Sunday, May 31, 2015

Marquee at the District to redefine office development in Scottsdale

Stockdale Capital Partners has announced plans to break ground in the third quarter on Marquee at the District, a new 250,700-square-foot class-A creative office development in downtown Scottsdale.

Located just southeast of the intersection of Scottsdale and Camelback roads, adjacent to the Galleria Corporate Centre and within steps of Downtown Scottsdale's Entertainment District, Marquee at the District will be a signature project within Scottsdale's rapidly emerging downtown tech cluster.


Monday, May 25, 2015

Massive Gilbert project to get first retail shops

The steel skeletons of two office towers rising along the Santan Freeway are the clearest signs of progress on Gilbert's massive Rivulon project, but the future employment center is also set to get its first retail shops by year's end, according to the developer.

Nationwide Realty Investors, a real-estate arm of the well-known insurance company, plans to start construction soon on a 17,000-square-foot retail building near Gilbert Road and Rivulon Boulevard, just north of Loop 202.


Tempe OKs Mill Ave. Twin Towers Project

Hayden House Tempe, LLC and Hensel Phelps Development LLC announced the name of their new mixed-use development project on the corner of Mill Avenue and Rio Salado Parkway, One Hundred Mill.

The project name and newly released project renderings were unveiled by the partners during a May 7th meeting with the City of Tempe, where the project received unanimous entitlement approvals. Construction is expected to begin before year-end with completion expected in 2017.


Report: Record job numbers at Scottsdale Airpark

The Scottsdale Airpark corridor — a roughly 5-square-mile area that includes the airport, shopping centers, corporate offices and sports venues — has reached record levels for jobs and businesses, according to a recent report from Colliers International.

The real-estate brokerage estimates there were 54,100 people working at 2,950 businesses within the "Greater Scottsdale Airpark" as of December 2014. That's about 700 more jobs than the previous year and about 6,000 more than in 2009.


Phoenix to be 'epicenter' for college title game festivities

Downtown Phoenix will play a central role in hosting the college football championship that will be played in Glendale in January.

The Arizona Organizing Committee and College Football Playoff organization announced Tuesday that downtown Phoenix will a host a weekend fan festival, concert series and the ESPN broadcast set leading up to the College Football Playoff National Championship on Jan. 11.


Scottsdale buys land for $2M to prevent flooding

SCOTTSDALE -- Scottsdale has bought land at Apache Park owned by the Scottsdale Unified School District at a cost of $2.02 million.

The city plans to build improvements on the land at 85th Place and Moreland Street to protect against flooding in the area surrounded by houses in south Scottsdale.


Thousands of rentals filling in the Valley's core

Living closer in to be near jobs, restaurants, shopping and light rail is apparently what more metro Phoenix residents want now. And developers are quickly catching on.

Condo sales and prices are climbing faster than single-family or stand-alone houses in the Valley for the first time. Home values in central Phoenix, Tempe and Scottsdale are increasing faster than other parts of the region.

Sunday, May 24, 2015

Phoenix starts 'building blocks' of new 32nd Street

PHOENIX -- Less room for cars, more space for bikes and street-side public art are the city's first investments along 32nd Street under a major revitalization plan for the north Phoenix corridor.

The plan — approved by the City Council in December — re-envisions the North 32nd Street Corridor, along 32nd Street from the Phoenix Mountain Preserve north to Loop 101, as a part of the city where neighborhood residents will spend more of their time and visitors will come to explore.


10 things you should know about Valley home values

The booms and busts of metro Phoenix's housing market have yielded a wild ride for homeowners and the area's economy.


SE Valley: Home prices recover, show growth

Ed O'Brien and his girlfriend, Krista Hicks, decided it was time to buy instead of rent. The couple, both Millennials, had attended Arizona State University and wanted to stay in the city.

"We have been living in Tempe to be near family, friends and jobs, and our rent kept climbing," said O'Brien, who is an attorney with the Travis Law Firm. "We realized it was time to buy or get trapped renting without a stake in our housing."


Saturday, May 9, 2015

Steady year for Valley homes; surge projected in '15

When many potential homebuyers decided to sit on the sidelines last year, home sales stumbled in many metro Phoenix neighborhoods.

But prices didn't suffer.

Despite a 14 percent drop in sales, the Valley's overall median sales price still climbed more than 5 percent to reach $207,000 for the year. Some neighborhoods in the Phoenix area saw double-digit price increases, and no areas saw dramatic drops in values.


Phoenix: Infill trend reflected in rising home prices

Home prices are rising fastest in most of Phoenix's central neighborhoods as the area draws Millennials, families and empty nesters who want to be near jobs, schools, light rail and newer entertainment and restaurant hubs.

Vacant infill sites and older homes and buildings have been transformed into new houses, condominiums and popular entertainment and shopping venues in a trend that escalated during 2014. Buyers also snapped up older homes in desirable areas, driving up median prices.


Condo sales lead housing trend to Valley's city cores

For the first time, metro Phoenix is growing up more rapidly than out.

A record number of high-rise, townhouse and loft housing developments are shooting up in central Phoenix, Scottsdale and Tempe, and selling out quickly. Condominium sales are climbing faster than regular home sales in the Valley, a reversal of the region's growth pattern since the 1950s.


McDowell Road continues resurgence in Scottsdale

Groundbreaking could occur later this year on SkySong 4, a 145,000 square-foot office building, and a separate retail space facing Scottsdale Road. Both projects could open in 2016.

Victor Cao knew it was time to relocate his restaurant when his landlord wanted to raise the rent.

After being in Tempe for three years, Cao set his sights on an empty building in south Scottsdale.

"This building had been vacant for seven years," he said.

Cao reopened Pho Cao, a Vietnamese eatery, at 7436 E. McDowell Road in March. The space, which formerly housed Longshots Bar, underwent a major makeover.

"We had to get it back to life," he said.


New plans for vacant Stingray Sushi in Old Town

SCOTTSDALE -- The former Stingray Sushi restaurant in Old Town Scottsdale, which has sat vacant for the last eight months, is set to get a major facelift and a new dining concept from the restaurateurs behind El Hefe and Dierks Bentley's Whiskey Row.

Plans for a restaurant called Farm & Craft at 4302 N. Scottsdale Road — where Stingray closed last fall — were recently submitted to the Scottsdale's Development Review Board.


Alliance Residential Co. top US apartment developer - Phoenix Business Journal

A Phoenix-based company had most apartment starts in the U.S. in 2014, according to a new ranking by an industry group.

Alliance Residential Co. had 7,500 apartment starts last year and has 11,000 units under construction.

That earned the Phoenix company the top ranking among U.S. apartment developers by the National Multi-Housing Council.


Scottsdale lofts sell to Dubai investor

A Dubai investor has bought a boutique loft project in Old Town Scottsdale.

Maissan Almaskati's Marcher Arizona LLC bought the Loft 6 apartments on Second Street in Scottsdale for $1.15 million.

The deal translates into just under $191,700 per unit.

The seller was Bryan O'Keefe's K Squared Properties LLC.


Thursday, May 7, 2015

Phoenix Real Estate in April: Sales Up 9.3%, Inventory DOWN 13% Year-over-year

For the fifth consecutive month, inventory was down year-over-year in Phoenix. This is a significant change from last year.

This is a key distressed market to follow since Phoenix saw a large bubble / bust followed by strong investor buying.  These key markets hopefully show us changes in trends for sales and inventory.


Sunday, May 3, 2015

Are January home sales lull before buying storm?

Metro Phoenix's housing market is headed for a surge during the next few months, even though January sales figures released last week weren't that exciting.

The big question now is, who are the buyers?

Housing expert Mike Orr meticulously tracks and tallies real-estate data for Arizona State University's W.P. Carey School of Business. He called January's home-sales activity "the lull before the storm." That's because at the end of February, he discovered a more than 30 percent jump in pending sales across the Valley.


Peoria tops in new home construction in the West Valley

With numbers still a fraction of what they were before recession, construction of new homes has dragged and sputtered Valley-wide. But one West Valley city has deviated from the slump.

Residential building permits in Peoria jumped 21 percent from 2013 to 2014, the most of any city in the West Valley, according to a report by the Home Builders Association of Central Arizona. There were 1,056 permits issued in 2014.


Plans for 262 homes around Gilbert LDS temple

A gated neighborhood with 262 homes, a lake and tennis courts is planned for a large swath of farmland surrounding the new Mormon temple at Greenfield and Pecos roads in Gilbert, according to documents submitted to the town.

LeSueur Investments, which owns about 200 acres south and east of the temple, has submitted plans for the new Somerset community to Gilbert's Design Review Board, which oversees the architecture and aesthetics of proposed developments.


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