Tempe Projects to Watch in 2026 and 2027: Town Lake, Mill Avenue and the Streetcar Corridor

by Daniel Barash

By Daniel Barash, REAL Broker AZ, LLC | Updated November 5, 2026

Short answer: The Tempe projects I'm watching over the next year or so are 250 Rio (110 for-sale condos next to Tempe Beach Park), Dorsey Station (400 apartments and grocery space at Apache and Dorsey), Astria Tempe (a 27-story tower on 7th Street opening fall 2027), Revelry (533 apartments at Rural and University, which broke ground this fall), the next phase of South Pier on Town Lake, and a string of restaurant openings on Mill Avenue. Of the housing on this list, only 250 Rio is planned for sale. The rest is rentals.

I pulled this list from the City of Tempe's own development projects map, City Council records and local news. I left out anything that's already open. I've already written up two of these in detail, and two more get their own posts next week.

Which Tempe projects are coming in the next 6 to 18 months?

These are the six I'd keep an eye on around Tempe Town Lake, downtown and Mill Avenue, and the Tempe Streetcar line. Status comes from the City of Tempe development projects map (data last updated October 2, 2026) and the sources in each section.

Project	Location	What it is	Status (as of Nov. 2, 2026)	Expected timing
250 Rio (Hines)	250 W. Rio Salado Pkwy., at Ash Ave., next to Tempe Beach Park	16-story tower, 110 for-sale condos	Approved by City Council Jan. 22, 2026; detailed design review still needed	No sales or construction date announced
Dorsey Station	1320 E. Apache Blvd. and 1412 S. Dorsey Ln.	400 apartments (about 90% affordable), about 11,000 sq. ft. commercial with grocery space	Approved Nov. 13, 2025; old Food City demolished July 23, 2026; in building permit review	Construction as early as winter 2026-27; housing possibly by 2029
Astria Tempe	211-217 E. 7th St.	27-story student housing tower, 380 units per city records	Under construction	Opening fall 2027, per Astria Tempe
Revelry	Southeast corner of Rural Rd. and University Dr. (965 E. University Dr.)	Two towers (17 and 15 stories), 533 rental units, about 16,300 sq. ft. retail	Broke ground fall 2026	Completion not announced
South Pier Lot 1	1145 E. Vista del Lago Dr., south shore of Tempe Town Lake	Next South Pier phase: 312 apartments and office space, about 1.45 million sq. ft. total	In review for planning approvals	Not announced
Mill Avenue openings	Downtown Tempe, mostly between University Dr. and Rio Salado Pkwy.	New restaurants and bars, including Carmen, Trophy Tempe and Level 1 Arcade Bar	Listed as "coming soon" by the Downtown Tempe Authority	Several estimated for fall 2026

Details as of November 2, 2026, subject to change. Developers and businesses control their own schedules.

One you won't see on the list: Shorehaven, the three-tower, 722-unit rental at South Pier. Its first 248-unit tower opened to residents in April 2026, per AZ Big Media, and it's leasing now, so it's no longer a "coming" project.

tempe streetcar and light rail dorsey lane apache boulevard station

A Valley Metro light rail train (purple) and a Tempe Streetcar (green) at the Dorsey Lane/Apache Boulevard stop, the streetcar's south end and steps from the Dorsey Station site. Photo: Dbrant06, June 2022, CC BY-SA 4.0, via Wikimedia Commons.

What is 250 Rio?

250 Rio is a planned 16-story tower of 110 for-sale condominiums at 250 W. Rio Salado Parkway, where Ash Avenue meets Rio Salado Parkway next to Tempe Beach Park. Hines received City Council approval on January 22, 2026 to switch the site from an office building to condos. No prices or sales date yet.

The plan has 75 two-bedroom, 23 three-bedroom and 12 four-bedroom homes, with a pool and fitness center on the 4th floor, per the City of Tempe staff report (case PL250333). The Tempe Streetcar runs right along the site's Rio Salado Parkway frontage. It's the only for-sale project on this list, which is why it got the first deep dive. Full details: 250 Rio: Hines plans 110 for-sale condos next to Tempe Beach Park.

250 rio tempe rendering northwest corner

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

What is Dorsey Station?

Dorsey Station is a 400-apartment project on city-owned land at Apache Boulevard and Dorsey Lane, the south end of the Tempe Streetcar. About 90% of the units are planned as affordable. It also sets aside about 10,000 square feet for a grocery store, though no grocer has been named.

The City Council approved it unanimously on November 13, 2025 (KTAR), and crews demolished the vacant Food City on July 23, 2026 (Arizona's Family). Construction could start as early as this winter, with housing possibly by 2029, per Tempe News (July 29, 2026). Full details: Dorsey Station: 400 apartments and a grocery planned at the old Food City site.

dorsey station tempe rendering apache boulevard building a

Conceptual rendering of Dorsey Station along Apache Boulevard. Rendering: Yale+Brown Architects for Dorsey Development Partners, from City of Tempe case PL250278 exhibits (2025).

What is Astria Tempe?

Astria Tempe is a 27-story residential tower under construction on East 7th Street between College and Forest avenues, east of Mill Avenue. Its website markets it as student housing near Arizona State University and lists the opening as fall 2027. City records show 380 units.

The developers are Trinitas Ventures and Mitsui Fudosan America, with Layton Construction as general contractor, according to a Trinitas release from June 24, 2025. That release said first residents would arrive in summer 2027; the Astria Tempe website now says "Opening Fall 2027." The building will have ground-floor retail. I'll cover Astria in more detail next week.

What is Revelry at Rural and University?

Revelry is a pair of rental towers, 17 and 15 stories, with 533 units at the southeast corner of Rural Road and University Drive, the former Devil's Advocate site. Aspirant Development, the urban infill arm of Scottsdale's Empire Group, broke ground this fall on the $288 million project. No completion date has been announced.

The project includes about 5,500 square feet of first-floor retail and about 10,800 square feet on the second floor, per AZ Big Media (January 31, 2026). Gensler is the architect and Layton the general contractor. Yield PRO reported the groundbreaking and the $288 million cost on October 10, 2026, and contractor JFN Mechanical's news post dates it to September 28. Geoffrey Jacobs, managing partner of Aspirant Development, said Revelry "represents our belief that successful urban high-rise projects must be intentional in every aspect." Revelry is the other deep dive coming next week.

What's next for South Pier on Tempe Town Lake?

South Pier's next phase, called Lot 1, is still in city review. The City of Tempe's map lists it at 1145 E. Vista del Lago Drive with 312 apartments and about 1.45 million square feet, under "in review for planning entitlements." No construction date has been announced.

When the Lot 1 application was filed in 2023, AZBEX reported it as a 27-story apartment tower with 312 units and a 16-story office tower of about 339,000 square feet, plus restaurant and retail space at street level. Those plans can change during review, so treat them as the 2023 version. This one is a longer-range watch item than the others.

What new restaurants are coming to Mill Avenue?

The Downtown Tempe Authority's new businesses list showed these as "coming soon" when I checked it on November 2, 2026:

Carmen, from Julian Wright, at 6th and Mill (estimated fall 2026)
Trophy Tempe, at 5th and Mill (fall 2026)
Level 1 Arcade Bar, at University and Mill (estimated November 2026)
Novel Ice Cream, on 5th Street east of Mill (estimated fall 2026)
Jeni's Ice Cream, at University and Mill (date TBD)
Sushi by Bou and Capriotti's Sandwich Shop, in the Westin at 7th and Mill (dates TBD)
A new concept from the Glai Baan team in the Moeur House on 7th Street (date TBD)
Sip by Press Coffee, at 2nd and Mill (date TBD)

Restaurant dates slip a lot. The Downtown Tempe Authority's first-look post on Carmen had it opening in fall 2025. Check the business's own page before you plan a night around one. For what's happening downtown this month, see things to do in Tempe in November 2026.

What do these projects mean for Tempe homeowners and buyers?

Most of what's coming near Town Lake, downtown and the streetcar is rental housing: Astria, Revelry, Dorsey Station and the South Pier phases add up to more than 1,600 units on this list alone. For buyers who want to own downtown, 250 Rio is the one to watch, and it doesn't have a sales date yet.

If you own near any of these sites, the practical effects are construction traffic, taller neighbors and more people on the sidewalk. Whether any of it moves your home's value is not something I'll promise either way. What I can do is show you recent sales near you and what's competing with your home today. If the payment side is what's holding you back, my posts on October 2026 mortgage rates and a Tempe payment and getting a lower rate with buydowns and assumable loans are a good place to start.

Frequently asked questions

What is being built near Tempe Town Lake?

The main projects are 250 Rio, a 110-condo tower next to Tempe Beach Park, and South Pier Lot 1, the next phase of the South Pier development on the lake's south shore. Shorehaven at South Pier already opened its first tower in April 2026.

Are there new condos for sale in downtown Tempe?

250 Rio is planned as 110 for-sale condos, but Hines hasn't announced prices or a sales date as of November 2, 2026.

What is being built along the Tempe Streetcar?

250 Rio sits on the streetcar line on Rio Salado Parkway, and Dorsey Station is at the line's south end at Apache Boulevard and Dorsey Lane. Astria Tempe is on 7th Street east of Mill Avenue.

Where can I see all Tempe development projects?

The City of Tempe publishes a development projects map with each project's status. The version I used was last updated October 2, 2026.

When does Astria Tempe open?

The Astria Tempe website lists fall 2027.

Thinking about living near Tempe Town Lake or the streetcar?

I'll help you sort out what's coming, what's for sale now and what makes sense for your budget. Call or text 480.906.3831. For more on the city, see my Tempe real estate page and my guide to living in South Tempe.

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

Sources

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