"We believe that there is an underserved market for homes inDowntown Tempe," says Andy Miller, a senior vice president withPicerne. "It is smack dab in the epicenter of the Valley. We alsothink that there is a long pent-up demand for housing overlookingthe town lake. It's just something that just isn't availableanywhere else."
The Regatta Pointe Condominiums are being developed on a parcelon the south side of the Rio Salado Parkway, west of Ash Avenue.The project is near both Downtown Tempe and Arizona StateUniversity, and is set back from the lake by several hundredfeet.
Miller believes that the project central location will be asmuch a draw as the 1.5 billion gallon lake. The nearby Loop 202connects with every major thoroughfare in the Valley and Sky HarborInternational Airport and is just five minutes drive to thewest.
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