The developer of a $1 billion mixed-use community in north Scottsdale wants to add hundreds of luxury condos to a project decades in the making. Now, DMB Associates Inc. is awaiting a recommendation from the Scottsdale Planning Commission on a “zoning district map amendment” before it’s seen by City Council, according to city documents. The Scottsdale-based company would like to make room for 350 additional “for sale residential units” by cutting
LVP Partners Group purchased Avalon Townhomes, a newly constructed, built-to-rent development in the Phoenix area, for $30.1 million. The 70-unit townhouse development at 13025 W. Thomas Road in Avondale commanded $430,000 per unit and was 93% occupied at the time of sale. The sellers were Bela Flor Communities and TruVista Development. The property features a mix of two- and three-bedroom townhouses. Amenities include
A Phoenix developer is betting big on smaller, flexible industrial spaces with a $250 million investment into four projects across the Valley. The Mangat Group wants to target small and midsized local business needing flexible office and warehouse space within growing logistics corridors, where developers have mostly focused on larger users that need ample warehouse space. The company is planning to bring more than 400 small-bay industrial condo units
An entity tracing to billionaire Arte Moreno plopped down $125 million in cash for a luxury apartment community in the Biltmore area of Phoenix — the most expensive apartment property to sell so far this year. 2727 LLC bought Cortland Biltmore from an entity tracing to Cortland Partners, which built the luxury community at 2727 E. Camelback Road in 2019, according to Tempe-based real estate database Vizzda LLC. The Los Angeles Angels
Private capital is edging back into commercial real estate, but not in the way it did during the era of free money. As stress builds in private credit and geopolitical shocks push investors toward hard assets, the shift is starting to rewire the capital stack for real estate deals: who provides which tranche, at what price and on what terms. In an interview on CNBC, JLL CEO Christian Ulbrich framed real assets as “incredibly attractive” in the current environment, but
Phoenix-based developer Creation has completed construction on Park Algodon, a $250 million industrial and mixed-use development, bringing new logistics, retail, dining and employment opportunities to the northwest corner of Loop 101 and Indian School Road in Phoenix. Spanning approximately 86 acres, Park Algodon combines 1.3 million square feet of Class A industrial space with an adjacent seven-acre mixed-use destination, introducing
Phoenix ranks No. 13 among the nation’s largest pipeline of office-to-apartment conversions. RentCafe tracked 1,550 units being converted in the metro, according to its newest report released March 24. At the beginning of 2026, 90,300 apartments were in the process of conversion nationwide, up 28% from 70,600 a year earlier, according to the report. Office conversions now account for 47% of all future adaptive reuse projects nationwide, the report said. Financial pressure
Aldi is taking up several big box retails spaces around the Valley that were left vacant by struggling retailers including Big Lots and shuttered trampoline parks, according to documents filed with Maricopa County. Since the beginning of March, the discount grocery chain has signed three leases that were filed with the Maricopa County Recorder’s Office. The new stores will be in Phoenix, Peoria and Cave Creek. The grocery chain is already
The Peoria City Council has approved a Development Agreement with Opus Development Company, LLC for the sale and development of approximately 12.2 acres of city-owned property located in the Peoria Innovation Core (PIC). This parcel represents the first land disposition of a portion of the 834 acres Peoria acquired through the city’s successful State Land Auction and Amkor Technology’s land exchange agreement for 104 acres in the PIC in August 2025. The Peoria
A new-to-market developer pulled off creating a “mini neighborhood” through a mixed-use multifamily building that now stands as one of downtown Phoenix’s tallest structures. Those efforts led to Sol Modern being selected by a panel of industry professionals as the winner of the 2026 CoStar Impact Award for Multifamily Development of the Year for Phoenix. Chicago-based LG Development opened the 29-story, nearly 750-unit Sol Modern — a project that aimed to connect Arizona
an-Diego based Sunbelt Investment Holdings is getting closer to finishing a major retail center it’s working on in Buckeye. Buckeye Commons, which is anchored by Costco, will total over 440,000 square feet and officially has 27 secured tenants, according to a statement from the developer. Home Depot is opening this spring at the shopping center along with Dick’s Sporting Goods, while Five Below and Barnes & Noble have also more recently signed on.
99 Ranch Market, an Asian grocery store chain, is preparing to open a new location in the Valley. Later this year, the company plans on opening a store in the former Sears building at Arrowhead Towne Center in Glendale. 99 Ranch will be just one of several Asian focused retailers and restaurants going into the former Sears and Sears Auto Center. Houston-based commercial real estate firm
Gilbert economic development director Dan Henderson calls the Downtown Heritage District a “30-year overnight success story.” Now it’s time for the sequel. The 10-acre Phase 1 of Heritage Park is expected to open in September, featuring mixed-use development with the 288-residence multifamily community NOVEL Heritage Park, 30,000 square feet of retail space and a public courtyard. Subsequent phases will feature a 125-room boutique hotel and luxury residential units.
Through smart planning, savvy investing and stakeholder alignment, the Valley’s reputation as a nascent industrial powerhouse is spreading. TSMC’s $165 billion campus in North Phoenix is symbolic of the region’s transformation away from the boom-bust cycle that left it vulnerable during the 2008 financial crisis and towards a more resilient, diversified economy. To help meet the demand generated by TSMC’s substantial investment, Mack Real Estate Group (MREG) and McCourt Partners
Here are the Top 10 multifamily management companies in Arizona, based on public voting for the 2026 edition of Ranking Arizona, the state’s biggest and most comprehensive business opinion poll. Ranking Arizona is based purely on opinion and ranks companies based on how voters answer this simple question: with whom would you recommend doing business?
After losing ground in 2024, the Phoenix medical office market regained its footing last year as demand rebounded, vacancy compressed and investing strengthened. Supported by steady demographic tailwinds and continued expansion in healthcare employment, the sector is entering 2026 on more stable ground, even as rent growth remains subdued. Demand formation improved markedly over the past year. The market recorded approximately
After a long run as the market’s darling, private credit is losing its shine—and that decline could actually prove to be a surprising boost for commercial real estate. As investors retreat from a once red-hot asset class now facing mounting risks, capital may begin flowing back into real estate, where relative values are starting to look more appealing. Private credit’s troubles have been building for months. The bankruptcies of major auto-parts maker
The city of Peoria is starting to sell off land to developers within a massive, planned employment district near TSMC’s north Phoenix campus. Opus Development Company LLC is the first developer working through a sale and development agreement for property within Peoria’s Innovation Core, and City Council will decide whether to approve it during a March 24 meeting. Under the deal, Opus would
Foundation 8 LLC has acquired the former Sheraton Crescent Hotel, a well-known landmark in North Phoenix originally developed in 1986 by the late Arizona developer Charles Keating. The property, long recognized for its grand ballrooms, resort amenities, and full-service hospitality experience, will undergo a transformative adaptive reuse redevelopment. The Sheraton Crescent, a 342-room full-service hotel, has long been a destination for weddings, graduations
Prologis has acquired Cotton 303 Logistics Center, a 915,160-square-foot warehouse in Glendale, Ariz., in a deal arranged by Cushman & Wakefield and Colliers. The Pizzuti Cos. sold the asset for $104 million, according to Yardi Matrix. Heitman Capital also held a stake in the divested asset, as reported by the Phoenix Business Journal. The big-box facility came online in 2022, marking the first project the two companies collaborated on across the market. Cubework, a co-warehousing
The Federal Reserve is back in defensive mode—less a central bank steering toward a clear destination than one reacting to every turn in a global economic storm. At its latest meeting, policymakers kept interest rates steady, but their message was unmistakable: visibility is poor, and decisions will be made “meeting-to-meeting,” as Thomas Briney, president and chief investment officer of Origin Credit Advisers, told GlobeSt.com. That posture reflects a central bank
The construction of Taiwan Semiconductor Manufacturing Co.’s massive chip fabrication plant cluster is fundamentally changing the face of metro Phoenix and the North Valley. Spanning more than 1,000 acres, the planned six fabrication plants, two advanced packaging facilities and a research and development center will likely turn Northern Phoenix into a global semiconductor powerhouse, according to area developers. The effects of this one investment
A planned April 30 auction of 293.5 acres along the east side of 40th Street between Loop 101 and Deer Valley Road could provide the next multifamily development site in the bustling Desert Ridge area of north Phoenix. The site is appraised at $108.3M, which will be the minimum starting bid. Developer Michael Lieb (as AZ18 LLC) submitted the application to the Arizona State Land Department that triggered the auction, according to a local news report. Lieb is president
Median home prices in metro Phoenix were flat overall in 2025, but some areas — including Apache Junction and central Phoenix — saw double-digit increases. Other parts of the Valley, including Desert Ridge in north Phoenix and north Glendale, posted double-digit price drops. Tina Tamboer, senior housing analyst with the Cromford Report, said some parts of the Valley are definitely doing better than other areas farther out. But overall, “the housing market is pretty much treading
Trader Joe’s is planning to open another Valley store.It’s coming to Desert Ridge Marketplace, at 21001 N. Tatum Boulevard, according to an application for a liquor license filed with the city of Phoenix. No other details were available on the timeline for development. The specialty grocer currently has 19 stores across the state and last year opened its first location in the far West Valley at Goodyear’s downtown redevelopment, GSQ. The Desert Ridge area where Trader Joe’s latest store is