Four years after pitching plans to build an office tower in Tempe, Arizona, a developer is now pivoting to for-sale condominiums instead.
Hines, the owner of a 2-acre site at 250 W. Rio Salado Parkway, filed plans to amend the vision for its Tempe land to a 16-story, 110-unit condominium project.
Plans call for 75 two-bedroom units, 23 three-bedroom units and 12 four-bedroom units, according to project documents. Tempe's Development Review Commission will consider the proposal at its Dec. 9 meeting.
The project site is located in the downtown Tempe neighborhood, to the south of Tempe Town Lake. The neighborhood is home to Arizona State University, a major employment hub that includes Class A buildings and new mixed-use projects.
A look at Homes.com listings shows 21 available condos on the market in Downtown Tempe. These range from an 882-square-foot, one-bedroom, one-bathroom unit for just under $400,000 to a 5,186-square-foot penthouse for more than $4.6 million.
Bridgeview and Edgewater at Hayden Ferry Lakeside are two nearby condominium complexes that offer available units with asking prices of $1 million.
Developer has projects in the works across the country
Hines acquired the nearly 2-acre site in 2021 from American Airlines. Hines paid $5 million for the parcel, according to Homes.com's commercial real estate data affiliate, CoStar.
After closing on the land, the Houston-based real estate firm intended to build a 14-story office tower called 250 Rio. The project had made its way through the city of Tempe in 2022, but development never started.
Hines built the nearby 100 Mill office tower in a partnership with Cousins Properties.
Hines could not be immediately reached for comment.
The developer is also planning a 350-unit apartment complex at The Metropolitan, an $850 million mixed-use project that will redevelop a former mall in Phoenix.
Outside of Arizona, Hines broke ground in October on a 785-acre mixed-use master-planned community near Tampa. The project will include 600 single-family homes and 1,550 townhouses and apartments.