The narrative about multifamily is that residents are divided into two categories: Renters by need who rent because of financial constraints. Renters by choice who choose to rent because of lifestyle preferences. According to a recent RentCafe report, one growing demographic in the renter-by-choice category is millionaires. The write-up explained that the number of millionaire rentals has tripled since 2019, “outpacing their home owning
Multifamily housing reflects a tale of two distinct markets, with high-cost cities experiencing elevated construction costs that are limiting new supply, leading to higher rents, while other markets with more moderate construction costs are seeing a surge in development activity that is likely to put downward pressure on rents. This is according to Avison Young’s mid-year multifamily outlook, which pointed to core markets like
A permanent 12% increase in low-income housing tax credit (LIHTC) authority is included in the Senate reconciliation bill. The proposal is in in the legislative text recently released by Senate Finance Committee chairman Mike Crapo (R-Idaho). The Senate plan to permanently increase LIHTC allocations beginning in 2026 differs from the House bill, which calls for a 12.5% increase for four years. The Senate version also seeks to permanently
State land in northeast Phoenix, where the now-defunct Arizona Coyotes once hoped to build a new arena, was sold to a Minnesota-based commercial developer for $136 million. In a bidding war that broke out at the Arizona State Land Department’s public auction last week, Mortenson Co. outbid rival developer Verde Investments for the 217-acre property near Scottsdale
One of the largest home developers in the United States is looking to redevelop a plot of largely vacant agricultural land in South Mountain, one of the southernmost villages in Phoenix. Scottsdale-based Taylor Morrison Home Corp. seeks to turn the 14.37 acres of vacant land into Yardly Baseline, a 188-unit build-to-rent development. One-third of the units will be
The growth of Arizona cities is still outpacing most of the nation. Phoenix remained the fifth-largest city in the U.S. in 2024, based on U.S. Census Bureau city and town population estimates released May 15. The City of Phoenix was also among the top 10 cities for the largest increase in the number of people added between July 1, 2023, and July 1, 2024, given its size, which
Chart House, a high-end seafood and steak restaurant in Scottsdale’s McCormick Ranch neighborhood, has closed after 41 years in business. Houston-based Landry’s sold the restaurant, located on Camelback Lake on the southeast corner of Scottsdale and McCormick Parkway, to Prime Steak Concepts last year. Prime Steak Concepts – the group behind
Federal Reserve Governor Christopher Waller told CNBC Friday that he doesn’t expect tariffs to boost inflation significantly, and therefore policymakers should look to lower interest rates as early as next month. The central banker said he and his colleagues should move slowly but start to ease, since inflation is not posing a major economic threat
The founder of Japanese investment holding company SoftBank Group Corp. wants to team up with Taiwan Semiconductor Manufacturing Co. (TSMC) to develop a trillion-dollar industrial robotics and AI industrial complex in Arizona, Bloomberg reported Thursday. The big picture: SoftBank’s billionaire founder, Masayoshi Son, is eyeing a plan, dubbed “Project Crystal Land,” that could house
A Minnesota-based commercial developer spent $136 million to end a bidding war on a large chunk of vacant land in northeast Phoenix that the Arizona Coyotes once desired. The 217-acre property located west of Scottsdale Road and north of Loop 101 was sold to Mortenson Co. at a public auction that the Arizona State Land Department held on June 20. Mortenson, which owns
Nearby development – for one, the towering Remi Hotel, opening soon – is an almost-forgotten footnote to a debate raging in Scottsdale: Where to put a new Old Town parking garage. Those pushing for Scottsdale City Council to continue a plan to expand “The Corral” parking lot at First Street and Brown Avenue point to the fall, winter and spring – when befuddled tourists
The Valley developer behind the redevelopment of the CrackerJax amusement park is planning a five-acre infill project in Old Town Scottsdale. The Scottsdale mixed-use project is called 5th & Goldwater and will feature a five-story multifamily residential building with 232 units and approximately 32,000 square feet of ground level retail, according to Scottsdale city documents
Arizona’s population has skyrocketed over the past decade — but some of the highest rates of growth have occurred outside the state’s major cities, including Metro Phoenix’s closest neighbor, Pinal County, which grew 7% between 2018 and 2023. This scale of development in Pinal County is reshaping the Phoenix–Tucson corridor into a high-value industrial and innovation
Arizona’s largest locally-owned fitness company just became a little bit bigger. Mountainside Fitness began construction on its 22nd location and its second in Queen Creek, the company announced. The newly announced and yet-to-be built location will span 42,000 square feet with a scheduled grand opening in December. Mountainside Fitness’ 22nd location will
Nationwide, rents for 0–2-bedroom apartments in May continued to decline for the 22nd consecutive month, and the Trump administration’s restrictions on international student admissions and other policies could intensify the slippage, according to Realtor.com’s May rental report. The slump affected properties of all sizes. Studio rents dropped
President Donald Trump’s mass deportations could carry a $275 billion price tag for California’s economy. That’s according to a recent analysis by the research arm of the Bay Area Council. It also estimated deportations could result in lost tax revenue totaling $23 billion annually at the local, state and federal level. While issues like immigration are extremely multifaceted and
Full-service commercial real estate firm Lincoln Property Company (Lincoln) and Scottsdale-based Harvard Investments have announced the delivery of Goodyear AirPark Phase I, a 1.6 million-square-foot, six-building Class A industrial project designed to meet Phoenix’s evolving demand for mid- to large-scale industrial space. Reflecting the
Location: Sixth Street and Rural Road in Tempe. Description: The seven-story, 333-unit apartment complex, dubbed Parcel 3G, is the third multifamily project within the Novus Innovation Corridor. The mid-rise apartment is situated on 2.4 acres on the southeast corner of Sixth Street and Rural Road. It will include a resort-style pool and clubhouse, lounge and work
USA TODAY readers across the country have voted on the best malls in the United States and a longtime Arizona favorite made the list. Scottsdale Fashion Square is ranked No. 6 in the 2025 USA TODAY 10 Best Readers’ Choice Awards for Best Mall. From luxury stores like Balenciaga, Cartier and Versace to classic mall favorites like American Eagle, Sephora and Dillard’s
The U.S. apartment market remains highly competitive despite record new construction in 2024, according to RentCafe data. Only 8% of major markets showed signs of easing compared with the same time last year, as there still aren’t enough rentals to go around, said the company. Across the country, nine renters are competing for each vacant apartment, an uptick from
A town with a population of less than 4,000 is on the precipice of bringing its largest commercial project to fruition. But what Carefree lacks in population, it makes up for in disposable income. Under a plan nearly eight years and two developers in the making, a nearly 120,000-square-foot, $40 million project called Carefree Quarter is expected to transform a vacant 24.7-acre
After years of mostly closing stores, bookseller Barnes & Noble announced it is set to open its first new store in the Phoenix area in 20 years. On June 25, Barnes & Noble will hold a ribbon cutting and grand opening for its new store in Phoenix’s The Shops at Town & Country retail center at 2011 E. Camelback Road. The book retailer has taken over the 18,500-square-foot
Cavan Companies announced the sale of The Bungalows at San Tan Village, a 159-unit Build-to-Rent (BTR) community in Gilbert to AEW Capital Management, with a sale price of $415,723 per unit. The sale reflects growing institutional demand for purpose-built, low-density rental communities in high-growth markets. As the developer, Cavan Companies will leverage this
Belgravia Group, Chicago’s award-winning real estate developer with more than 75 years of luxury developments constructed under its brand, announced that it has received public report approval for Atavia, the 88-unit luxury condominium development located in North Scottsdale’s “new luxury corridor” at Loop 101 and Scottsdale Road. The demand for Atavia’s thoughtful, space-maximizing
Although the first half of 2025 has proven rockier and more uncertain than many in commercial real estate were initially predicting, optimism for the second half is pervasive. Industry surveys and economist reports suggest while the second half of 2025 will still have a fair amount of choppiness to navigate, investors may be more willing or able to move forward on deals amid