Imagine a $1 billion, 60-acre resort oasis destination rising from the Arizona desert landscape. Imagine a hotel room transforming into the most incredible concert seat to view world-renowned artists and entertainers performing from the $40 million stage in an unprecedented amphitheater and live entertainment venue. Imagine an island escape inspired by the most exotic beaches … [More]
Governor Announces First-of-Its-Kind Cross-Border Electric Truck Pilot Program
Alongside Governor Durazo, Governor Hobbs announced a first-of-its-kind Cross-Border Electric Trucking Pilot Program that will build businesses, create jobs, and help preserve Arizona’s natural resources and climate. This program will help ensure Arizona is leading the world into the green economy future. “Mexico is the strongest link in Arizona’s supply chain, and as … [More]
A Decade in Residential Construction in Arizona: Metro Phoenix Ranks Fourth in Top 10 Largest Metros with the Most Permits Issued in 2022
The most recent banking troubles, rising inflation, and prohibitive mortgage rates are some of the issues affecting the housing market at the moment. And the latest data supports the fact that the market is losing momentum: While the number of completed units has increased every year since 2012, permits and housing starts are dropping nationwide. Arizona follows the trend, with … [More]
Communications Co. Invests Over $10M in Infrastructure as It Prepares for Future Growth within the Salt River Pima-Maricopa Indian Community
Saddleback Communications, a provider of highly reliable fiber-based internet, voice and cloud communications services, is investing millions in new infrastructure on the Salt River Pima-Maricopa Indian Community (SRPMIC) to continue to provide exceptional reliability and next-generation services. The company recently announced its plan to invest more than $10 million over … [More]
Poll: Arizonans Unified on Urgent Need to Strengthen Protections for Groundwater Supplies
The Walton Family Foundation, in collaboration with Morning Consult, released a poll today revealing that 85% of Arizonans agree that the state should do more to manage groundwater in all parts of the state and 79% agree that Arizona can't address its water crisis without safeguarding all groundwater supplies. Virtually all Arizonans (92%) say it is a priority for the state … [More]
Edwards Ready to Serve Semiconductor Industry with Opening of Manufacturing Facility in Chandler
Edwards, the leading supplier of vacuum and abatement services for the global semiconductor industry, is ready to serve Arizona’s fastest growing sector with the grand opening of its state-of-the-art manufacturing facility in Chandler, Arizona. The newly constructed 200,000 square foot facility, coined Chandler Connection, officially opened its doors on Thursday, April … [More]
Single-Family Home Rents Continue to Rise, Phoenix Up 14%
Rentometer has released their Q1 2023 Rent Report for three-bedroom (3-BR) houses that are single-family rentals (SFRs). Rentometer collects data for all residential asset classes, but this report is focused on SFR because they are one of, if not the most, active residential rental asset classes today. Rentometer's president, Mike Lapsley, commented that … [More]
Home Prices Fell 3% in March–Biggest Annual Drop in Over a Decade, Competition Up
The median U.S. home price fell 3.3% in March to $400,528, the largest year-over-year drop since 2012, according to a new report from Redfin, the technology-powered real estate brokerage. Pandemic boomtowns and pricey Bay Area markets led the price declines in March. In Boise, ID, prices fell 15.4% from a year earlier, more than any other U.S. metro area Redfin analyzed. … [More]
Arizona Gives Day Generates $5.1M for Nonprofits Statewide
Arizona residents donated more than $5 million to more than 875 Arizona nonprofits as part of the 2023 Arizona Gives Day, preliminary results show. With this year’s preliminary total, Arizona Gives Day has now generated nearly $42 million for Arizona nonprofits over the past decade. The event, which is presented by the Alliance of Arizona Nonprofits + Arizona Grantmakers … [More]
Smaller Deals Lead Q1 Phoenix Office Leasing, Favoring Spec and Sublease Space
Three quarters of all office lases signed in metro Phoenix in Q1 2023 fell in the sub-10,000-square-foot range, according to the latest market report released by the Phoenix office of JLL. The activity demonstrates a continued preference for smaller speculative suites and plug-and-play sublease space – both office solutions that provide greater flexibility as tenants and … [More]
Investment Group Set to Break Ground on One of the Largest Industrial Parks in Arizona History
Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, is set to break ground on Phase I of LogistiCenter℠ at Copperwing, commencing construction for one of the largest business parks in Arizona history. LogistiCenter℠ at Copperwing is located at the Northern Parkway … [More]
ACF to Provide $2.9 Million in Funding to Support Affordable Housing in Metro Phoenix
The Arizona Community Foundation’s Metro Phoenix Affordable Housing Collaborative Fund is seeking proposals from nonprofit housing developers and plans to award approximately $2.9 million to advance affordable housing production and preservation in the Metro Phoenix Area. This Request For Proposals process is part of the ongoing work of the Metro Phoenix Affordable Housing … [More]
Report Shows Rents Post First Annual Decline in Three Years, Phoenix Down 2.1%
The median U.S. asking rent fell 0.4% year over year to $1,937 in March—the first annual decline since March 2020 and the lowest median asking rent in 13 months, according to a new report from Redfin, the technology-powered real estate brokerage. By comparison, rents were up 17.5% one year earlier, in March 2022. The median asking rent in March was unchanged from … [More]
New Tempe Sports and Entertainment District Project Gets NHL, Business Leader Support
As ballots are expected to be mailed out April 16th, NHL Commissioner Gary Bettman attended a press conference to show his support for Propositions 301, 302, and 303 to build a new Tempe Sports and Entertainment District. The project would create more than $690 million in economic benefits to the City of Tempe. It includes new restaurants and retail, a theater, multi-family … [More]
Construction Nears on New Large-Scale Battery Storage Project in Avondale
Officials from SRP, Plus Power LLC, and the City of Avondale met on Wednesday for a ceremonial groundbreaking to kick off construction mobilization at the new large-scale battery facility, Sierra Estrella Energy Storage on West Broadway Road in Tolleson. The facility will store up to 250 megawatts (MW), or 1,000 megawatt hours (MWh), and will be the largest standalone … [More]
Mayor Gallego Announces New Phoenix Medical Quarter in Central Corridor
Phoenix Mayor Kate Gallego announces in State of the City address that Creighton University, Barrow Neurological Institute and others will be part of newly designated Phoenix Medical Quarter. Creighton University will serve as a central element of the future-focused Phoenix Medical Quarter. The new designation acknowledges the significant influx of healthcare, bioscience, … [More]
U.S. Consumer Prices Rose 5% in the Year through March, a Sign Inflation Is Cooling
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in March on a seasonally adjusted basis, after increasing 0.4 percent in February, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 5.0 percent before seasonal adjustment. The index for shelter was by far the largest contributor to the monthly … [More]
Phoenix Council Approves $150,000 in Grant Money to Assist in the Rehabilitation of a Historic Motel
The Phoenix City Council approved a $150,000 grant to rehabilitate a portion of the 63-year-old “City Center Motel" in the heart of downtown. The restoration of the historically designated main building is part of a larger project to build a new multi-story high-tech hotel. The main building at 600 W. Van Buren Street, is a rare remaining example of “Googie-style" roadside … [More]
