Waymo is expanding its presence in Arizona with a large land purchase northwest of Phoenix. The autonomous vehicle producer purchased the 5,500 acres of land in Wittmann from Route 14 Investment Partners LLC for $220 million. Waymo says it’ll test its robotaxis at the site, which Chrysler and Apple have also used for vehicle testing. Waymo said in a social media post “This investment gives our teams dedicated urban and freeway tracks to validate software in a
Patrick Banger, Glendale’s new city manager, says he’s proud to lead the community into its next chapter. During the week of June 15, the City of Glendale will unveil the results of the nearly $100 million Downtown Campus Reinvestment Project, anchored by a reimagined city hall, council chambers and E. Lowell Rogers Amphitheater. The 113-year-old Murphy Park, preserved, takes center stage. The project is more than cosmetic; it’s strategic. The move helps city officials
The Valley’s first Seafood City Supermarket is set to open later this summer at Chandler Fashion Center. The Filipino supermarket chain will be opening in a 65,000-square-foot space on the southwest side of the mall, in the former Sears space. The plan is to open in mid-July, and the company has started its hiring process. Seafood City said it is looking for more than 100 employees for its first Arizona location. It is not just hiring workers for the flagship grocery part of the
A 2.5 million square foot residential and commercial development marketed as the region’s first Urban Resort Village is coming to a suburb north of Tucson. The mixed-use district will be walkable and integrate residences, retail, dining, hospitality, entertainment, office, wellness, and public gathering spaces. The project includes an upscale apartment complex The Astrie, which is slated to open June 2026, and a hotel, a Tempo by Hilton Hotel, which is anticipated
Developers are nearing the finish line on a rare office-to-residential conversion that’s transforming a longtime eyesore on one of Phoenix’s prominent high-profile intersections into luxury apartments. One Camelback has long sat idle and unfinished behind construction fences. A previous developer embarked on the project in 2020 with the hopes of turning the 1980s-built bank building into destination living in the middle of one of Phoenix’s top employment corridors
Refinancing costs are reshaping how commercial real estate lenders and borrowers talk about troubled loans. Instead of assuming that every asset can be rolled forward with another extension, many players are confronting the reality that debt once priced in the 3 to 4 percent range is now resetting closer to 7 percent or higher, with dramatically different math for both sides of the table. The result is a new kind of workout conversation that pivots less on buying time and more on whether a given business
U.S. office-using job growth has shifted south and west, Avison Young reported. Austin leads all major metro areas, up approximately 34% in office-using employment since 2019, with Phoenix and Charlotte also ranking among the top-performing markets. “Office demand is going where growth is,” said Tucker White, U.S. Office Lead, Market Intelligence. “Austin, Phoenix and Charlotte are standout examples of where office-using employment is accelerating at a meaningful pace. These markets are
Rental performance continues to show signs of strain across the country. Despite a 0.4 percent uptick year-to-date through April, rent growth was only one-third of the average seasonal increase recorded between 2012 and 2019, according to Yardi Matrix. Annual growth remained in negative territory, down 0.2 percent. Constrained multifamily rent growth is coming from elevated levels of new supply and softening demand and stagnant absorption in recent quarters. Although a recovery appears to be taking shape, it is likely to develop gradually and unevenly across the country
A long-planned mixed-use tower near Phoenix’s Roosevelt Row district has received preliminary approval, paving the way for another major project to rise near Phoenix’s buzzy cultural district. The 21-story high-rise would comprise 320 rental units on a 1.6-acre parcel at 1101 N. 1st St. The 493,034-square-foot building would include four levels of parking; 5,537 square feet of ground-floor retail; and amenity spaces on the first floor, fifth floor and 21st floor — which would also feature terraces
A downtown Phoenix apartment tower that recently completed construction will feature a small grocer, café and wine bar, along with an art gallery on its ground floor. Ray Phoenix, a 26-story tower with 401 apartment units, opened for residents in April and is still leasing for its units, which range in size from studios to two bedrooms. The development is located at Central Avenue and McKinley Street. Rental rates at the development range from about $1,400 per month to about $7,200 per month depending on the
Commercial real estate pricing has finally started to move again—and this time, it’s not a broad rally so much as a retail-led push dragging the rest of the market along for the ride. Green Street’s latest Commercial Property Price Index shows values ticking higher in recent months, with the all‑property index up 1.6% in May alone, but the real action is in a handful of consumer-facing and specialty sectors that are doing most of the heavy lifting. Retail Steps Into The Spotlight: In the most
Consumers continue to show their resilience as retail sales rose for the eighth consecutive month in May despite high gas prices and ongoing inflation. Total retail sales (including restaurants, but excluding automobile dealers and gasoline stations) increased 0.42% month over month and were up 7.19% year over year in May, according to the CNBC/NRF Retail Monitor released by the National Retail Federation. That compared with increases of 0.34% month over month and 5.73% year over
U.S. employers went on a hiring spree in May, adding 172,000 jobs, the third consecutive monthly gain. The data boosted the three-month moving average gain in jobs to 188,000, its highest level in more than two years. The unemployment rate remained unchanged from prior months at 4.3%. The number was double market expectations of roughly 85,000 jobs, and revisions to earlier data suggested a strengthening after a period of weakness over the previous 12 months. From
Nationwide provided a $90 million acquisition loan. Quarterra Multifamily has sold Residences Kierland, a 290-unit community in Scottsdale, Ariz., to MacNaughton, according to Yardi Matrix information. Nationwide issued a $90 million, five-year loan for the transaction. This is the first time the property traded. Located at 15825 N. 71st St., in a Difficult Development Area, the property came online in 2023 on roughly 4 acres. It sits next to The Westin Golf Course, with multiple
The city of Phoenix is looking for developers to build out a transit-oriented mixed-use project on 10.2 acres of city-owned property at the former Christown Spectrum Mall site. The site, which is at the southeast corner of 19th and Montebello Avenues, includes a Phoenix Public Library branch location and a park-and-ride station. The Economic Development and Arts Subcommittee will vote June 10 on whether to approve issuing a request for proposals. In their submittals, developers will
Waymo has acquired a massive proving grounds site near Phoenix in a $220 million deal that emphasizes the autonomous ride-hailing company’s growing commitment to the metro. The property – which stretches 5,458 acres around 211th Avenue and Dove Valley Road – is in the far northwest portion of the City of Surprise, bordering Wittmann. Chrysler formerly used the site to test its vehicles, then Apple reportedly used it for its own autonomous vehicle testing. The acquisition
Tech giant Microsoft made its latest data center land play with a deal to add 100 acres to its Arizona holdings. Microsoft paid more than $131 million for the land in Goodyear near Citrus and Indian School roads from Chicago-based First Industrial Realty Trust in a deal that was recorded on May 29, according to Maricopa County property records. The 100 acres Microsoft purchased are next to the company’s more than 150-acre data center campus that’s under development. For
A 24-story mixed-use development that will bring both apartments and retail to Central Avenue and McDowell Road has begun construction. The development, called the Whitney, is led by Scottsdale-based Aspirant Development, the development arm of Empire Group. The project will include 328 luxury apartment units and 22,000 square feet of ground-floor commercial space, designed for restaurants or stores. About 4,500 square feet of retail space will be at the base of the tower, with the
SmartAsset‘s newest study, “America’s New Boomtowns,” evaluated 400 U.S. cities to identify the 75 most booming municipal economies in the U.S. and seven Arizona cities were among the Top 50 boomtowns in the country. Cities were ranked based on five-year growth in labor force size, housing inventory, and GDP. Economic growth can change a city quickly. An influx of new residents and expanding business activity creates visible momentum, even as rapid change brings new
The spring 2026 housing market continues to prove much more resilient than previous years. The increase in pending home sales that sparked “cautious optimism” in April did indeed materialize into an increase in existing-home sales in May, according to the latest data from the National Association of Realtors® (NAR). NAR’s Existing-Home Sales report saw sales grow 3.2% to a rate of 4.17 million in May, up from the essentially flat 0.2% increase seen in April. NAR Chief
Annual growth turns positive following two consecutive monthly improvements, according to Yardi Matrix. Average advertised asking rents across the U.S. multifamily sector rose for two months in a row, though yearly growth remained tepid at just 0.2 percent in May, according to Yardi Matrix’s latest survey of 140 markets. The figure clocked in at $1,767 in May, $6 above the April reading. The single-family build-to-rent sector continued improving its pricing power, with
The multifamily industry entered 2026 bracing for another difficult leasing environment shaped by elevated deliveries, aggressive concessions, and questions about whether renter demand could keep pace with new supply. Midway through the year, operators say the pressure remains real in many markets, but the conversation has shifted from reacting to the supply wave to managing through it. Nationally, apartment fundamentals remain relatively healthy, even as oversupplied markets
Get ready for even more cranes, construction and citizens, North Scottsdale. Axon recently announced it will start construction soon on a mammoth residential-commercial project at Hayden Road off the Loop 101. Meanwhile and nearby, a rather complicated request boils down to more condos. Prominent Scottsdale zoning attorney John Berry described One Scottsdale’s request as an extraordinary opportunity for the city. “This is a zoning unicorn,” Berry declared. As he likely
JP Mullan is on a mission. Three months after acquiring the 87,000-square-foot Jake’s Unlimited in Mesa, he has reimagined the family entertainment center. To start, he replaced broken lights, overhauled the menu, reworked staffing models and spent more time at work than he has at home. “This is more than an acquisition — it’s an opportunity to build something that Arizona families can truly call their own,” he said. Mullan, a fourth‑generation Phoenician with more than 20 years in the
Real estate investment platform Machine Investment Group has acquired a 10-building industrial park in Phoenix’s Southeast Valley submarket, the company announced. The industrial park, named The Hub @ 202, spans more than 1.27M SF across buildings ranging from 65K SF to 270K SF, according to a Monday press release. MIG acquired the park in a joint venture partnership with Miramar Capital and Axonic Capital. MIG declined Bisnow’s request to disclose financial details of