Most large cities in the U.S. require developers who erect luxury apartment complexes to put money into a pot for affordable housing. The city then uses that fund to build lower-cost housing and maintain affordability in high-growth areas. This doesn’t happen in Phoenix, despite the rising cost of housing in the downtown core. In fact, it doesn’t
With a regional airport, ample freeway frontage, and large swaths of available land, Goodyear has quietly developed into the Phoenix region’s next economic hot spot. The southwest Valley city has a high median income and an educated workforce eager to stay closer to home for work than brace the eastward commute down Interstate
Not so long ago, the vision of high-net-worth (HNW) investors in commercial properties entailed doctors and lawyers passing the hat at the country club in an effort to buy an eight-unit apartment complex in town or the retail strip across the street from church. In recent years, however, this image has been washed away in a veritable flood of
Phoenix apartment rents are climbing faster than anywhere else in the U.S. Though the Arizona market tied with Las Vegas to claim the top spots for rent growth in 2018, Phoenix has taken the lead in January. According to RealPage, Inc., Phoenix is seeing 8.1% year-over-year rent growth, making it the nation’s top-performing market. Though Phoenix
P.B. Bell Cos., which develops, owns and manages apartment communities in metro Phoenix, has sold a 460-unit apartment complex in Chandler, with plans in the works for two new projects totaling $95 million. The Chandler complex, Laguna Village, was sold for $70.3 million, according to real estate database Vizzda. The Scottsdale-based company
After 18 years in Tempe, Limelight Networks Inc. is moving its headquarters to Scottsdale this summer. The Tempe-based public technology company is moving its 230 local employees to the SkySong office project in August, said Sandra Brisentine, Limelight’s vice president of human resources. Limelight will occupy 38,000 square feet on
A Southern California developer just got a step closer to realizing a long-sought vision that would bring a small city’s worth of development to an area of north Phoenix that could become the city’s newest urban center. Affiliates of Costa Mesa, California-based Crown Realty & Development have closed on the $54 million purchase of
Metrostudy Regional Director Ryan Brault has made some bold predictions regarding the Valley’s residential real estate industry. In his fourth-quarter update and economic outlook, Brault suggests that there will be only two more Fed rate increases in 2019, with 30-year fixed mortgage rates topping out about 5.5 percent. Brault expects
The number of jobs in Arizona are expected to increase steadily during the next two years, with education, health services and finance/professional services seeing the biggest gains. According to projections from the Arizona Office of Economic Opportunity, the number of jobs is expected to grow from 3,015,242 at the end of the
The Opus Group announced today plans to construct a new 352-unit multifamily development in the heart of the Peoria Sports Complex Urban Design District, often referred to as P83. Opus will break ground on the 10-building development in March and the first units are scheduled for completion in June 2020 with full completion in
Some of the industry’s top commercial real estate mortgage bankers expect business to stay just as strong in 2019 as the past two years even as the nation’s almost record economic expansion shows signs of slowing. The Mortgage Bankers Association predicts loan origination in the sector will reach $530 billion in 2019, essentially on par
Resort-style amenities were once a standard for condo projects, but today, buyers are looking for more service-style and unique amenities. These amenities—things like yoga classes, chef kitchens, social spaces and delivery systems—have become essential in capturing condo buyers. Millennials are poised to become one of the largest
Oxygen Hospitality Group, Inc., an owner-operator hospitality management company, today announced it has made its foray into the Phoenix hospitality marketplace with the acquisition of the Wyndham Garden Phoenix Midtown, for an undisclosed amount. Located opportunistically just north of the burgeoning Phoenix
With the volatility and uncertainty surrounding the U.S. retail sector, lenders are cautious and scrutinizing deals with a fine-tooth comb. Many bricks-and-mortar retail chains have struggled to adapt to increasing e-commerce competition and changing consumer shopping habits, while the country remains over-retailed, according to
The retail environment in Arizona is conducive to the fresh produce industry and continues to attract new entrants. Tim McCabe, president of the Arizona Food Marketing Alliance in Phoenix, reports that the retail environment in the state is strong, with the economy continuing to get better. Hard hit by the housing market downturn, Arizona has
Investors and lenders dove into apartment and industrial mortgages in the final three months of last year while retail and office property lending slowed, setting a pattern industry executives expect to extend into 2019. Total commercial and apartment mortgage origination for 2018 rose 3 percent, after a 14 percent surge in the
Park Central is enjoying a flurry of leasing activity as the project pushes closer to its grand opening this spring. A number of new and renewed leases have been signed for space at the revitalized property, which is nearing completion of its initial redevelopment phase. The project is already becoming a magnetic draw with a
Payless ShoeSource filed for voluntary Chapter 11 bankruptcy protection on Monday and stated that it plans to close all of its North American stores in the US and Canada by the end of May. The company also reported it intends to file for protection for some of its Canadian subsidiaries under the Companies’ Creditors Arrangement Act (CCAA) in
Intel wants to keep the good times rolling in Chandler. The City Council is doing its part to help out. The city last week approved the issuance of Industrial Development Revenue bonds with the computer giant that will give the company access to half a billion dollars in bond money to help with its local expansion and other projects. “It just shows
Bursting at the seams at its west Phoenix facility, the Core Institute has moved into larger space nearby on the campus of Banner Estrella Medical Center. Expanding its footprint by 50 percent, Core Institute — which specializes in orthopedics services — has committed to taking 20,000 square feet of the 64,000-square-foot
Z Modular, a division of Zekelman Industries, has signed a 222,000 square foot lease at 6205 S. Arizona Ave. with a 10-year term. Z Modular is a manufacturer of prefabricated steel structures for commercial buildings. The modular structures are constructed in-house with final assembly occurring on-site, where the steel modules are stacked and connected together.
Electric-car startup Lucid Motors plans to break ground within months on a massive Casa Grande factory expected to produce its first car before the end of 2020, a company official said Friday. The ambitious plans for a factory that will employ about 745 people in its first phase would be a major boon for the Pinal County economy, should the plans come to fruition.
The U.S. job market is continuing to stay strong across various industries, in large part due to a 4.0% unemployment rate and the labor force participation rate at 63.2% (its highest mark since 2013). And the top city for jobs in the U.S. currently is Scottsdale, Arizona
A Scottsdale group is bringing three new restaurants to Peoria as part of a commercial center’s $4 million renovation. Maggiore Group will open the Sicilian Butcher, the Sicilian Baker Cannoli Bar and Market and Hash Kitchen at the Park West development on Northern Avenue west of Loop 101
Investors appear to be keeping the foot on the gas in terms of acquisitions. According to research firm Real Capital Analytics (RCA), investment sales volume jumped 15 percent year-over-year in 2018 to reach $562.1 billion. But some investors are clearly retooling strategies to account for slowing growth and late-cycle risks.
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