KB Home announced the grand opening of The Enclaves at Sonrisa, a new community of single-family homes in Queen Creek, Arizona. The new homes at The Enclaves at Sonrisa are designed for the way people live today, with popular design features like modern kitchens overlooking large great rooms, expansive bedroom suites with walk-in closets, and ample storage space. The … [More]
Single-Family Development Will Add 177 Townhomes to North Phoenix
Mill Creek Residential, a leading developer, owner-operator and investment manager specializing in premier rental housing across the U.S., announced it has broken ground on Amavi Aster Ridge, a single-family build-to-rent community adjacent to the Anthem neighborhood of North Phoenix. The community, which will offer a mix of 177 two- and three-bedroom … [More]
Phoenix City Council Authorizes Development Agreement to Negotiate New Republic Services Headquarters
Republic Services, Inc., a leader in the environmental services industry, has committed to relocating its corporate headquarters to a new, customized build at CityNorth, in the Desert Ridge area of Phoenix. This location is just minutes from the company’s current headquarters. Approximately 1,000 team members will work at the new campus. “Republic Services is one of … [More]
Development Co. Begins Construction on Eight-Building Industrial Complex in Mesa
Silver Creek Development, a private real estate development and investment group, has commenced construction on an eight-building, 330,000-square-foot industrial complex in Mesa. Sossaman Business Campus will be built on a 26-acre site at the intersection of Sossaman and Elliot roads, across from Google’s $800 million data center campus. “As many people know, the Greater … [More]
Downtown Phoenix Multifamily Redevelopment Site Sells for $12M
Approximately 1.0-acre high-rise apartment redevelopment site in downtown Phoenix has sold paving the way for another multufamily high-rise. The buyer, Masyno Holding LLC, Anthony Bibars and Kal Bibars as Principals, acquired the transit-oriented property located at the northwest corner of 1st and McKinley streets for $12 million / ±$276 per land square foot. Bound by three … [More]
Newly Renovated Downtown Office Tower Continues to See Strong Leasing Activity
The transformation of Renaissance Square turned the aging downtown Phoenix landmark building into a modern, amenity-rich office destination. In a market where office buildings struggle to find tenants, Renaissance Square is bucking the trend, recently attracting a national tenant, Food for the Hungry, to a brand new, 29,000 square foot space with the option to expand to 45,000 … [More]
Televerde Relocates to Innovative Office Space in Central Corridor, Priming for Strategic Growth
Televerde, a global revenue creation partner supporting marketing, sales, and customer success for B2B businesses around the world, announced its move to a new office space located in the heart of midtown Phoenix at 2800 North Central Avenue. This relocation, a testament to Televerde's flexibility and adaptability, is part of an ongoing effort to adapt to the … [More]
Canada-Based XNRGY Lands Financing for First Phase of 1 MSF Factory in Mesa
Canada-based XNRGY Climate Systems has obtained construction financing for the first phase of its U.S. headquarters in Mesa, Ariz. Development partner The Boyer Co. provided the necessary funds, including additional options for the project’s expansion to a total of 1 million square feet. XNRGY’s total investment volume is estimated at $300 million and the plant is expected to … [More]
Sundt Construction Names Richard McDonald as New Sustainability Director
Sundt Construction recently hired Richard McDonald as its Sustainability Director to implement and maintain sustainability initiatives and serve as a sustainable construction expert for Sundt employee-owners. “Sundt has long been an advocate of sustainable business practices and a trusted partner for our clients as they pursue their own sustainability goals,” said Teri … [More]
Kentwood Ventures Lands $38M for Phoenix Project
Kentwood Ventures has received $38 million in financing for the development of KV Casa Grande, a 314,453-square-foot speculative industrial building in Casa Grande, Ariz. JLL Capital Markets worked on behalf of the borrower to secure a $23 million loan through CrossFirst Bank and $15 million in joint venture equity through Blue Vista Capital Management. The Class A … [More]
Vestar Commences Construction at The Shops at Lake Pleasant in Peoria
Vestar, the largest privately held shopping center owner and manager in the western United States is proud to announce construction has begun on The Shops at Lake Pleasant, in Peoria. Located at the northeast corner of Happy Valley Road and Lake Pleasant Parkway, Vestar will develop approximately 90,000 square-feet of retail and restaurant space at The Shops at Lake … [More]
Tower Capital Announces $120.5M in Financing for Two Build-to-Rent Communities in Phoenix Market
Tower Capital, one of the nation’s leading structured finance firms in the commercial real estate lending space, arranged $120.5 million in financing for two Build-to-Rent (BTR) communities in the Phoenix market. The lease-up bridge and construction financing is for the newly developed Village at Pioneer Park, a 332-unit project, and Village at Skyline Ranch, a 167-unit … [More]
Adding Color and Curb Appeal to Arizona Development
As the development of multi-family housing skyrockets in Arizona, we risk creating a desert skyline of monolithic, monochromatic and cold structures. Sixteen thousand new apartments are in the pipeline, and more are coming. The current administration and Congress have earmarked tens of billions of dollars in subsidies to attract tech, higher ed and other businesses to the … [More]
Premium Parcel Sells for Record-Breaking $7M in Paradise Valley
Frank DiMaggio, Managing Partner at Launch Powered by Compass in Scottsdale, Ariz. closed the largest single family parcel sale in Paradise Valley, Arizona for $7 million on May 31. At 1.25 acres the property sold for another record of $125 per square foot. The sale of the property breaks the previous Arizona sale of $5.5 million for a single-family parcel. The … [More]
Arizona’s Workforce Housing Leader to Build New 190-Unit Building in Peoria
Greenlight Communities, the trailblazing Scottsdale-based real-estate development company committed to constructing affordable and attainable workforce housing, is pleased to announce it has closed on another piece of land where the company will begin its latest project. This new development, Greenlight’s first in Peoria, Arizona, will introduce 190 new apartment units to … [More]
Industrial Construction Update: Is The Market at Risk for Oversupply?
Cushman & Wakefield has released its new Industrial Construction report, showing demand losing speed as construction completions peak, setting the stage for a return to a more balanced market. The report press release is also attached. Throughout the current industrial expansion, which began in 2012, the pipeline has often struggled to keep pace with demand throughout … [More]
Developer Debuts First Multifamily Community in Gilbert’s Agritopia
StreetLights Residential’s newest luxury multifamily community in Arizona, The Tyler, is open. Located at 3150 E Ray Road in Gilbert, the community is part of the mixed-use Epicenter at Agritopia and offers 320 apartment homes ranging from studios to three bedrooms. This is the first project in Gilbert, and the fourth in Arizona for StreetLights, a national design-driven … [More]
Repurpose, Reuse: How Commercial Construction Can Adapt
The commercial construction industry in Arizona is projected to hit approximately $6 billion in 2023, according to IBISWorld research. It is no surprise to learn that the construction industry is booming throughout the state, and more specifically in Maricopa County; it is tough to drive anywhere in the state without seeing a construction project. Repurposing an existing space … [More]
