Smith & Rio is a 5-story, 310-unit residential project located just east of the heart of downtown Tempe. The site is situated near the loop-101 and 202 diamond interchange. The project includes an upscale amenity package including a 5th floor sky lounge, outdoor courtyard, large amenity park with dog run, work from home areas with ample individual workspaces, a pool, spa, gym, pet lounge, water features and a 6-story parking garage. The site is positioned in an ideal location with direct access to the loop-101 freeway and walkable retail amenities directly across the street.
Opportunity, Solutions & Outcomes
The site is in an area originally zoned for light industrial, though is also a gateway to Tempe from the east. The project team was able to successfully rezone the site for multifamily and is adjacent to oncoming retail and hotel development being developed by the previous owner.