250 Rio: Hines Plans 110 For-Sale Condos Next to Tempe Beach Park

By Daniel Barash, REAL Broker AZ, LLC | Updated November 3, 2026

Short answer: 250 Rio is a planned 16-story tower with 110 for-sale condominiums at 250 W. Rio Salado Parkway in downtown Tempe, on the corner of Ash Avenue right next to Tempe Beach Park and Tempe Town Lake. Hines, the Houston developer, got Tempe City Council approval on January 22, 2026 to switch the site from an office building to condos. Prices and a sales date have not been announced.

The newest high-rise on Tempe Town Lake, Shorehaven at South Pier, is apartments; its first tower opened to residents in April 2026, per AZ Big Media. 250 Rio is different because the homes are meant to be sold. That's why I'm starting this week's Tempe "projects to watch" series with it.

What is 250 Rio?

250 Rio is a 16-story condo tower planned on 1.81 acres at the roundabout where Rio Salado Parkway meets Ash Avenue. City records describe 110 for-sale homes, 226 parking spaces and a maximum height of 215 feet. Hines owns the site through an affiliate called 250 Rio Owner LLC.

The details below come from the City of Tempe staff report and the developer's application letter in the January 22, 2026 City Council agenda packet (case PL250333).

Details as of November 2, 2026, subject to change.

Conceptual rendering of 250 Rio from the southwest corner, along Rio Salado Parkway. Rendering: RSP Architects for Hines, from City of Tempe case PL250333 exhibits (January 2026). Design may change.

Why did 250 Rio change from offices to condos?

Hines originally got approval in June 2022 for a 14-story office building on this lot. It never broke ground. In its 2025 application, the developer said it was switching to condos "in response to demand for new for-sale housing product in downtown Tempe and due to the continuing lack of demand for new commercial office space since the pandemic."

Some background. Hines bought the 1.8-acre parcel from American Airlines for $5 million in 2021, The Real Deal reported on December 8, 2025. The City Council approved the office version on June 23, 2022. The new plan only needed one change to the site's development standards: raising the height limit from 210 feet to 215 feet, which took the building from 14 to 16 stories.

The Tempe City Council approved that change on January 22, 2026, according to Tempe News (January 25, 2026). Tempe News also reported that the only public opposition came from a resident of a neighboring tower who raised traffic concerns.

Where exactly is 250 Rio, and what's around it?

The site sits at the roundabout of Rio Salado Parkway and Ash Avenue. Tempe Beach Park wraps around it to the north and east, with Tempe Town Lake just beyond. The Tempe Streetcar runs along the site's Rio Salado Parkway frontage.

From the developer's application letter, here's what's within a few hundred feet:

• The Tempe Beach Park/Rio Salado streetcar stop, immediately southeast of the site.
• The 3rd Street/Ash streetcar stop, about 775 feet southwest.
• The Mill Avenue/3rd Street light rail station, about 1,000 feet southeast.
• The historic Ash Avenue Bridge abutment and the Veterans Memorial in Tempe Beach Park, to the northeast.
• The 100 Mill office building, at the southwest corner of Mill Avenue and Rio Salado Parkway.
• The Regatta Pointe condominiums, to the west across Rio Salado Parkway.
• The Tempe Center for the Arts, to the west along the lake.

The streetcar runs about three miles with 14 stops, from Marina Heights on Rio Salado Parkway to Dorsey Lane and Apache Boulevard, every 15 to 20 minutes, according to Tempe Tourism. The regular fare is $1.

Conceptual rendering of 250 Rio from Tempe Beach Park, with the historic Ash Avenue Bridge abutment at right. Rendering: RSP Architects for Hines, from City of Tempe case PL250333 exhibits (January 2026).

When will 250 Rio condos go on sale?

Nobody has announced a date. As of the City of Tempe's development projects map, last updated October 2, 2026, 250 Rio is listed as entitled, not under construction. Several approvals still have to happen before a building permit.

According to the city staff report, Hines still needs:

1. A Development Plan Review, which covers the detailed site, building and landscape design. The council's conditions require Hines to submit it within two years of the January 2026 approval.
2. An amended subdivision plat that combines the two lots and creates the condominium.
3. Review of the historic Ash Avenue roadbed work by the city's Historic Preservation Officer.
4. An amended development agreement with the city.
5. A Federal Aviation Administration "No Hazard Determination," if the FAA requires one.

The site is also in an archaeologically sensitive area, so the city requires archaeological testing or monitoring before and during ground disturbance.

My read: this one is earlier in the pipeline than the headlines make it sound. If you want to be first in line, watch for the Development Plan Review to show up on a Development Review Commission agenda. That's usually the sign a project is getting close to construction.

What should a future 250 Rio buyer know?

The city attached some conditions that every buyer will see in writing. Living next to Tempe Beach Park means living next to a park that hosts big events.

• Event disclosure: Hines must record a notice to buyers about the special events at Tempe Beach Park, which "may result in frequent closures or restrictions of vehicular access to parking or to the adjacent streets," per the conditions of approval.
• Airport disclosure: buyers get a recorded notice about the proximity of Phoenix Sky Harbor International Airport.
• Entertainment disclosure: if an owner rents out a unit, the tenant must be told in writing about the live entertainment venues around downtown.
• HOA: as a condominium, expect an owners' association and monthly dues. Hines hasn't published dues yet.

City staff's own review comments flagged the same issues: security during events at the park and how road closures would limit residents' access. None of that is a reason to skip it. It's a reason to visit the area on a big event weekend before you sign anything.

Conceptual rendering of the walk-up townhouse-style units along Ash Avenue. Rendering: RSP Architects for Hines, from City of Tempe case PL250333 exhibits (January 2026).

What does 250 Rio mean for nearby homeowners and buyers?

For buyers, 250 Rio adds 110 for-sale homes to a part of Tempe where the newest lake tower is a rental. All 110 have at least two bedrooms, so there are no studios or one-bedrooms in the plan. For owners of existing condos near the lake, it's future competition once sales start, and nobody knows yet how it will be priced.

For a sense of what lakefront condos already ask: The Real Deal cited a one-bedroom, one-bath unit asking $400,000 and a two-bedroom, two-bath unit at 140 Rio Salado asking over $1 million (December 2025). Those were asking prices on specific listings, not a forecast for 250 Rio.

A few other things I'd keep in mind:

• Traffic and construction: when it starts, construction will sit on Rio Salado Parkway, which the developer's letter calls a main gateway into downtown Tempe. No schedule has been released.
• The park edge: the plan includes a public pocket park on Rio Salado Parkway and restoration of the historic Ash Avenue roadbed, which is on the Tempe Historic Property Register.
• Transit: the streetcar runs past the front door, and the Mill Avenue/3rd Street light rail station is about 1,000 feet away.

I can't tell you what 250 Rio will do to values around it, and I'd be skeptical of anyone who says they can. What I can do is pull recent sales in the nearby lake towers so you know where your home stands today.

Frequently asked questions

Is 250 Rio apartments or condos?

Condos. The developer's application describes 110 for-sale multifamily residential units, and the city staff report calls it a 16-story residential condominium.

Who is building 250 Rio in Tempe?

Hines, through its affiliate 250 Rio Owner LLC. RSP Architects prepared the conceptual design. A general contractor has not been announced.

How much will 250 Rio condos cost?

Hines has not released pricing as of November 2, 2026.

When was 250 Rio approved?

The Tempe City Council approved the amended zoning overlay on January 22, 2026, after a 6-0 Development Review Commission recommendation on December 9, 2025.

Is 250 Rio on the Tempe Streetcar line?

Yes. The streetcar runs along the site's Rio Salado Parkway frontage, and the Tempe Beach Park/Rio Salado stop is immediately southeast of the site.

Thinking about living near Tempe Beach Park?

I'll keep an eye on 250 Rio and let you know when Hines opens an interest list, and in the meantime I can show you what's for sale now in the lake towers and downtown. Call or text 480.906.3831. If you're weighing the payment, start with what October 2026 mortgage rates mean for a Tempe payment and how to get a lower mortgage rate in Phoenix. For more on the area, see things to do in Tempe in November 2026 and my Tempe real estate page.

Development details come from City of Tempe public records and news reports and are as of November 2, 2026, subject to change. Renderings are conceptual. Not legal or financial advice.

Sources

• City of Tempe City Council agenda packet, Jan. 22, 2026 (250 Rio staff report, PL250333)
• Tempe News, Jan. 25, 2026
• The Real Deal, Dec. 8, 2025
• City of Tempe Development Projects map (data updated Oct. 2, 2026)
• Tempe Tourism, Tempe Streetcar guide
• AZ Big Media, Apr. 14, 2026 (Shorehaven)

About the author: Daniel Barash has spent 10 years in Phoenix-area real estate and works with buyers and sellers across Tempe, Chandler and the East Valley with REAL Broker AZ, LLC.

Daniel Barash | REAL Broker AZ, LLC | 480.906.3831