DAILY TOP 5

Developer Concord Wilshire Capital announced that it has completed demolition of the former Metrocenter Mall and Oakwood Homes has been named the exclusive residential builder for The Metropolitan, an $850-million, vibrant, mixed-use destination project. The 64-acre development is set to transform the former site of the Metrocenter Mall into a walkable urban village seamlessly integrating Light Rail with housing, entertainment, dining, and retail. “We are pleased

When Kevin Davis, Americas CEO at JLL Hotels & Hospitality, looks into his crystal ball — powered by the recently released U.S. Hotel Investment Trends report — he sees hotel transaction activity increasing in the coming months. “I do think that you could see a pickup in transaction volume in the second half of the year, but I can almost certainly guarantee that there will be a substantial pickup in 2026 relative to 2025,” Davis said, pointing to an increase in bid activity

A once-unwanted 39.37 acre plot in Deer Valley failed to sell at auction last year. On Sept. 22, it spurred a bidding war and went for almost $6 million above the minimum at an Arizona State Land Department auction. Chicago-based Conor Commercial Real Estate ultimately acquired the land on the southwest corner of Deer Valley Road and 7th Street for $24.715 million. Joined by investors at Arizona-based Globe Corporation, the team outlasted four other bidders

A handful of new stores and restaurants are open at Canyon Trails Towne Center, as the developer prepares to build another phase of retail buildings and a hotel on the Goodyear site. The center, which was once planned to be 100 acres of retail, began before the Great Recession. Because of the financial crash, only portions of the project got built, and the rest stalled, David Malin, president of Scottsdale Development Partners, a consultant working with

K. Hovnanian Homes had no intention of backing down at a Sept. 23 Arizona State Land Department Auction. The New Jersey homebuilder took on several major national competitors, ultimately exceeding the minimum bid by more than $33 million to buy 52.9 prime acres in Desert Ridge. The starting bid price was $37.75 million. Toward the end of the auction, it was between K. Hovnanian and Blandford Homes, each bidding in $100,000 increments. K. Hovnanian won the

Most Western U.S. markets had vacancy rates above the national average of 18.7% in August, according to this month’s Office Report from CommercialCafe. For instance, last month, Seattle saw the highest vacancy rate in the region with a little more than 27% of space unoccupied, while San Francisco was second in the region with vacancy here reaching nearly 26% in August.  Meanwhile, Phoenix remains one of the only large markets where office

Arizona State University remains the most innovative university in the nation, according to the latest U.S. News & World Report rankings. That makes 11-straight years that the Tempe-based school has held the title — which is as long as the recognition has existed as part of the magazine’s annual assessment of the nation’s higher education institutions. On the overall national school rankings, ASU jumped up four spots from last year’s rankings to come in at

While a huge amount of developments are under way north of Shea Boulevard, a few are simmering to the south. One of them: The Arden. The planned development is at 7601 East Polk Street, just north of McKellips Road and a paper airplane flight from the Tempe border. At the Oct. 9 Development Review Board, the Arden will make its case for two dozen “townhome style units,” each with two-car garages. Four parcels are combined on the 1-acre lot

A vacant 5.5-acre site at Central Avenue and Broadway Road could be redeveloped for affordable housing and commercial uses as Phoenix works to bolster transit-oriented development along the South Central light rail extension. “This is sort of a gateway to the south Phoenix community,” Xandon Keating, Phoenix’s deputy economic development director, said. “We are using this site for a development that can speak to the gateway

The region’s leading luxury retail center, Scottsdale Fashion Square, is taking new steps to enhance its shopper experience. Today Macerich (NYSE: MAC)—one of the nation’s leading owners, operators and developers of one-of-a-kind retail and mixed-use properties in top markets—announced a new enhancement project that will elevate the central gathering space known as the Palm Court.The Palm Court is the hub of activity within the

Multifamily cap rates appear to have stabilized, ending a two-year cycle of steady increases and raising the prospect that the sector could be at the edge of an upswing, according to CoStar’s National Director of Capital Markets Analytics, Chad Littell. While most investors remain focused on the impact of interest rates, it is actually rent growth that has provided the most reliable signal for shifts in cap rates throughout recent cycles—a key theme echoed

Vandelay Hospitality, a Dallas-based restaurant and bar company, is preparing to debut its Drake’s Hollywood eatery in Old Town Scottsdale. The Scottsdale location will be the fourth Drake’s Hollywood, following Dallas, West Hollywood, California and Houston. The concept plays off the glamour of 1930s–1940s New York and Los Angeles and has become a hangout for celebrities. The Old Town Scottsdale location will be opening in an

Through July 2025, the U.S. hospitality sector is defined by pronounced divergence in market performance. Out of 172 markets tracked by STR, 87 have posted year-over-year declines in occupancy, highlighting a landscape where larger U.S. economic volatility and local dynamics are shaping outcomes more than ever. Across the 172 U.S. hospitality markets tracked by STR, average year-over-year occupancy remains virtually unchanged

Spoiler: It’s not going to happen this year. VAI Resort, which promises an 11,000-capacity concert amphitheater, artificial beaches and restaurants including a celebrity chef’s first concept in Arizona, was scheduled to open in 2025. The opening was pushed back from 2024, after resort staff cited “delays in our timeline.” Now, it no longer lists an opening date. The new destination resort is highly anticipated because it aims to redefine tourism in the

Momentum around commercial real estate cap rates is building as the Federal Reserve’s rate-cutting cycle begins to influence debt costs and investor sentiment across asset classes. At a recent CBRE webinar, capital markets specialists and sector leaders offered a common view: declining rates are already leading to more investment in risk assets, setting the groundwork for renewed pricing

Ulysses Development Group is hitting milestones on two affordable housing complexes in Phoenix next week. Dahlia Village at 3620 S. 12th St. opens Sept. 22, while Wild Rose Flats at 2949 N. 43rd Ave. begins construction Sept. 23. The combined developments will total 198 workforce housing units. It’s not easy to build low-cost residences — or anything, for that matter — said Ahmed

A company that supplies gloves, boot covers and other similar products to life sciences and advanced manufacturing firms is planning to build its new headquarters near Sky Harbor International Airport. The 45,000 square-foot planned facility from Phoenix-based Valutek would include 5,000 square feet of office space, 5,000 square feet of clean room manufacturing space and a 35,000 square-foot

Location: 5250 E. Deer Valley Drive, along the northern block, just east of Marriott Drive in Phoenix. Description: A new high-end condominium community called The Luxe at Desert Ridge is in the final stages of development. When complete, the complex will have 223 units across six four-story buildings near the Desert Ridge shopping center and JW Marriott

The Arizona Republic is moving into a new office space and out of a downtown Phoenix building it has occupied for roughly 30 years. The newspaper and its digital arm, AZ Central, are moving into the newly redeveloped Park Central midtown complex and will occupy a 17,000-square-foot space. The Republic is currently leasing approximately 100,000 square feet

Retailers are navigating a complex landscape marked by rising costs from elevated tariffs as increasingly cautious consumers pull back on spending. However, retailers also keep leasing space at a torrid pace, underscoring the strategic importance of securing desired locations in a supply-constrained environment. During their latest earnings calls, a number of national retailers expressed concern over reduced spending by a more discerning consumer and

Donald Trump’s latest pressure campaign on the Federal Reserve has rattled markets, with critics warning that efforts to force deeper rate cuts could undermine confidence and steepen the U.S. Treasury yield curve, raising longer-term borrowing costs. The President has repeatedly criticized the Fed for acting too slowly and has threatened to reshape its leadership, from earlier attacks on Chair Jerome Powell to more recent remarks about

Northern Arizona is beloved by many Arizonans as a shaded retreat from the desert heat, where Ponderosa pine trees and small-town charm define daily life and weekend trips. In recent years, the region, stretching from Flagstaff’s high-altitude innovation corridor to the fast-growing communities of Show Low, is turning its attention to making a larger impact on Arizona’s economic landscape. Strategic investments in infrastructure, housing and

Utah-based America First Credit Union is expanding its footprint in Arizona with plans to open eight new branches in the state by 2027. America First Credit Union’s expansion kicked off this week with the opening of a 3,000-square-foot branch at 15725 W. McDowell Road in Goodyear. The branch has seven employees and offers a variety of banking, mortgage and wealth advisory services. America First ranked No. 2 among the largest regional credit

The developer of Tempe Marketplace and Desert Ridge Marketplace is proposing a new commercial development in north Phoenix, planned to include four hotels, a fitness center, retail and restaurants. Vestar, a Phoenix-based developer of open-air retail centers, submitted an application to rezone about 112 acres of land near Interstate 17 and Sonoran Desert Drive to build a commercial center called Dove Valley Towne Center. “Vestar is excited to be