One of the West’s most spectacular rooftop settings will make its debut atop the ultra-luxurious The Global Ambassador, opening late 2023, as theà Mediterranean Rooftop sets the stage for restaurant innovator Sam Fox’s endeavor into inventive cocktails, shareable plates and exceptional fare inspired by the sun-soaked Mediterranean region. In the shadow of Arizona’s famed … [More]
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Sam Fox Reveals Details of Stylish Rooftop, Appoints Head of Culinary at Forthcoming Luxury Hotel
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Capital Raise of $75M Is Milestone for Construction of KOREPlex, the Lithium-ion Battery Gigafactory Scheduled to Break Ground in Arizona Q4 2022
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KORE Power, Inc. has closed the initial $75 million tranche of a private placement (the “Financing”) anticipated to total $150 million. Siemens Financial Services was the lead investor and was joined by Quanta Services with additional strategic partners including Nidec Motor Corporation, Honeywell Ventures, Trog Hawley Capital and a leading utility scale energy storage … [More]
Tempe City Council Unanimously Approves Tempe Entertainment District Agreement with Developer
inbusinessPHX.com
Residents are likely to get the opportunity to vote on the Tempe Entertainment District, now that the Tempe City Council has approved key aspects of the plan. The Arizona Coyotes have pledged to collect the needed petition signatures to refer the project to the ballot as soon as May 16, 2023. If voters approve, the 46-acre project could be built with a planned Coyotes … [More]
ASU and Mexico Partner to Boost Semiconductor Production in North America
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Arizona State University will be working with higher education institutions in Mexico, along with microelectronics industry partners, to boost the production of semiconductors in North America and address a crucial national security issue. Recently, ASU President Michael Crow signed a memorandum of understanding with Esteban Moctezuma Barragán, the Mexican ambassador to the … [More]
U.S. Mortgage Delinquencies Remain Near Historic Low in September
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CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for September 2022. For the month of September, 2.8% of all mortgages in the U.S. (approximately 1.4 million loans) were in some stage of delinquency (30 days or more past due, including those in foreclosure), … [More]
Investor Home Purchases Fell 30% in Third Quarter, Phoenix Tops List
Rick McCartney
Investor home purchases fell 30.2% year over year nationwide in the third quarter, according to a new report from Redfin, the technology-powered real estate brokerage. That is the largest decline since the Great Recession aside from the second quarter of 2020, when investor activity plummeted due to the onset of the pandemic. It outpaced a 27.4% drop in overall home purchases … [More]
Major Bank to Expand Credit Access for Small Businesses through Credit Program in Historically Underserved Communities
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Chase has announced the national launch of a Special Purpose Credit Program (SPCP) to improve access to credit for small business owners in historically underserved areas. The program is the first of its kind to be offered for small business owners nationally and one of many initiatives Chase has introduced to expand small business relationships, drive inclusive economic growth … [More]
Phoenix Retailers Adjust to Pandemic-Era Changes with New Strategies for the 2022 Holiday Shopping Season
inbusinessPHX.com
The Phoenix retail real estate landscape has seen a 2% point decrease in vacancy since the third quarter of last year, highlighting the desire of Valley residents to return to pre-pandemic shopping habits, which is made easier thanks to the region’s warmer temperatures and plethora of outdoor shopping locations Retailers have applied lessons learned from the past two years … [More]
Pending Home Sales Post Record Drop in October as Deal Cancellations, Price Cuts Hit Record High
inbusinessPHX.com
Pending home sales fell the most on record in October and deal cancellations and price cuts hit record highs, according to a new report from Redfin, the technology-powered real estate brokerage. Pending sales dropped 32.1% year over year last month, the largest decline since at least 2013, when Redfin’s records begin. Nearly 60,000 home-purchase agreements fell … [More]
Start Planning for the Busy Holiday Travel Season with These Helpful Tips
inbusinessPHX.com
It's time to start planning holiday travel and for travelers flying someplace this Thanksgiving, here are some handy tips for navigating America's Friendliest Airport®. Thanksgiving is one of the busiest times of the year – not just in the skies but on roads around the airport. This can make even … [More]
Home Prices Plateau as High Mortgage Rates Chill Market, Phoenix among Top Markets for Home Value Retention
inbusinessPHX.com
Buyers and sellers are both stepping away as skyrocketing mortgage rates have settled the housing market into a more balanced state, according to the latest Zillow® market report1. Home values remained nearly flat in October as new inventory waned and sales continued to fall from the pandemic frenzy. "Home prices in October remained in … [More]
One-Stop-Shop to Start a Business in Arizona Launches
inbusinessPHX.com
Governor Doug Ducey and the Arizona Department of Administration launched Arizona Business One Stop, an easily accessible online location for small businesses and entrepreneurs to plan, start and grow their business in Arizona. “One of the top priorities of my administration has been making Arizona the best place in the nation to do business.” said Governor Ducey. “We’ve … [More]
First-Ever Mattel Adventure Park Slated to Open in 2023 in Glendale
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Fans of Hot Wheels, Thomas & Friends, Barbie, and other iconic American toy brands will find plenty of fun and fanfare when Mattel Adventure Park, the first-ever Mattel branded theme park, starts welcoming guests in Glendale, Arizona. The new entertainment destination combines the talents of today’s top names in attractions, amusements, and design. Slated to open in 2023 … [More]
Phoenix City Council Approves Metrocenter Redevelopment
inbusinessPHX.com
By a 6-2 vote, Phoenix City Council has passed the last required vote for Metrocenter to enter into redevelopment. Almost 50 years ago Metrocenter Mall opened its doors, and for many Phoenicians served as the backdrop for their formative years. Housing five department stores, a food court and an indoor ice rink during the winter months, Metrocenter Mall was a crown jewel … [More]
ASU to Lead Partnership for Actionable Solutions to State Water Needs
inbusinessPHX.com
Arizona State University and Arizona Gov. Doug Ducey announced that the university will lead a multi-year Arizona Water Innovation Initiative to provide immediate, actionable and evidence-based solutions to ensure that Arizona will continue to thrive with a secure future water supply. The Governor has committed resources and has asked ASU to work with industrial, municipal, … [More]
State’s Largest Catering Concept to Hire Hundreds of Hospitality Professionals for Super Bowl LVII, WM Phoenix Open
inbusinessPHX.com
Arizona-based M Culinary Concepts, the state’s largest event catering company, will hire hundreds of hospitality professionals ahead of the Valley’s bustling events season, including Super Bowl LVII-related events and the WM Phoenix Open. M Culinary Concepts will hire for front-of-house, back-of-house, warehouse/facilities, transportation, and cafe support. Permanent full- … [More]
Maricopa County No. 1 Again for Talent Attraction
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A new report ranks Arizona and Maricopa County as national leaders for adding skilled jobs and workers over the last five years. For the fifth time in the last six years, Maricopa County claimed the no. 1 spot in the Talent Attraction Scorecard released by Lightcast, a global leader in labor market analytics. New this year, the report ranked states for their talent attraction … [More]
Annual Home Price Growth Slows to 3%, Says Report
inbusinessPHX.com
Home-sale prices rose 3.2% year over year during the four-week period ending November 6, the smallest increase since July 2020, according to a new report from Redfin, the technology-powered real estate brokerage. The median home sale price has fallen 8.4% from its all-time high in June, when the average 30-year fixed mortgage rate was over a point lower than it is now. … [More]
