Monday, March 16, 2015

Mall-acquisition feud has major implications for Arizona

Arizona is a top potential prize in the proposed $22.4 billion purchase of the Macerich Co. by rival mall operator Simon Property Group — a transaction that could set in motion a musical-chairs shuffle of some of the state's most prominent shopping centers among three companies.

Macerich owns more malls and office parks in Arizona than in any other state, including marquee properties such as Scottsdale Fashion Square, Arrowhead Towne Center, Chandler Fashion Center and Biltmore Fashion Park. By contrast, Simon, the industry's biggest player, has two shopping centers in Arizona, both in the southeast Valley, with a third under construction in Tucson.


Along Chandler's Price Corridor, not all businesses are created equal

Nestled in the southwest corner of Chandler, along a path generally aligned with Price Road as it extends from the Loop 101 freeway, is an economic development specialist's dream.

Here, a drive of just a few miles reveals a who's who of big-name companies that employ thousands of people in well-paying jobs. Names like Intel, Orbital Sciences, Well Fargo and Bank of America are among the companies with major operations along what is proudly dubbed the Price Road Corridor.


Saturday, March 14, 2015

Plans move ahead on Artesia condominium project in Scottsdale

Starpointe Communities developed the first phase of Artesia with 93 residences, retail space and an underground parking garage on the site of the former Scottsdale Radisson Resort.
A company has revived plans for an upscale condominium project at McCormick Ranch after it came to a standstill in the recession.

Artesia, on the east side of Scottsdale Road just north of Indian Bend Road, gained approval this week to move forward on its next phase of additional – but smaller – residential units.
Starpointe Communities developed the first phase of Artesia with 93 residences, retail space and an underground parking garage on the site of the former Scottsdale Radisson Resort.


Phoenix makes list of cheapest cities for 20-somethings

People in their 20s are usually starting out in the game of life with just a few dollars to their names, according to the Daily Dish, CouponsDaily's new blog.

"So how can you venture out into the real world if you're broke and don't know where you'll land a job?" the blog at says. "After comparing population, costs of living, unemployment rates, nature and entertainment, here are the 10 cheapest urban cities for twentysomethings."


The Arizona lag on property-tax rates could end by 2018

Metro Phoenix homeowners saw their values climb an average 7 percent when they received their latest property valuations last week. Many may expect to be taxed on the higher worth of their house this fall.

That's not going to happen, at least not this year anyway.

In September, Phoenix-area homeowners will be taxed on valuations they received a year ago, when the average value of a house in the region jumped 23 percent. In Arizona, there's an 18-month lag between property valuations, and the tax bills tied to them.


Wednesday, March 4, 2015

Casino rising near Glendale as opponents push back

Construction crews are erecting steel framing for a $400 million West Valley tribal casino, despite continued objections to the project by competing tribal-gaming operations and some members of Congress.

Workers for Hunt Construction and the Penta Building Group have been installing what will be the steel bones of an interim gaming hall at 95th and Northern avenues for nearly two weeks, said Jeff Johnson, Penta project superintendent.

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Phoenix rents rise 5.6 percent in year, top U.S. average

Phoenix-area apartments and rental homes remain affordable compared to those in other big U.S. cities, but rate increases here are starting to rise faster than the national average.

Median rents in the Phoenix metro area climbed 5.6 percent over the 12 months through January, according to the Zillow Rent Index. That was higher than the 3.3-percent average hike in the 35 larger cities studied.


Apartments, community space coming to arts district

An arts-inspired apartment complex coming to McDowell Road plans to turn a sluggish hotel surrounded by museums and theaters into a neighborhood destination.

Broadstone Arts District is slated for nearly 5 acres off McDowell and Alvarado Roads, east of the Phoenix Art Museum and Phoenix Theatre. The two, four-story buildings will include 280 studio, one and two-bedroom apartments for about 400 residents.


Plans Revived for $1B PV Ritz-Carlton

"There's a lot of beautiful oceanfront property all over the world, but there's only one Camel."

So says Jerry Ayoub, president of Scottsdale-based Five Star Development, which has revived long-delayed plans for a Ritz-Carlton resort in Paradise Valley at the foot of metro Phoenix's most-recognized landmark, Camelback Mountain (AZBEX, Nov. 24, 2014).

Five Star is gearing up to submit formal plans for the luxury hotel to Paradise Valley officials this month and hopes to get approval by the end of the summer. Construction would begin around January 2016, and the Ritz-Carlton could open by September 2017.


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