"We believe that there is an underserved market for homes in Downtown Tempe," says Andy Miller, a senior vice president with Picerne. "It is smack dab in the epicenter of the Valley. We also think that there is a long pent-up demand for housing overlooking the town lake. It's just something that just isn't available anywhere else."
The Regatta Pointe Condominiums are being developed on a parcel on the south side of the Rio Salado Parkway, west of Ash Avenue. The project is near both Downtown Tempe and Arizona State University, and is set back from the lake by several hundred feet.
Miller believes that the project central location will be as much a draw as the 1.5 billion gallon lake. The nearby Loop 202 connects with every major thoroughfare in the Valley and Sky Harbor International Airport and is just five minutes drive to the west.
Picerne, through its Regatta Pointe LLC, plans to build one- and two-bedroom units, ranging size from 760 to 1,500 sf. Prices will start in the low $100,000 and will go up to the mid $200,000. The first units are expected to be completed by the second quarter of 2001. Phoenix-based Todd & Associates is the project architect.
The city poured the last of 1.5 billion gallons of water into the lake last and have patiently waited for development to arrive. Although a number of deals have fallen through, interest has begun heating up as more and more residents have recognized the recreational potential of the lake and surrounding public space.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
