What’s being built on Rio Salado Parkway near Tempe Town Lake?

Article originally posted on AZ Central on May 30, 2025

Location: West Rio Salado Parkway and south Hardy Road near downtown Tempe.

Description: A 319-unit apartment tower called Modera Rio Salado has been under construction for nearly two years. The seven-story building near Tempe Town Lake features one-, two- and three-bedroom apartments with an average size of 996 square feet. Community amenities include a rooftop pool and spa, fitness studio, pet park, workspace and over 3,500 square feet of retail.

The site stretches between West First Street and Rio Salado Parkway along Hardy Drive.

History: The site is owned by Hardy Rio Development Company, LLC, which obtained the site from the City of Tempe and Hardy Rio Investments, LLC, in 2022. Part of the plot was used by the Tempe Transportation Department. There was one vacant building, which housed Sun Devil Liquidations, and the rest of the site was undeveloped.

When will the work be done? The first residents are expected in winter 2025.

Sources: Mill Creek Residences, public records