Nearly five months after tourism officials began urging Mesa to pursue a state-of-the-art sports and tournament complex, council members are still split over whether to put the $56 million facility on the November ballot — and time is running out.
It’s pretty safe to say that the restaurant business in the United States is about as healthy as it’s ever been. According to a Bloomberg report, March 2015 marked the first time since data began being collected by the U.S. Commerce Department in 1992 that Americans spent more eating out at bars and restaurants than on purchasing groceries in stores and supermarkets.
Students are quickly signing leases to live at off-campus student housing communities when the new academic year starts this fall, pushing rents higher despite competition from the thousands of new student housing beds that developers plan to deliver. “Pre-leasing is ahead of last year at this time,” says Kenny Emson, senior vice president of finance and administration for the National Multifamily Housing Council (NMHC), an advocacy organization for the multifamily industry.
A 100,000-square-foot flex industrial building is going up at the corner of Gilbert and Queen Creek Roads. The flex industrial concept is unique in that it allows a mix of uses within the same tenant space such as retail or a showroom in the same building as office, R&D, a lab, a call center or distribution or manufacturing uses. Construction is expected to begin in July with completion in first quarter 2017, according to developer, The Rockefeller Group.
Old Town Scottsdale is getting another new restaurant concept. Farm + Craft is opening in June at the former Stingray Sushi at 4302 N. Scottsdale Road, under the ownership of Riot Hospitality Group, which owns popular Old Town bars Hefe and Dierks Bentley’s Whiskey Row.
The urban cluster of high-density housing, offices and retail shops emerging in north Scottsdale could soon take another leap forward with about 1,000 condos or apartments proposed by two developers. Both would rank among the area’s largest residential complexes while adding an array of new stores and restaurants near Scottsdale Quarter, Kierland Commons and the Scottsdale Airpark, one of metro Phoenix’s largest employment centers.
Scottsdale will have its second Postino WineCafe next week. The seventh Postino in the Valley — dubbed Postino Highland — will open Wednesday, May 4 in the former Valley National Bank at 4821 N. Scottsdale Road.
With little fanfare, Arizona in recent months finally closed the books on the recession, with statewide employment now higher than it was prior to the downturn.
Colliers International in Greater Phoenix released its Office and Industrial Market Reports for first quarter 2016. Report highlights are outlined below. For more details, view the reports online: office and industrial.
Large national lenders will remain active in the larger metro markets, and regional and local lenders will remain the option for small metros, MetroGroup Realty Finance’s founder Patrick Ward tells GlobeSt.com. As we head further into Q2, we spoke exclusively with Ward about financing for the commercial real estate sector and what to anticipate for the rest of the quarter and the remainder of the year.
A Las Vegas developer wants to turn land near the Westgate Entertainment District, University of Phoenix Stadium and a new casino into a 340-unit apartment development. Vegas-based Fore Property Co. wants to get the land rezoned and develop apartments on parcels that are still used as farmland on occasion.
Edison Midtown, a new Midtown Phoenix condominium tower by Scottsdale-based developer Deco Communities is blazing ahead with construction to meet the growing demand from all over the Valley for new for-sale residential in Midtown Phoenix. With dozens of buyers already lined up to move in, the project is on track for an early spring 2017 completion.
The U.S. office market appears to be at the stage in the real estate cycle that analysts often describe as a turning point or tipping point. Overall, the U.S. office market continued to post solid fundamentals during the first quarter, including very strong net absorption, while traces of a slowdown in demand appeared in some markets.
Plans for a proposed apartment complex in downtown Tempe that divided the community has been withdrawn by the developer, reports The Arizona Republic. The move came following a number of proposed revisions to the project and attempts to appease concerns of nearby neighbors and members of the Tempe City Council.
The apartment market is showing signs of moderation, as the latest quarterly survey of market conditions from the National Multifamily Housing Council shows two of the survey’s four indexes landing below the breakeven level of 50. With readings of 43 and 45, respectively, the Market Tightness and Equity Financing indexes have declined for two quarters in a row. Conversely, Sales Volume at 53 and Debt Financing at 50 indicated conditions improving and holding steady, respectively, in those indexes.
Apartments have been a preferred property buy of late, thanks in no small part to a recent surge in value-add deals. Last year, sales of multifamily properties topped all other property types according to CoStar Group data. A total of $159 billion in U.S. multifamily property sales closed in 2015, just eclipsing the $156 billion for sales of office properties. This marks the first time this century that office building sales did not top the list.
A derelict Scottsdale restaurant recently highlighted among the worst East Valley’s eyesores may be razed to make room for a mixed use retail/residential project, if a developer’s plans are approved by the city. Once home to savory paellas and the raucous clack of flamenco dancers, Pepin restaurant has been closed since early last year. Since then, it has fallen into disrepair, leaving a blight on the western edge of the Scottsdale Civic Park in between the popular AZ88 and Jewel of the Crown restaurants.
Just as it breaks ground on the first building at The Grand at Papago Park Center, Lincoln Property Company has secured a pre-lease commitment from a major first tenant: leading enterprise application software company SAP America.
When San Francisco-based tech startup DoubleDutch announced expansion into downtown Phoenix earlier this year, the CEO said the city’s talent pool, co-working spaces and warm entrepreneurial community made it a natural home.
A massive supermarket offering global foods is opening in the East Valley on Wednesday. The AZ International Marketplace is opening in Mesa on the northeast corner of Dobson and Broadway roads, and will offer a variety of foods from around the world, according to The Arizona Republic.
The outlook for construction employment in the Southwest remained positive in March as all three states in the region posted year-over-year job gains once again. Arizona and Nevada led the pack by adding 7,900 construction jobs each over the past 12 months, according to seasonally-adjusted numbers released by The Associated General Contractors of America.
A recent dip in investment sales transactions has sparked questions on whether the decline is a temporary hiccup or a sign of a bigger slowdown ahead. The latest sales data from New York City-based research firm Real Capital Analytics (RCA) shows that transaction volume in February fell a whopping 46 percent year-over-year, with total sales of $25.5 billion.
Higher prices on apartment properties have squeezed the yields for investors. Value-add investments offer an opportunity to push those yields higher. That might not matter for buyers simply looking for a safe place to park their money, but high yields are very important to institutional investors like pension funds and insurance companies that must meet their targets to fulfill their responsibilities.
More restaurants could be coming to Central Avenue north of Camelback Road in Phoenix. A group called Focus Phoenix Central LLC has bought two buildings on Central between Medlock Drive and Colter Street in north-central Phoenix.
Rose Garden Business Park, Metro Industrial Center and 4100 Broadwayin Phoenix, as well as the Arizona Corporate Center in Chandler, AZ have been acquired. BKM Capital Partners acquired the four industrial business parks encompassing 442,173 square feet in the metro area for a total consideration of $34.45 million in a portfolio transaction from a Los Angeles-based private owner.