Din Tai Fung, the famed upscale Taiwanese restaurant chain, will start construction on its second location in the Phoenix area, even before the first one opens. Macerich, the real estate investment trust that owns and operates seven large malls and shopping centers in the Valley, announced Wednesday that it has leased a large restaurant space to Din Tai Fung at Chandler Fashion Center as part of the mall’s major renovation to the open-air district on its south side. Din Tai Fung
Over the last decade, Arizona residents have seen a growing number of eye-popping headlines announcing massive new real estate developments that add jobs, draw in residents and attract new businesses to our state. While the biggest is the transformational $165 billion investment Taiwan Semiconductor Manufacturing Company is making in North Phoenix, here are 10 major Arizona real estate developments shaping the state’s future
Lincoln Property Company purchased a 191,000-square-foot data center in Chandler, Arizona, from CBRE Investment Management for $130 million. The property at 2500 W. Frye Rd. is located within the Price Road technology corridor at the intersection of Loop 101 and Loop 202 freeways. Built in 1988 and situated on 14.5 acres, the facility features 28 megawatts of confirmed utility power from an on-site Salt River Project substation. The industrial property includes four
Economic activity continued to diverge in November. While the services sector stabilized due to continued consumer spending, business conditions in the manufacturing sector deteriorated as new orders, employment and supplier deliveries declined. The Institute for Supply Management’s purchasing managers index, or PMI, for nonmanufacturing industries rose to 52.6, its highest reading since February and marking the 10th month of expansion
Two landscape-changing, “transformational” projects that rolled through Scottsdale City Council in back-to-back years face each other in a distorted, funhouse mirror – the kind you may have looked into at the old CrakerJax. The Parque, billionaire tech guru George Kurtz’s “visionary” plan at the site of that former amusement park, must follow a rather restrictive development agreement with the city. When Axon’s similar apartments-hotel-retail-office plan was approved a
After selling a newly built luxury apartment community for $110.25 million last month, Embrey has broken ground on a $100 million, 340-unit apartment community in Phoenix. Embrey paid $7.6 million for the vacant parcel near 12th street and Greenway Parkway to Donald L. Valk, who had previously paid $5.2 million for the land in August 2021, according to Tempe-based real estate database Vizzda LLC. Named 12th & Greenway, the new 340-unit community
Los Angeles-based Stockdale Capital Partners purchased The Quincy at Kierland, a 266-unit luxury multifamily community in North Scottsdale, Arizona, from Embrey Partners for $110.25 million in an all-cash transaction. The six-story property, completed in 2024 at 15826 N. Scottsdale Rd., achieved stabilized occupancy in just 12 months after delivery to market. “The property’s location in North Scottsdale’s Kierland is a key growth driver supported by
The total amount of office space available for lease in Phoenix decreased to about 34 million square feet in the third quarter of 2025, down from more than 36 million square feet in early 2024. A reduction in sublease availabilities was a key factor supporting the sector’s recent improvement. About 5.5 million square feet of sublet space was available for lease in the third quarter, representing 2.8% of total inventory. This marks the first time the Valley’s sublet
Location: Santan Village Parkway and Williams Field Road in Gilbert. Description: A $145 million retail development that will include the town’s first Whole Foods and Dick’s House of Sport is under construction in the SanTan Village area. Signature at SanTan Village sits directly west of the SanTan Village mall and will be built along 30 acres in multiple phases. Developers broke ground in March. Illinois-based Kensington Development Partners and
The Arizona State Land Department is preparing to auction off another chunk of prime land it owns in the Desert Ridge area. About 294 acres off 40th Street and Deer Valley Drive will go up for auction – likely in the second quarter of next year, though an exact date has not yet been set. The appraised value of the site, which is typically the starting bid, is $108,284,000, or about $368,400 per acre, according to documents submitted with the ASLD. Documents also
Location: Northeast corner of Ellsworth and Elliot roads. Description: East Gate Plaza is a $60 million retail project led by Scottsdale-based Diversified Partners. The 17-acre project “is designed to meet growing demand for high-quality retail, dining and wellness experiences in the rapidly expanding East Valley,” according to a news release from the company. It’s also envisioned to meet the needs of the master-planned Eastmark community and the
Phoenix apartment rents slipped another 0.4% in November, extending the market’s losing streak to 10 consecutive months. Asking rents are now down 3.2% year-to-date, double the 1.6% decline recorded during the same period in 2024. Most of the recently completed rental complexes are in high-end communities. That wave of luxury supply is weighing on fundamentals at the top end of the market. Asking rents at four- and five-star apartments fell 0.5% in
The NAIOP Research Foundation today released its newest office market forecast, revealing that national demand for office space surged in the third quarter of 2025 — a sharp reversal from earlier in the year that may signal the beginning of a broader market recovery. The report, “Office Space Demand Forecast, Fourth Quarter 2025,” analyzes current market dynamics, economic conditions and trends shaping office utilization across the U.S. According
Mesa’s Fiesta Mall is projected to have a new future that could lure professional soccer teams to Arizona. The Mesa City Council created a theme park district that would allow developers to generate tax revenue to pay for the construction of a future sports stadium. The plan for the newly named Palo District was approved Nov. 26, the day before Thanksgiving. It sets up a future buildout of the property that once was the epicenter of shopping in the
The lender that foreclosed on One Camelback, a former bank building being converted to apartments, has sold the 11-story tower for $36 million. San Francisco-based Acore Capital Mortgage — which bought the property through a credit bid of $44.1 million at a November 2023 trustee sale — has sold the structure to Mesa-based Kinella Capital LLC. The transaction closed Dec. 4, according to Tempe-based real estate database Vizzda LLC. The project
The average asking rent at Phoenix retail properties rose 4.9% annually in the third quarter of 2025, the fifth-largest gain in the United States among major retail markets. Last quarter’s performance narrowly edged out Kansas City’s 4.8% gain and more than doubled the 2.3% increase achieved overall in the United States. It also earned Phoenix the designation as the only market from a Mountain or West Coast state to rank in the top 10. The Valley boasts powerful
The NAIOP Research Foundation today released its newest office market forecast, revealing that national demand for office space surged in the third quarter of 2025 — a sharp reversal from earlier in the year that may signal the beginning of a broader market recovery. The report, “Office Space Demand Forecast, Fourth Quarter 2025,” analyzes current market dynamics, economic conditions and trends shaping office utilization across the U.S. According to the study
A 285-unit student housing complex has sold for $125 million near Arizona State University’s Tempe campus. Park Place Tempe was acquired by SP Cardinal Tempe Owner LLC, an entity connected to New York-based investment firm Stonepeak, according to Tempe-based real estate database Vizzda LLC. The seller was New York-based Park7 Group, a real estate development company
A site adjacent to Tempe Beach Park where an office tower was planned is now proposed to be developed into a 16-story condominium tower instead. Houston-based Hines, which owns 1.8 acres along Rio Salado Parkway next to the park, in 2021 had proposed a 14-story office tower on the site. The project, called 250 Rio, never broke ground, and demand for office space did not rebound after the COVID-19
New research is revealing the Biggest Boomtown in Every State, and Queen Creek earned the top spot as Arizona’s biggest boomtown. This ranking highlights Queen Creek’s impressive growth and economic momentum compared to other cities across the state. GOBankingRates analyzed cities with populations between 25,000 and 500,000 using U.S. Census American Community
The CRE industry is moving from resilience in 2025 to optimism for 2026, driven by artificial intelligence, lower interest rates and a stabilization of policy uncertainty, according to Cushman & Wakefield’s 2026 CRE Outlook report. Across property types, fundamentals are strengthening, demand is improving and capital is slowly re-engaging, setting the stage for selective growth. The office sector, particularly, is showing early signs of momentum. Attendance is stabilizing
According to Bisnow, banks are reentering the commercial real estate market after a multi-year pullback. Loan origination volumes hit $227B in the first nine months of 2025. That marks an 85% jump over last year and is nearly back to 2019 levels, according to Newmark. Multifamily assets led the surge. These properties received about half of the loans originated in Q2. Even the office sector—largely avoided in recent years—is seeing renewed lending activity. “Deploying capital into
Durant’s, one of the longest-running and most-praised restaurants in Arizona, is set to reopen after an extensive renovation by its new ownership. The company announced on its website this week it will reopen its doors on Dec. 17. It has already started taking online reservations. Back in February, Durant’s closed its doors after being acquired by Prime Steak Concepts, the locally owned group behind Dominick’s Steakhouse, Steak 44 and Ocean 44. Prime Steak Concepts
Maricopa County Community College District purchased a 188,960-square-foot office complex in Tempe, Arizona, from The Widewaters Group for $27 million, or about $143 per square foot. The former Target Financial Center, located at 8530 S. Priest Dr., consists of two 94,480-square-foot office buildings constructed in 2003 and renovated in 2019. The two-story property sits on a 25-acre site and includes a two-level parking garage. The community college district plans
National homebuilder Lennar is looking to scoop up about 473 acres of state land near Mesa where it wants to build new homes. The East Valley property, which is off Meridian and Baseline Roads, is bisected by the U.S. 60. It is in the Mesa area, though it is technically in unincorporated Maricopa County. The land will likely be auctioned off in the third quarter of 2026 though an exact date has not yet been set, according to the Arizona State Land Department’s