Estrella by Newland Communities was named as among the top-selling master-planned communities in the country, earning spots on annual lists recently released by John Burns Real Estate Consulting and RCLCO, a real estate advisory firm. Ranked 17 on both lists of the top 50 communities, the 617-acre development showed a significant rise from its previous No. 30 spot. Estrella … [More]
Roosevelt Row Historic Property Renovation
Renovations were recently completed on the “Hardware Store,” on North 1st Avenue in Phoenix. The restoration by Point B leverages the historical nature and character of the existing buildings, and includes updated interior and common areas and creative office space in proximity to Downtown and the Roosevelt Row neighborhood. To ensure the exterior reflects the … [More]
West Valley Industrial Spec
Lincoln Property Company’s recently completed Lincoln Logistics 40, an $85 million project spanning more than 20 acres of Class A industrial space under one roof, is Phoenix’s first-ever 40-foot clear height, fully speculative industrial development, featuring dock and grade-level doors, trailer storage stalls, fiber optic data, and energy-efficient clerestory windows in lieu … [More]
Luxury Wing Debut at Scottsdale Fashion Square
Scottsdale Fashion Square is showing how to make a grand entrance. What was an unobtrusive side of the mall partially hidden behind the old Camelview Theatres has been renovated as a wide courtyard fronted by — a staple amenity for a luxury destination — a valet stand, and leading to a striking, two-story glass entry to the mall’s new luxury wing. A ribbon-cutting was … [More]
Scottsdale Fashion Square’s Past and Future
Scottsdale Fashion Square has evolved incrementally as the retail industry — and the market — have changed since the property’s earliest days in the 1960s when it was a small, open-air center anchored by Goldwater’s department store. Highlights of many key changes over the years include building a two-story retail bridge to connect two separate retail properties into one that … [More]
Downtown Grows ‘Up’
Downtown Phoenix may not be the densest of metros, but a construction boom is making prime land for development scarce. When developers can no longer build out, they go up. More than a dozen mid- and high-rise buildings are slated for the gaps in the Downtown Phoenix skyline over the next few years. A few mid- and high-rise projects under construction, breaking ground or in … [More]
Construction Hot on Arizona State University Property
Novus Innovation Corridor is a 350-acre, multi-phased development in Tempe that, at completion, will encompass nearly 10 million square feet of urban mixed-use opportunities, including State Farm’s 2.1-million-square-foot Marina Heights regional hub. Strategically integrated with the ASU campus and downtown Tempe on Tempe Town Lake, the Novus Innovation Corridor is a … [More]
Ambitious Redevelopment at Park Central Mall
Peoria-based Plaza Companies and Tucson-based Holualoa Companies are teaming up to redevelop Park Central Mall, transitioning the project to a bustling community hub ideal for playing, working, congregating and celebrating the arts. The first 337,000 square feet of redeveloped office and retail space will be done in January 2019. The recent purchase of an additional 21 acres of … [More]
Upscale Hotel on Roosevelt Row
The Cambria hotel in Downtown Phoenix – Roosevelt Row Arts District has started construction and is set to open in late 2019. A collaboration between True North Studio, LLC, a Phoenix-based commercial real estate development company located in Phoenix, and Choice Hotels International, Inc., the seven-story, 127-room upscale hotel will feature a rooftop pool with cabanas and … [More]
Phoenix Sets Strong Pace in Data Center Market
According to the new U.S. Data Center Trends Report released by CBRE this past September, tight supply in major U.S. data center markets, including Silicon Valley, has led occupiers to expand into Phoenix. We now have record levels of data center construction underway — 61.4 megawatts (MW) currently under construction, with more than 120 MW announced for future buildout. … [More]
Chandler Corporate Center Completed
VanTrust Real Estate’s recently completed Chandler Corporate Center is a 117,000-square-foot office that can support more than 700 jobs. Located at 350 N. McClintock Drive, the building is adjacent to Chandler Fashion Square, and is easily accessible from the Loop 202 South Mountain Freeway and the Loop 101 Agua Fria Freeway. Developed by VanTrust on 11-acres, the Class A … [More]
Optima Kierland Offers Customizable Condos
With expected completion in 2020, Optima Kierland broke ground this summer on the second tower of its condominium homes, across from Scottsdale Quarter. Floorplans in the 12-story tower range from approximately 776 to 2,704 square feet, and customization is available floor-to-floor and wall-to-wall; uniquely, residences can be combined both vertically and horizontally. New … [More]
Tempe to Gain a Canopy by Hilton
Driftwood Acquisitions & Development broke ground in September on Canopy by Hilton Tempe Downtown University Area, located in the heart of Tempe across from Arizona State University. The 14-floor, 198-room hotel — a lifestyle brand that embraces its locale to provide guests with authentic and unique local experiences — is slated to open by January 2020 and feature a … [More]
Riding the Pine: How to Manage Rising Construction Material Costs
Commercial building is at a high point in Phoenix, and it has never been more exciting or challenging to be in the industry. Federally imposed tariffs — some as high as 25 percent — are making waves in commercial real estate, but it is just one of many contributing factors to the rise in construction costs. And the American Transportation Research Institute reported a driver … [More]
Innovative Design Concept for Deer Valley Industrial Park
TTR Industrial Park, a 12-acre project east of the Deer Valley Airport, is being designed with all metal buildings that have an emphasis on contemporary architectural design. The design vocabulary focuses on the clean and crisp architectural surface and qualities of metal buildings that maintain their allegiance to several benefits over other construction methods, namely clear … [More]
Consumer Cellular’s Big Box Move Illustrates Trend
The Great Recession of 2008 left a massive overhang of big-box retail buildings exceeding 6 million square feet Valley-wide, reports Ray Cashen of Cashen Realty Advisors. Health clubs, schools, mini storage, offices and healthcare uses have filled many of the big-box vacancies, and, he observes, as the retail market recovers against competition from online retailers like … [More]
Industrial Spec
Industrial demand remains high following a record 2017, with the Sky Harbor and Southeast Valley submarkets experiencing most of the activity since the last downturn, but demand is outpacing the current supply, spurring the adaptive reuse and modernization of existing buildings to keep up with growing demands and evolving tenant needs and to optimize the industrial landscape … [More]
40 Years of Change – Where the Multihousing Industry Is Headed in the Valley
Starting out as a necessary form of housing in the Valley, the multihousing industry has evolved to be a go-to choice for residents, which has helped keep the health of this industry strong. There has always been demand for apartments, but demand has risen as a result of demographic changes and as the renters of choice have increased. Expect the market to remain strong; rent … [More]
