Tempe Town Lake Is Getting a Major Transformation

One of the biggest projects happening anywhere in the Valley is South Pier at Tempe Town Lake.

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South Pier is a planned $1.8 billion development along the south shore of the lake near Rural Road. When completed, plans call for approximately 2,300 apartments, 160 condominiums, 520 hotel rooms and 600,000 square feet of office, restaurant and retail space. The project is planned in seven phases over approximately 15 years.

The development also includes plans for additional public open space, lakeside improvements, a public pier and a pedestrian bridge connecting areas around the lake.

The first phase, Shorehaven, is already bringing new residential towers to the waterfront.

It is pretty incredible to think about how much Tempe Town Lake has changed over the years. What was once primarily a recreation and event destination is becoming an increasingly significant place to live, work, dine and spend an evening.

Novus Place Continues to Grow

Another area to watch is the Novus Innovation Corridor next to Arizona State University.

Novus is designed to create a walkable community combining residences, offices, restaurants, entertainment and hotels around ASU and its athletic facilities.

If you have not visited Novus Place recently, you may be surprised by how much is already there.

Restaurants now include North Italia, Blanco Cocina + Cantina, Flower Child, Blue Sushi Sake Grill, The Melt and Salt & Straw. The district also includes residential communities and an urban park designed for events and community gatherings.

And there is more coming.

In August, Novus announced plans for a new boutique style Marriott Bonvoy Tribute Portfolio hotel with 168 guest rooms in the heart of Novus Place.

I especially like the idea behind Novus because it creates another destination within Tempe where you can park, have dinner, walk around, catch an event and make an entire evening out of one area.

Downtown Tempe Has Some New Places to Try

Mill Avenue continues to evolve too.

Several businesses have opened in Downtown Tempe during 2026, including Roman God of Fire, a wood fired Italian restaurant created through a collaboration involving chef Scott Conant, along with Ciao Pizza, OG Taco Shop, Go Go Avocado, Green Corner and Laymoon Cafe.

There are also several businesses listed as coming soon, including Sushi by Bou, Capriotti's Sandwich Shop, Rally House, Novel Ice Cream and Phantom Fox Beer Co. with Goat & Ram. Opening schedules can change, but there is definitely plenty of new activity happening around Mill Avenue.

Personally, I think one of the most fun parts of following Valley development is finding out what is going into those buildings we have all been driving past wondering about.

Mill Avenue Is Getting a Refresh

It is not only the businesses that are changing.The City of Tempe has also been working on a major refresh of the Mill Avenue streetscape between University Drive and Rio Salado Parkway. It is the first renovation of this scale along Mill Avenue in approximately 40 years.

Improvements include wider brick sidewalks, updated paving, irrigation and electrical improvements, accessibility upgrades and more than 120 new trees while preserving many of the existing mature Ficus trees.

The goal is to make Downtown Tempe more comfortable and inviting for pedestrians while maintaining the character that has made Mill Avenue such an iconic part of the city.

Fall Is One of the Best Times to Visit Tempe

Of course, one of the best things about Tempe is that there is almost always something happening.

A few events coming up around Tempe Town Lake include:

• Tempe Healing Field, September 10 through 13

• Four Peaks Oktoberfest, October 9 through 11

• Fantasy of Lights Boat Parade, December 12 (My personal favorite!)

Tempe Tourism also has events throughout the year at Tempe Beach Park, ASU, Downtown Tempe and other locations around the city.

Once our temperatures finally cool down, Tempe Town Lake is also one of my favorite places to walk, bike, paddleboard or simply grab dinner nearby and enjoy the view.

Tempe Is More Than a College Town

ASU will always be a huge part of Tempe's identity, but I think it is interesting to see how much the city has grown beyond its reputation as simply a college town.

There are established residential neighborhoods with completely different personalities, newer urban living around Downtown and Town Lake, major employment centers, restaurants, entertainment and easy access to Sky Harbor Airport and surrounding Valley cities.

ASU also recently completed a new seven story residence hall along Mill Avenue with more than 800 beds, classrooms, dining areas and community spaces, another example of how much investment continues to happen in this part of Tempe.

What Does All of This Mean for Tempe Real Estate?

Tempe offers everything from charming older neighborhoods to condos, townhomes and newer urban communities. It can also be an interesting market for parents looking at real estate while their child attends ASU or homeowners who simply want a more central location.

I went to ASU and had the opportunity to live in Tempe and Old Town when I was younger, so it is especially fun for me to watch this area continue to evolve.

Tempe may be changing, but that combination of energy, location and Arizona personality is still very much there.

If you are curious about living in Tempe, investing near ASU or simply want to know what your Tempe property is worth in today's market, I would love to be a resource.

Natalie Fricke, Global Real Estate Advisor

Russ Lyon Sotheby's International Realty

480.748.7885

NatalieFrickeRealtor@gmail.com