Warming global temperatures have been one of the key drivers of climate change. As myriad odd weather patterns have developed over the past three to four decades, one of the most notable changes locally has been the shift of the monsoon weather patterns in late summer. A contributing factor has been the buildup of Metro Phoenix, creating the urban heat island, or ”heat dome,” … [More]
Demand for TI Work in CRE Heats Up amid Economic Uncertainty
Phoenix’s robust industrial market is propelling the region to the forefront of the industry, driving both increased construction of industrial spaces and a surge in tenant improvement (TI) projects. The rise in TI projects, which entail making modifications to an existing building in order to tailor it to fit the business’s unique needs, highlights the growing demand for … [More]
New Affordable Housing in South Phoenix and Goodyear
Dominium, one of the nation’s leading owners, developers and managers of affordable housing, recently held a grand opening of 308 units of affordable housing for working families in South Phoenix on October 24 and broke ground on 657 units of both family and senior affordable housing in Goodyear on October 25. The Goodyear project is Arizona’s largest affordable multifamily new … [More]
Affordable Housing Is Part of Tempe Development
Wexford Developments and Wexford Real Estate Investors is bringing much-needed workforce housing to Downtown Tempe. First & Farmer is a seven-story building comprised of 200 rental apartments, including 180 market-rate units and 20 affordable housing units. The project’s unit mix is comprised of 18% studios, 62% one-bedroom units and 20% two-bedroom units. The project is … [More]
Lincoln Property Company Breaks Ground on Mega Industrial Project
LPC Desert West, the Southwest arm of Dallas-based Lincoln Property Company, has broken ground on Luke Field, a $515 million, 2.4-million-square-foot Class A industrial development located adjacent to Luke Air Force Base in metro Phoenix. Being developed in a single phase with completion expected in the fourth quarter of 2024, Luke Field spans three buildings — a … [More]
Evergreen Devco Industrial Project Targets Smaller-Footprint Users
Evergreen Devco, Inc., a leading retail, multifamily and industrial development company, announced the groundbreaking of its first-ever industrial development in Arizona. The 9.4-acre site located northeast of the intersection of Litchfield Road and Desert Cove Road in Surprise will soon be home to a state-of-the-art 168,000-square-foot industrial building. Industrial … [More]
The Necessity of Virtual Tours in Commercial Real Estate
In the fast-paced world of commercial real estate, staying ahead of the competition is imperative. Traditional methods of property management have evolved and a true game-changer has emerged: virtual tours. These immersive experiences are revolutionizing management and marketing tactics of commercial properties, providing a futuristic edge in an increasingly competitive … [More]
Reflections on Designing for Desert Life
The breathtaking grandeur of the Arizona desert has nourished many of the world’s foremost creative visionaries. Iconic designers and architects throughout history, including Frank Lloyd Wright, have drawn inspiration from the desert’s captivating blend of serenity and ruggedness. Since founding Studio 11 Design in 2011, the Studio 11 Design team has brought to life a number of … [More]
Industrial Need Generates Spec Development in Loop 303 Corridor
Sunbelt Investment Holdings Inc. has initiated development of more than one-half-million square feet of fully speculative warehouse, distribution and manufacturing space within the Loop 303 corridor in Goodyear. Working with general contractor Graycor Construction, SIHI recently debuted plans for Phase I of Camelback 303, which will be a 4-million-square-foot Class A industrial … [More]
The Strength of Arizona’s Multifamily Market
The Arizona multifamily real estate market remains one of the hottest in the country and the demand is only rising. The market’s success can be attributed to a perfect trifecta of conditions: tremendous population growth, an exceptionally strong job market and a diminished single-family housing supply that has kept Arizona as the multifamily darling of the real estate world. A … [More]
Construction Trends
The building industry has taken several major hits in the last few years — COVID shutdowns followed by labor and supply shortages, the ongoing climate crisis and economic changes are just a few — and because of that, it’s an interesting area to look at for trends. People innovate when they need to problem solve, and each of these setbacks has brought forth exciting new advances … [More]
Housing Will Replace Iconic Paradise Valley Church
New single-family housing will be built on the five-acre site of the iconic Ascension Church in Paradise Valley, after business partner of celebrity chef Gordon Ramsey purchased the church for $11 million — $500,000 over asking price. The church’s close proximity to the $2 billion Ritz Carlton Paradise Valley project puts it at the center of an increasingly popular and growing … [More]
Dominium Developing Affordable Apartment Homes in Goodyear
Dominium, a leading affordable housing owner, developer and manager, recently closed on the approximately 28-acre site located at 16985 W. Van Buren Street in Goodyear, where it plans to construct 657 new affordable apartment homes for low-income families and seniors. Once constructed, Estrella Springs and Suncrest Vista at Canyon Trails will provide a combined total of 396 … [More]
Membership Model for Senior-Living Developments
The membership model is a business trend on the rise across many different industries, from subscription-based goods and services like Amazon Prime to members-only private athletic and social clubs like Soho House. From a business standpoint, having a membership model can help organizations grow by engaging with customers and retaining members long term. From a consumer … [More]
Infill Housing and Sustainable Construction: A Solution to Phoenix’s Water Woes
The Valley continues to experience significant population growth and with that comes more urban sprawl and housing developments. Construction is booming, but at what cost to local municipalities and businesses. Previously, developers could find creative solutions to meet water needs for new communities in outlying areas, but water shortages and sourcing challenges threaten to … [More]
Strategic Innovation
Most consumer-related business decisions can arguably be simplified down to one main goal: competitive advantage. The four main types of competitive advantage are cost leadership, differentiation, defensive strategies and strategic alliances. Specifically for our multifamily clients, all four of these strategies are directly related to the strength of the client’s amenity … [More]
Chandler Airpark Tech Center Coming Online
Premier design-build firm LGE Design Build, in partnership with Clarius Partners, recently completed construction of phase one of Chandler Airpark Technology Center, a 26.29-acre industrial development located on the southwest corner of Gilbert and Ryan roads. Phase two is now underway, with completion expected in November. The first 13.79-acre lot is under Planned Area … [More]
West Summit Logistics Park Breaks Ground in Surprise
Mohr Capital, as project developer, and Rosewood Property Company, as equity partner, recently kicked off construction on West Summit Logistics Park, strategically located in the established industrial submarket of Surprise, Arizona. The logistics park will consist of two Class-A industrial buildings totaling 704,472 square feet across 46 acres of land. Ware Malcomb serves as … [More]
