As SkySong, The ASU Scottsdale Innovation Center marks its 20th anniversary, the transformation of Scottsdale’s McDowell Road Corridor stands as one of the clearest and most compelling examples of its long-term impact — turning a once-declining stretch of underutilized land into a vibrant center for innovation, housing and economic growth. When SkySong was first envisioned in the mid-2000s, the corridor was defined by a shuttered mall and aging auto-oriented development. Today, it
After an hour-and-a-half-long bidding war, a winner finally emerged during an Arizona State Land Department auction on April 30. Desert Ridge 293 LLC placed the winning bid of $180 million. That LLC was incorporated on April 8 in Delaware — a state notorious for helping safeguard the identities of entities registered there. The representative holding the winning paddle was Lori Anderson with Exp Realty. The 293.5-acre site, which is located at Deer Valley Drive and
Location: 91st and Glendale avenues in Glendale. Description: A 301-unit apartment complex is in the works near the popular Westgate area. Zanjero III Apartments is planned to offer a “luxury residential rental community” on 8.32 acres in the West Valley. Site renderings show the complexes will have four levels. The location is in proximity to restaurants the Tanger Outlets shopping center and entertainment venues. History: The project has been in the works for a few
A Los Angeles entity tracing to MetLife Investment Management plopped down $45.85 million in cash for a 140-unit West Valley build-to-rent property built in 2023. MetLife bought Grandstone at Sunrise Villas from Thompson Thrift for $327,500 a unit, according to Tempe-based real estate database Vizzda LLC. Thompson Thrift Residential built the rental community on 9.85 acres in 2023 at 24701 N. Lake Pleasant Parkway in Peoria. It is part of Sunrise Promenade, a
The Federal Reserve’s decision to hold interest rates steady may have landed as expected, but the unusual level of dissent exposed a central bank increasingly divided over what comes next and that uncertainty is beginning to matter for commercial real estate. The result keeps the benchmark rate in the 3.50% to 3.75% range, a move widely anticipated by markets. But the decision was marked by a rare split: for the first time since 1992, four officials dissented. One of those votes
In Dec., TBBG Investments announced the groundbreaking of a 132-unit build-to-rent townhome community at 35th Avenue and Southern Avenue in South Phoenix, in partnership with Titan Development. TBBG acquired the 7.8-acre site for approximately $3.8 million more than two years ago with Titan, strategically positioning the project to deliver into a tightening supply environment. The community will feature two-story townhomes with attached garages and private
Institutional capital is pouring into small-bay industrial, but the real edge is shifting away from buying power toward operational discipline and deal access. The sector, which accounts for more than half of US industrial inventory yet receives less than a quarter of new development, has become increasingly competitive as investors chase a limited pool of assets. That imbalance is pushing pricing higher and compressing margins, forcing buyers to rethink how they generate
An ice cream chain known for its boozy dessert offerings is growing its brand at brick-and-mortar locations across the United States. Tipsy Scoop, a company whose flagship bar-ice cream parlour, or barlour, is in New York City, is set to open a location next month at 119 S 18th St. in Philadelphia’s Rittenhouse Square neighborhood and this summer at 506 N. Bishop Ave. in Dallas. For its “City of Brotherly Love” location, Tipsy Scoop is taking about 300 square feet — the
After paying $123.6 million for a 412-unit Glendale apartment community in July 2021, real estate giant Blackstone has sold it for $101.35 million — about 18% less than what the real estate giant paid for it. Closing on April 23, Blackstone, in care of Chicago-based LivCor, sold Arrowhead Summit to an entity tracing to Santa, Barbara, California-based NALS Apartment Homes, according to Tempe-based Vizzda LLC real estate database. Asher Gunter, Matt Peach and Austin Groen of CBRE
A 250,000-square-foot, nearly $190 million multi‑sport complex in North Phoenix is back on track, fulfilling the dream of SSS Partners CEO Shubham Pandey — and his neighbors. Fire ‘N Ice Arena, a nearby hotel and SSS Academy, its operator, will sit on 17.5 acres at 2727 W. Bronco Butte Trail — near the I-17 and Sonoran Desert Drive, adjacent to TSMC. Pandey said the hotel, which he called a Hilton, will open within two months. A Hilton spokesperson said, however, “Hilton is committed to
Industrial activity remained incredibly resilient in the Phoenix metro in the first quarter of this year. In fact, industrial investment was the strongest on record, with $990.8 million in total sales volume, up 24% year-over-year, according to a Q1 report from Colliers. Some major deals included Prologis acquiring Cotton 303 Logistics Center in Glendale for $104 million on March 20. What’s more, EQT Real Estate acquired Commerce@303, a 663,367 square-foot industrial building also
PV is getting more places to eat, stay healthy and have fun as the redevelopment of the former Paradise Valley Mall site continues. Why it matters: The bulldozed mall near Cactus Road and Tatum Boulevard is giving way to a massive, mixed-used development that will transform that area of north Phoenix. What they’re saying: “By this time next year, this will be a dramatically different place,” Jeff Moloznik, senior vice president at RED Development, told Axios. The latest: RED, which is
Ground broke on the Taiwan Semiconductor Manufacturing Co. (TSMC) fab in north Phoenix in 2021 with the kind of ceremony that American manufacturing policy had not seen in a generation. Hard hats and ribbon-cutting and the word “historic” deployed without irony. The narrative was clean: the U.S. was taking back the commanding heights of semiconductor production from Asia, and Arizona was where it would happen. That narrative is incomplete. I lived in Taiwan in 1987
Empire Group of Companies, through its luxury urban infill division Aspirant Development, today announced the official rebranding of its highly anticipated Downtown Phoenix high-rise project from its working name, Astra, to Arro – a landmark mixed-use development poised to become the tallest building in Arizona upon completion. Spanning approximately 1.8 million square feet, Arro will introduce a new level of scale and sophistication to Downtown Phoenix, anchored by a
The Phoenix metro area, which already boasts a robust hotel pipeline, is expected to experience continued growth in this sector through 2026, hospitality development executives said at Bisnow’s Phoenix Hotels, Resorts and Wellness Summit. “This year alone, the hotel industry is going to generate $1.1B in tax revenue” for the metro area, Haleigh Hildebrand, American Hotel and Lodging Association vice president of public affairs, said at the event held at the Hilton Scottsdale Resort & Villas in
Taiwan Semiconductor Manufacturing Co. is planning to open its first advanced packaging facility at its north Phoenix site by 2029, according to a recent Reuters report. During a conference held Wednesday in Santa Clara, California, TSMC executives said the company has started initial work on its fourth Phoenix chip factory and broke ground on an advanced packaging facility as part of its plans to expand manufacturing capacity in Arizona, Reuters reported. “We are going to build a
Colorado-based developer has completed renovations at a century-old building in the downtown Phoenix warehouse district as it gears up to develop an adjacent high-rise project. One West Madison, previously called the Pratt-Gilbert building, was constructed in 1913 and was previously used by Maricopa County for courts. When developer Aardex bought it, the building still had a holding cell in the basement, said Caleb Hebel, principal at Aardex. The company has been restoring the building
A new ranking of America’s Fastest-Growing Suburbs and the salaries needed to afford them shows that Arizona’s desert boomtowns are turning into some of the country’s most sought‑after addresses—where rapid in‑migration is bumping up against rising home values and bigger income needs. MoneyLion analyzed U.S. Census data alongside average home values from Zillow and cost-of-living estimates from national expenditure and mortgage data to calculate what residents need to
A Taiwan-based construction firm that specializes in mechanical, electrical and plumbing services for computer chip makers bought a huge North Phoenix office property. The company, Transdien Engineering Co., acquired a 97,372 square-foot office park off the Loop 101 and 7th Street for $19,458,000 on April 15, according to real estate database Vizzda. It’s located at 19825 N. 7th Street, sits on 17.51 acres and was built in 2004. Transdien bought the building from 101 & 7th Street
Investors staring at Austin’s or Phoenix’s headline numbers this spring could be forgiven for walking away. On a metro‑wide basis, new‑lease rents in many Sun Belt markets are still drifting down and occupancies remain under pressure as the 2021–2024 construction wave finishes delivering. Yet drill a level deeper and a very different picture emerges: within the same “overbuilt” metros, the spread in performance between lifestyle and rent‑by‑necessity assets and between
Two very different development projects in Arizona are moving forward this week, but they share a common blueprint for success: listening first, then building. Anita Verma-Lallian, founder and CEO of Arizona Land Consulting, secured regulatory approvals for a mixed-use commercial project in Casa Grande and a data center infrastructure development in Tonopah—both shaped significantly by community feedback. On April 6, the Casa Grande City Council approved a rezoning request
Chicago-based 29th Street Capital held its grand opening April 15 for Verge, its 201-unit rental community at 1297 E. Broadway Ave. in Apache Junction. Monthly rental rates range between $1,554 and $2,325 for the 201-unit rental community, said Beric Wessely, director of lease-up operations for 29th Street Capital.”Apache Junction is really the next wave of growth in the East Valley,” Wessely said. “As Mesa and Queen Creek filled in, demand naturally pushed outward and this is where
Commercial real estate finance sentiment took a sharp turn in the first quarter, as geopolitical turmoil tied to the Iran war wiped out months of improving outlook, even as underlying demand for capital and assets remains firm. The CRE Finance Council’s Board of Governors Sentiment Index fell 20.2% quarter-over-quarter to 100.1, down from 125.4 in the fourth quarter, erasing roughly three-quarters of gains and returning the index to its 4Q 2017 baseline. The decline was broad-based, with