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$18-Mil Condo Complex to Feature Two-Mile Long Lake

PHOENIX-A $45-million man-made lake in the center of metropolitan Phoenix has its first residential development.

By D.J. Burrough | Updated on October 02, 2000

PHOENIX-Picerne Communities, an apartment and condominium developer based here, will break ground in the next 45 days on an $18-million, 136-unit apartment complex near the western end of the Rio Salad Project, a vast multi-use recreational development that has a two-mile long lake as its centerpiece.

“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.

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