A major multifamily project is moving forward in Tempe—and it’s a big one for the local rental market.
Key Development Details
- Project: Shorehaven luxury apartments
- Location: Tempe Town Lake (South Pier master plan)
- Total Units: 722 apartments across three towers
- Developer: Silverstein Properties
- Construction: Clayco
- Master Plan: Part of a $1.8 billion South Pier development
Unit & Pricing Breakdown
- Studio rents starting around $2,025/month
- Three-bedroom units starting around $5,700/month
- Clearly positioned as high-end, luxury housing
Phasing & Timeline
- First tower (248 units) begins occupancy April 15
- Remaining towers will deliver in phases
- Full South Pier buildout expected to take ~15 years
Amenities & Mixed-Use Components
- 50,000 SF of indoor/outdoor amenity space
- 26,000 SF of ground-floor retail
- Waterfront positioning with walkable access
Bigger Picture: South Pier Development
- Planned features include:
- Hotels
- 600,000+ SF of office space
- Entertainment district with:
- Restaurants
- Nightlife
- Concert venues
- Ferris wheel and attractions
Why This Matters for Investors
- Continued high-density development near job centers
- Reinforces Tempe as a premium rental submarket
- Adds supply—but almost entirely at the luxury tier
- Signals long-term confidence in urban, amenity-rich living
Investor Takeaways
- New supply is coming—but it’s not competing with entry-level rentals
- Luxury projects raise the floor for rents across surrounding areas
- Walkable, mixed-use environments continue to dominate development pipelines
- Long-term master plans like this reshape entire submarkets—not just one asset