Litchfield Considering Cornerstone at the Park Plan
By Roland Murphy for Arizona Builder’s Exchange The City of Litchfield Park Planning & Zoning Commission recently heard information on a 313-unit residential mixed-use project with 13KSF of commercial space at the NWC of Litchfield Road and Wigwam Boulevard. As reported by AZBEX in January, 2015, the city approved plans to expand the Wigwam Resort. […]
New Purchase, Expansion Plans for Park Central Mall
By Roland Murphy for Arizona Builder’s Exchange Long an icon of stalled hopes for renovation and redevelopment in Central Phoenix, the area around Park Central Mall continues to blossom into one of the city’s most dynamic areas of urban rebirth. According to an announcement this week, the ownership group behind the mall property redevelopment “has purchased […]
PHX Strong, Though National Multifamily Dips a Bit
By AZBEX Staff for Arizona Builder’s Exchange September saw a slight dip in multifamily rents, but the grand picture is still rosy overall. According to the September 2018 Multifamily National Report from Yardi Matrix, “A $1 decline is insignificant, especially at the start of the fall, when rent growth traditionally begins to hibernate for winter. […]
$60M, 282-Unit Mixed-Use Planned in S. Scottsdale
By Roland Murphy for Arizona Builder’s Exchange Berry Riddell, LLC has submitted a proposal to the City of Scottsdale on behalf of Trammell Crow Residential to develop a $60M, eight-building, 282-unit mixed-use residential community at 2001 N. Scottsdale Road, just north of East Palm Lane. The Trammell Crow Residential website lists 75 Alexan-branded developments and […]
Investors Move Past the Traditional in PHX, North America
By Roland Murphy for Arizona Builder’s Exchange Autumn is rolling across North America, and capital is continuing to roll into commercial real estate locally, regionally and globally. However, investors are looking outside their traditional comfort and target zones due to limited supply in many areas and compressing cap rates. In its “Fall 2018 North America […]
Broken GDLE Subdivision Becoming Niche Apts.
By Roland Murphy for Arizona Builder’s Exchange A site in Glendale at 59th Avenue and Butler Drive that has sat only partially developed for 40 years will be reborn as a niche apartment community under a proposal by Visiquest Properties, LLC. According to an announcement sent to AZBEX and select other outlets by Visiquest Principal […]
Maricopa Picks Tempe’s CPI to Develop Copper Sky
By Roland Murphy for Arizona Builder’s Exchange Last week the City of Maricopa took a major step forward in the long-sought-after development of its Copper Sky Commercial Site and entered into an agreement with Tempe-based Commercial Properties, Inc. to bring the project to fruition. Maricopa released an RFP in February “to transform the Copper Sky Commercial […]
Ground Fissure Complicates Mesa Multifamily Project
By Adrienne St. Clair for Arizona Builder’s Exchange Aspire Development, LLC has submitted a proposal to the City of Mesa to build two-story multifamily condominiums on 3.3 acres at the SWC of Sossaman Road and Billings Street. The new community will be built in phases, eventually totaling 49 units. It will include amenities like a […]
Major Biltmore Office Redevelopment Proposed
By Roland Murphy for Arizona Builder’s Exchange JDM and Best Western, Inc. have submitted a joint proposal to the City of Phoenix to redevelop their properties at the NEC of 24th Street and Arizona Biltmore Circle into a modern mixed-use development in keeping with the area’s ongoing resurgence. The location is slightly more than one […]
PHX Multifamily Still Appealing
By Roland Murphy for Arizona Builder’s Exchange Institutional investors are actively seeking multifamily opportunities in the Phoenix area, and that trend shows no sign of slowing down in the near term, according to the “ABInsight Phoenix MSA 2Q 2018” market report published this week by ABI Multifamily. In the report, ABI Director of Research Thomas […]