just marketing renderings. Still, if you’re waiting for a condo purchase opportunity, this doesn’t move the needle yet. The long-term South Pier plan still calls for 160 condos in two towers, but we have no indication construction has started on those buildings. And once condo construction eventually begins, you’re likely still looking at a multi-year build timeline before closings happen. So yes, if your goal is ownership on the lake, you may still be waiting years.

• Pre-leasing started this month
• First occupancy targets April 2026
• Condos remain future phase
• No condo launch timeline
• Buyers may face multi-year wait

That’s why many buyers may want to shift focus now. A resale condo around Tempe Town Lake could offer ownership much sooner, while still keeping you in the same waterfront setting.

What Shorehaven Includes Right Now

The first South Pier phase is called Shorehaven, and it’s a large luxury rental community on one of Tempe’s last major lakefront parcels. The plan includes three towers totaling 722 residential units, with the first tower opening first at 248 units. Floor plans range from studios to three-bedroom residences, giving the project wide rental appeal. Ground-floor activation is also part of the early rollout, with about 26,000 square feet of retail space planned. Residents will have direct access to Tempe Town Lake and the trail system, while staying close to Arizona State University, Sky Harbor, and major job hubs across "The Valley". For renters relocating into Greater Phoenix, it checks the location box fast.

• 722 units planned
• Three residential towers
• 248 units first
• Studios to three-bedrooms
• 26,000 square feet retail

For the rental market, it’s a strong first step. For condo buyers, it’s another reminder that the ownership side remains later in the South Pier story.

South Pier Still Has The Bigger Vision

Even with Shorehaven moving first, it’s important to remember how large the full South Pier vision still is. The broader 18-acre master plan calls for 17 towers, approximately 2,592 residential units, over 190,000 square feet of retail & dining, 610,000 square feet of office space, hotel rooms, entertainment, waterfront public space, and the planned observation wheel that has become the signature rendering image. The site is shaping into a pedestrian friendly district on the south shore of Tempe Town Lake. The long boardwalk, retail promenade, restaurants, live music venues, and lakefront parks are what continue to drive long-term interest from buyers and investors.

• 18-acre footprint
• 17 towers planned
• 160 condos future phase
• 190,000 retail square feet
• Observation wheel planned

That scale is exactly why this project may take years to fully build out. Large phased developments move in waves, and Shorehaven simply appears to be the first delivered proof point.

Also Read: 250 RIO Condo Plan Moves Closer To Reality Near Tempe Lake

Another Option You Should Watch

If you want a newer condo opportunity near the lake without waiting on South Pier’s condo phase, another project worth watching is 250 Rio. That development has already cleared Tempe City Council approval, which is a meaningful step. Still, like South Pier’s condo towers, it also has a long road ahead before buyers can realistically expect finished units. Permitting, financing, vertical construction, and final delivery all take time. So while it belongs on your radar, it doesn’t solve the immediate ownership timeline issue either.

• City Council approved
• Still early stage
• Lake-area alternative
• Worth watching now

For buyers who want an Arizona luxury condo sooner, resale inventory around Tempe Town Lake may still be the practical move while these mega-projects continue to unfold.

About South Pier

South Pier remains one of the most talked-about waterfront developments in Arizona, and for good reason. The project brings together residential towers, office space, hospitality, retail, dining, entertainment, and public waterfront access into one long-term district plan. Shorehaven’s pre-leasing confirms that the first residential wave is finally arriving. Still, the condo opportunity many buyers are waiting for remains a later chapter. For now, this update mainly strengthens confidence that the overall master plan is still moving.

• $1.8 billion master plan
• 2,592 residential units
• 160 condos planned
• Office, hotel, retail
• Pedestrian friendly boardwalk

So the takeaway is simple. South Pier is real, Shorehaven is leasing, but condo buyers still need patience. If you want to own near the lake sooner, resale opportunities and future projects like 250 Rio may be the smarter move while this waterfront buildout continues.

Also Read: Tempe To Allow Duplexes And Fourplexes In More Areas By 2026