Fifty-three thousand square feet of shopping, dining and entertainment — alongside luxury residences — is expected to welcome patrons next summer, as development has begun on Chauncey Lane at the corner of Scottsdale Rd. and its namesake lane. “The trend nowadays is to stick closer to home,” says LGE Design Build President and CEO David Sellers. “Chauncey Lane offers the same … [More]
Artist at Work
The Creative Center of Scottsdale is a co-working space designed especially for artists of all kinds. While equipped with today’s di rigueur technology and community spaces, the 4,000-square-foot facility retains interesting pieces of its former life as Mandall’s Shooting Supplies. Along with the original double-decker safe and the sub-basement safe door are the historic … [More]
Expanding for Adventure
LGE Design Build has begun construction on a new, 12,550-square-foot headquarters for Arizona Outback Adventures, a premier, Scottsdale-based provider of personalized tours and travel services. Construction began Aug. 1 on the new $1.7 million facility, which will take over 16465 N. 93rd Street in Scottsdale upon completion. Currently, the company accommodates more than 15,000 … [More]
Multifamily Reflects Booming Phoenix Economy
Positive forces converge and are maintaining momentum in the multifamily sector, according to Marcus & Millichap’s Multifamily Research Market Report for second quarter 2017. Vacancy is expected to fall for the eighth consecutive year as economic growth supports continued success in the Phoenix apartment market. Corporate expansions and relocations from large, international … [More]
Grocery Anchors Multifamily in Tempe
The Local, a new, mixed-use development located on an 80,938-square-foot parcel at the intersection of University Drive and Ash Avenue, broke ground last month. Developed by Denver-based Forum Real Estate Group, The Local will be a unique luxury apartment residence anchored by Whole Foods Market 365 on the ground floor, with three levels of parking directly above, then five … [More]
Major Mixed-Use in Scottsdale
The Block, a 22-acre retail mixed-use center developed by MainSpring Capital and Forum Capital that broke ground recently, is the biggest retail center constructed in Scottsdale in five years. The Block at Pima Center will contain upwards of 70,000 square feet of free-standing pad and retail shop space: four freestanding pad sites for stand-alone users, 35,000 square feet of … [More]
Spec Suites Imagine the Future
As part of the reimagining of the iconic Renaissance Square in Phoenix, Cypress Office Properties, LLC., with funds managed by Oaktree Capital Management, L.P., engaged four of Phoenix’s most widely recognized architecture and design firms to collaboratively design office suites of the future for various industries in what is being called “Project Future.” The four speculative … [More]
Challenges in Repurposing Commercial Projects
With the desire by many Arizona residents to experience a more urban lifestyle, the repurposing of commercial buildings and areas has become very popular over the last seven years. As evidenced in Phoenix by the Seventh Street Corridor, Roosevelt Row and ASU’s downtown campus, these projects can thrive, but it is important to note that real estate development involving … [More]
Camelback Luxury
District at Biltmore is the latest luxury apartment community in the Camelback Corridor from Kaplan Management Company and Simpson Housing® LLLP. The four-story luxury mid-rise is conveniently located within walking distance to the Biltmore Fashion Park, and offers 227 elegant one- and two-bedroom apartments. Among its one-of-a-kind amenities are a large fitness center that … [More]
Canadian Investment
Canadian-based Western Wealth Capital continues to add to its Arizona rental portfolio; it is the third largest multifamily owner in the Phoenix area. The real estate investment company and its partners recently acquired Tierra Santa, a 274-unit rental building, for US$13.4 million. WWC considers Phoenix a highly prospective rental market owing to robust population and … [More]
Net-Zero Townhomes
Real estate investment firm Caliber – The Wealth Development Company has partnered with one of the nation’s leading Net Zero Energy (NZE) developers, MODUS Development, on their second project, Eclipse, which officially broke ground and has begun development. This is Scottsdale’s newest environmentally sustainable townhome community, designed with Zero Energy Star® … [More]
Strong Multifamily Market
Greater Phoenix’s multifamily market continues its dynamic pace, according to a report released by Colliers International in Greater Phoenix. During the first quarter of 2017, vacancy fell 40 basis points to 5.6 percent. This is welcome improvement for the beginning of the year, but the rate is 40 basis points higher than a year ago. Rental rates rose further in the … [More]
Relo Bay Area to Phoenix
The Phoenix office of JLL has completed a new, 38,000-square-foot lease that will relocate FinTech company Upgrade Inc. from San Francisco into two floors at Renaissance Center I in Downtown Phoenix. The move is the latest example of a Silicon Valley company expanding its essential business functions in Phoenix. Upgrade is hiring 100 customer service, credit operations and … [More]
Lobby Renaissance
Cypress Office Properties, LLC has commenced construction on phase one of a $50 million renovation of Renaissance Square in Phoenix. The first phase includes upgrades to both buildings’ lobbies, each to have a different theme. Building One (pictured) will have a “tech” atmosphere. Building Two will have a warm hospitality feel with boutique-style interior finishes. Both lobbies … [More]
Trending: Seniors Housing
Savanna House Assisted Living and Memory Care, developed by Prevarian Senior Living, recently opened in Gilbert. A full complement of amenities makes it a self-contained social community, with private residences as well as an assisted living portion. It will also place a special emphasis on Memory Care, offering three distinct memory care neighborhoods, each catering to … [More]
Camelback Corridor Resurgence
Since the grand opening of the Arizona Biltmore Resort in February 1929, the area known as the “Camelback Corridor” hasn’t missed a development beat. Stretching along Camelback Road between 7th and 64th streets, the submarket long ago reached the “built out” stage, with virtually every infill site along the route developed into premier residential or commercial space. That … [More]
Co-Working Spaces: Hot Trend in Commercial Real Estate
Co-working space has been around for a long time. Ryan Bartos, executive vice president of JLL, which specializes in commercial real estate services and investment management, notes that Regus, now the world’s largest provider of flexible work spaces, has been around since 1989. “The big change that we’re seeing from the late 1990s to now,” Bartos says, “is a shift to a more … [More]
Zoning – Consequences of Code Violations
Zoning is the manner in which cities and counties regulate land use. Typically, land is divided into residential, commercial and industrial districts, or it can also be designated as mixed-use, each with its own parking, setback, height and other design requirements. In addition, the city, in the course of approving a zoning application, may require variances, special use … [More]
