Waterfront luxury apartments are latest sign of Phoenix development boom

Article originally posted on CoStar on April 15, 2026

The first residents are set to move in at Shorehaven, a three-tower, mixed-use development that adds to recent apartment activity in Tempe, Arizona.

The entire development spans 722 units across studio, one-, two- and three-bedroom apartments. First move-ins are scheduled for April 15 for the first of the three towers. That first phase represents 248 apartment units.

Monthly base rents start at $1,650 and go up to north of $4,100.

Silverstein Properties, the developer of Shorehaven, touts an “elevated lakeside lifestyle” on a scale that hasn’t been seen in Tempe to date. Common amenities beyond water views include two resort-style, temperature-controlled pools, three fitness centers, indoor and outdoor spaces and dedicated work-from-home environments.

Additionally, 26,000 square feet of retail space is planned at the base of the three towers.

The project is “designed for those who want to be part of the city’s evolving energy,” said Emily Mueller, general manager of Shorehaven, in a statement to CoStar News.

Tempe has been one of the primary recipients of the multidecade-high wave of supply that has entered the Phoenix multifamily market over the past five years.

According to CoStar, about 9,200 net new units have been constructed in the area since the beginning of 2020, the fourth-most among Phoenix’s 15 apartment submarkets. Another 2,000 units are in the works, representing the third-largest active construction pipeline in Phoenix.

“While renter demand has been strong, new supply has been stronger, keeping the submarket in a state of fundamental imbalance,” said Connor Devereux, CoStar’s senior director of market analytics.

Stabilized apartment vacancy ended the first quarter just under 8%, representing an outperformance compared to Phoenix’s 9% rate. Still, that’s “up meaningfully from Tempe’s pre-COVID average, keeping rent growth in negative territory,” Devereux said.

Shorehaven represents the first phase of the bigger South Pier master-planned development along Tempe Town Lake. South Pier, which is a $1.8 billion project, will include luxury condominiums, hotels, retail, restaurants and Class A office space.

Mueller said as South Pier continues to build out, the area will continue to evolve into a dynamic mixed-use destination. The area around Tempe Town Lake is one of Phoenix’s strongest office markets with a deep stock of new and modern buildings, proximity to Arizona State University and an urban-like amenity base of restaurants, retail and nightlife.

Earlier this month, national homebuilder KB Home announced plans to relocate its headquarters from Los Angeles to a premier office campus in Tempe.

Shorehaven is being developed by Silverstein Properties with Clayco as the general contractor. The architecture of the project is led by Davis. Cushman & Wakefield is the primary leasing contact for Shorehaven’s retail component.