14-Story Office Building Planned Near Tempe Beach Park

Article originally posted on Phoenix Business Journal on July 29, 2021

Hines, the co-developer of the speculative, Class A office development 100 Mill in Tempe, is planning a new, smaller office development down the street, near Tempe Beach Park.

The project, called 250 Rio, is the next chapter in the firm’s “Tempe story,” said Brandon Dillingham, managing director of Hines in Phoenix.

“We have noticed a flight to quality,” Dillingham said of where office momentum has been since the Covid-19 pandemic. “Employers want to be in the best locations.”

Hines first had the site under contract about a year and a half ago, he said, but progress stalled during the pandemic. In total, the site includes about two acres at Ash Avenue and Rio Salado Parkway. The firm is planning to develop a 14-story office tower with about 190,000 square feet of office space, as well as ground-floor flexible commercial space that could accommodate retail or restaurants, according to documents submitted to the city of Tempe.

“The project is a unique opportunity to make a significant statement along Rio Salado Parkway (a main gateway into downtown Tempe) with the introduction of a modern, mixed-use office tower that will increase the commercial office and retail /restaurant mix within the Downtown Tempe District while also celebrating and activating the historic Ash Avenue roadbed,” Manjula Vaz, attorney with Gammage & Burnham representing Hines wrote in a letter to the city.

Find The Complete Article Here: https://www.bizjournals.com/phoenix/news/2021/07/29/14-story-office-building-near-tempe-beach-park.html

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