Houston-based David Weekley Homes just closed on $60 million in Valley lot purchases at two established master-planned communities, thanks to a new land banking joint venture with Varde Partners, a Minnesota-based global alternative investment firm. The land banking partnership
A day after issuing a strongly worded statement against a proposed arena for the Arizona Coyotes on his city’s border, Scottsdale Mayor David Ortega clarified that he’s open to the project, but for a slightly different location. In Monday’s statement, Ortega lashed out at a
Empty nesters are hogging Phoenix’s family-size homes, according to a recent Redfin report. Why it matters: “OK Boomer” might sting more when it comes from millennials eyeing the keys to your three-bedroom house. By the numbers: About a quarter of Valley homes with
We’re getting accustomed to seeing robust job gains reported month after month, something we thought would not continue this long as the Federal Reserve keeps its policy rate high to slow the economy and rein in inflation impulses. The economy added 303,000 jobs in March
Strengthening job growth data from Q4 2023, shifts in GDP forecasts and retail sales, and the imminent action of the Federal Reserve has RealPage updating its effective rent growth forecasts for major markets, including 12% of the top 50 to rise by 3% or higher this year. Most
Rockpoint, a Boston-based real estate private equity firm, and Highgate, a leading hotel management, investment and development company, today announced the sale of the Scottsdale Plaza Resort and Villas (the “Hotel”), a historic hotel in the heart of Paradise Valley, Arizona
Google is launching its first physical presence in the Valley by building a $600 million data center in Mesa. On Wednesday, the tech giant announced that it’ll bring technical infrastructure to help support the company’s efforts in artificial intelligence and cloud business
Retail giant Amazon has moved forward with its third major industrial deal in metro Phoenix this year. Amazon.com Inc. has fully leased a 1.2 million-square-foot warehouse in Goodyear called Prologis 303 Business Park, according to multiple sources with knowledge of the deal
The U.S. Department of Commerce announced a $6.6 billion grant for Taiwan Semiconductor Manufacturing Co., which will use that money and its own funds to build a third fab or factory in north Phoenix, featuring the world’s most advanced chipmaking technology. Here is
On April 8, the Biden-Harris Administration announced that the U.S. Department of Commerce and Taiwan Semiconductor Manufacturing Company (TSMC) have signed a non-binding preliminary memorandum of terms (PMT) to provide up to $6.6 billion in direct funding under
Much-needed affordable housing is going on up on Seventh Avenue, courtesy of Catholic Charities. Why it matters: The Valley is suffering a shortage of about 270,000 housing units, according to a 2022 report by the Arizona Department of Housing. The big picture: The building
Amid all the angst about the stability of the multifamily sector, there are signs that the market is beginning to work its way through its problems, even though parts of the country, especially in the overbuilt South, still show weakness. A report by Apartments.com, a CoStar
The Phoenix office market maintained its position as one of the nation’s leaders in investment, with its active sales activity placing it second across similar Sun Belt cities, CommercialEdge data shows. In line with last year’s drop in construction activity, Phoenix
The unemployment rate decreased marginally in March to 3.8%, the Bureau of Labor Statistics noted in its Employment Situation Report. Last month, the unemployment rate sat at 3.9%. The rate dropped, in part, due to the additional 303,000 jobs added in March. The unemployment
At the Federal Reserve, representatives say one thing and another. But the loudest voice is data, and it’s currently murmuring that rate cuts will be a long way off — and possibly not be the three reductions the Fed is currently promising. The Fed always brings up the dual mandates
The popular discount brand the 99 Cents Only Store announced on April 4 that it would be closing all of its existing 371 locations nationwide. The company said that it would begin preparations to close its doors permanently. The closures will include about 39 locations in
In the early 2000s, Buckeye was a quiet community on the outskirts of the bustling Phoenix metropolitan area with a population of 6,537. Fast forward to today, and Buckeye has transformed into the West Valley’s boom town with an impressive 114,000 residents. Recognized
A public auction date has been set for the land in north Phoenix where the Arizona Coyotes want to build a new arena. The Arizona State Land Department announced it will hold a state trust land auction on June 27 for the more than 110 acres at the northwest corner of the
When Phoenix Suns and Phoenix Mercury owner Mat Ishbia bought the teams in early 2023, the organization wasn’t known for having a great workplace culture. An in-depth report from the NBA found that the team’s former owner, Robert Sarver, had engaged in acts of racism
Economic growth in the first quarter of 2024 appears to be on a rosy trajectory. Multiple reports show that consumers continue to carry the economy by spending freely despite still-elevated inflation and debt levels ticking higher. Growth in the 2% to 2.5% range for the
In the five years since they began their life together in the desert sprawl of greater Phoenix, Devon Lawrence and Eren Mendoza have bounced from one itinerant home to another. They have camped alongside a freeway off-ramp, using a gas station sink as their bath and a
A major commercial project in Gilbert has gone up for its first review. During a study session on April 3, the Gilbert Planning Commission heard a presentation for Signature at San Tan Village, which is a proposed 11-building project that would total 326,731 square feet of retail
Phoenix-based Stevens-Leinweber Construction (SLC), has started construction on Camelback 303 Logistics Center on behalf of Brookfield Properties, a global developer and operator of high-quality real estate. The LEED-certified, two-building industrial development totaling
A mixed-use project featuring some of the country’s more prominent retailers is progressing through the Gilbert planning process. It has already gone up for its first review. Signature at San Tan Village is a proposed 11-building project that would total 326,731 square feet of retail
Two of the largest companies in the quick-service restaurant space, Shake Shack and Chipotle, are opening their Scottsdale first drive-thru locations this month. The moves are yet another indicator that drive-thru continues to be one of the strongest trends in the restaurant