Southeast Corner of Rio Salado Parkway
Tempe, AZ 85281

Cushman & Wakefield is pleased to present for sale an incredible investment opportunity to acquire 6.49 acres of prime mixed-use land in downtown Tempe, just blocks from Arizona State University. This lot, positioned on the Southeast Corner of Rio Salado Parkway & Rural Road, totals 6.49 gross acres with 5.59 net acres that excludes sidewalk and street easements at the street edges. The land has flexible MU-Ed (mixed-use educational) zoning, permitting a wide variety of potential developments in an area with a strong focus on education.
There is incredible value-add potential through strategic construction on this lot as it is surrounded by Arizona State University academic buildings and sports facilities. There is incredible value-add potential through strategic construction on this lot. Arizona State University is a large public institution with over 79,000 students, creating a constant demand for new, modern housing facilities and retail amenities. A student housing development would be poised for strong long-term success as the university continues to grow, while a dynamic retail development would draw in not only ASU students and Tempe locals, but also residents from the Greater Phoenix area.

E Rio Salado Parkway experiences strong daily traffic counts, and those can be exacerbated during sport seasons with Mountain America Stadium (ASU Football) and Desert Financial Arena (ASU Basketball) being less than a half-mile away. The road sits just off the Salt River and waterfront park areas, and a future development will have the potential to be just off the water and have views of the mountains. Downtown Tempe sits just a mile from the property, and both Mesa and Phoenix sit approximately 20 minutes away. The Phoenix Sky Harbor International Airport is conveniently located under 10 minutes from the property. The surrounding 3-mile radius is home to over 134,000 residents with a strong average household income over $73,000. The 3-mile demographic are primarily renters, as 65% of the population rents as their primary form of housing, and the residents are big spenders with a total specified consumer spending above $1.5B.
Current zoning and regulations permit for a range of development options. Some of the potential developments include but are not limited to: a hotel (220 key max), multifamily (347 units max), and retail. All builds will be restricted to a 150' max base height; however, additional tower height on portion subject to design review.