Commercial Real Estate Trends to Look Out for in 2023

by Anita Verma-Lallian

The year 2023 could be a challenging one for the commercial real estate industry, with the combination of market volatility, high inflation and interest rate hikes. Not to mention, the latter half of 2022 brought instability to the U.S. economy, causing hesitation and anxiety in consumers and investors. With the rise in real estate prices and the prospects of another looming … [More]

Optima: LEEDing the Way in Sustainability and Conservation

by David Hovey Jr., AIA

Optima, an award-winning real estate development firm, recently announced plans to move ahead with its next Arizona residential development, Optima McDowell Mountain Village, in North Scottsdale after receiving the city’s approval for the $1-billion sustainable mixed-use community.  Breaking ground spring/summer 2023, the 22-acre site, located on the southeast corner of … [More]

Active Adult Living Community Breaks Ground in North Phoenix

by Mike Hunter

Liv Communities, a seasoned provider of luxury apartment homes, has entered the 55+ market with its recent groundbreaking of an age-qualified community in the Norterra area in North Phoenix. The upscale community, Liv+ Union Peak, on 21st Avenue north of Happy Valley Road, will boast 145 units and will be ready for occupancy in late summer/early fall of 2024. Active adults can … [More]

Homes at ‘Attainable Price Points’ Coming to Buckeye 

by Mike Hunter

Landsea Homes Corporation, a publicly traded residential homebuilder, has broken ground on Bentridge, located in Buckeye, Arizona, offering High Performance Homes at today’s entry-level price point. Supported by a partnership with Apple®, the homes utilize the Apple HomeKit™ environment to operate all home automation features from one mobile application. The 247-home … [More]

Phase One of Goodyear AirPark Breaks Ground

by Mike Hunter

Lincoln Property Company’s Southwest division, LPC Desert West, and Scottsdale-based Harvard Investments have joined with the City of Goodyear and project stakeholders to break ground on the Phase One of Goodyear AirPark, a Class A industrial development. Phase One totals 1.6 million square feet in six buildings ranging from 81,000 to 775,000 square feet. Targeting mid- and … [More]

Property Tech Enables Centralizing Services

by Scott Pechersky

It’s impossible to attend an industry conference where the goal to centralize services is not one of the most important topics. At its core, centralization leverages technology to offload the responsibilities of various tasks to a dedicated team, increasing efficiency and streamlining processes to improve overall workflow across a portfolio. In multifamily, this allows onsite … [More]

Construction: Key Trends Expected to Shape the Industry in 2023

by Mike Hunter 

 In its fourth quarter Construction Delivery Outlook report, leading national design-build firm LGE Design Build examines key trends in construction labor, supply chain, material costs and demand to determine what will define the industry in 2023. “Amid the speculation and uncertainty of a looming recession, this report provides critical insights that can help guide leaders … [More]

113-Acre Mesa Industrial Park Breaks Ground

by Mike Hunter 

IndiCap and AECOM-Canyon Partners are developing Eastmark Center of Industry, a 113-acre industrial park located in the heart of the Gateway Airport submarket in Mesa, Arizona. At completion, the park will total 10 buildings and more than 1.6 million square feet of mid-bay and cross-dock Class A industrial buildings. IndiCap purchased the project site in April 2022 for $48 … [More]

New Luxury Rental Community for Gilbert

by Mike Hunter 

Operating at the leading edge of the build-to-rent industry, Family Development — a preferred homebuilder in California, Arizona and Texas — and tech-enabled general contractor Mosaic recently broke ground on Town Germann, a gated, build-to-rent community located in Gilbert, Arizona. The 14.5-acre property will consist of 209 luxury, two- and three-bedroom townhomes ranging … [More]

Optimizing HVAC Systems – Decarbonize Building Operations, Save on Operating Costs

by Michael Daly

With current and upcoming carbon footprint reduction requirements aimed at reducing greenhouse gas emissions, now is an excellent time to look at simple ways HVAC systems can contribute to building decarbonization goals while simultaneously lowering energy costs. The Refrigerant-Oil Relationship Before we can discuss solutions to enhancing the sustainability of HVAC systems, … [More]

Phoenix Gains Mixed-Income Housing Development

by Mike Hunter

Soluna Apartments is the first Choice Neighborhoods mixed-income housing development in the Edison-Eastlake Community. Holding its grand opening in October, Soluna features 177 modern, energy-efficient units ranging from one to five bedrooms. The community is designed to provide quality living at an affordable cost, with 80% of units offered as affordable housing and 20% of … [More]

What the Development of Teravalis Means for Buckeye

by Heath Melton

In the not-so-distant future, the Phoenix West Valley will look dramatically different from how it does today, thanks to Arizona’s largest master-planned community: Teravalis. The Howard Hughes Corporation recently broke ground on the 37,000-acre project of Teravalis, formerly known as Douglas Ranch, located in north Buckeye between the White Tank and Belmont mountain … [More]

Caliber Focuses on Mesa’s Downtown Revitalization

by Mike Hunter

Part of Caliber’s ongoing redevelopment efforts in downtown Mesa is its recent lease to ZenniHome, which will be installing 90 ZenniHome units at 29 West Main Street. This innovative company was founded in 2019 to bring viable solutions to the housing industry shortage, designing and factory-building their model homes — constructed with a minimal environmental footprint — to be … [More]

Attainable Housing Development Begun in Downtown Tempe

by Mike Hunter

Construction will begin soon on Dwell: A Work @ Home Community, among the existing Farmer Studios buildings. Developer Holualoa companies conceived Dwell to be a combination of flexible workspace and apartments for urban professionals, priced for people making 80 to 120% of the average median income in the Valley. According to the company, the project is designed to address the … [More]

Luxury Build-for-Rent Community Planned for Southeast Valley 

by Mike Hunter

Scottsdale-based developer Empire Group recently closed on a 27-acre parcel near the foothills of the San Tan Mountains for approximately $13.8 million. Plans for the land are now underway for a build-for-rent gated community called Village at Borgata within the master-planned Borgata at San Tan, which is a total of 100-acres that will include mixed-use commercial, apartments, … [More]

FnB Amenities in Multifamily and Senior Living Communities

by Christina Johnson

Community amenities are impacted any time we have a social or cultural change, such as new technology or a shift in health and wellness. The goal of community amenities is to connect residents to the property in a way that feels personal and unique. Properties that do that well will always have an advantage over their competitors. Amenities with staying power feel like a … [More]

Major Expansion Underway at Phoenix-Mesa Gateway Airport

by Mike Hunter 

A new 30,000-square-foot terminal is part of a $25 million construction project that has begun at Phoenix-Mesa Gateway Airport, with McCarthy Building Companies as the project’s general contractor. The project, being partially funded by a federal grant from the Bipartisan Infrastructure Law, will provide Gateway Airport with a larger, modern, energy-efficient and ADA-enhanced … [More]

Infill Industrial Breaks Ground in Tempe

by Mike Hunter 

An infill, redevelopment project that will revitalize the 17.97-acre parcel that was the former global headquarters for Insight Enterprises, Sight Logistics Park broke ground last month along the high-visibility I-10 corridor in Tempe. Calling it a phenomenal addition to the ViaWest Portfolio and observing, “It’s not often you get to transform a site of a Fortune 500 office … [More]

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