Levrose In The News

Metrocenter Demolition Set to Start This Spring Ahead of Major Redevelopment

The former Metrocenter mall is set to be demolished by spring 2024, delayed due to market conditions such as high interest rates and oversupply of multifamily housing. The $850 million redevelopment project, named “the Village,” will include 2,600 residential units and 150,000 square feet of commercial space. The development team, including Concord Wilshire Capital, TLG …

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Buckeye Planning Recommends Tech Corridor Master Plan

The Buckeye Planning Commission has recommended approval for a 2,100-acre master plan proposed by Arizona Land Consulting to develop a data center and technology campus in the Buckeye Tech Corridor. The plan involves a major amendment to the former Cipriani master plan for the site, which was acquired by Arizona Land Consulting last April for …

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W. P. Carey Begins Selling 78 Self-Storage Facilities for $465 Million

W.P. Carey has initiated the sale of 78 self-storage facilities, starting with the $88.5 million sale of 16 properties leased to U-Haul. The sale follows U-Haul’s notice to repurchase the properties, which were initially acquired by W.P. Carey in 2004 and leased back to U-Haul. The total purchase price for the entire portfolio is anticipated …

W. P. Carey Begins Selling 78 Self-Storage Facilities for $465 Million Read More »

Developer Ready to Move Forward on Long-Awaited Old Town Scottsdale Hotel Project

Desco Arizona LLC plans to construct a new hotel, “SLS Scottsdale,” in Old Town Scottsdale, with 235 guest rooms and five restaurants. Despite facing foreclosure auction proceedings, Desco aims to secure a new loan to proceed with the project. The development has faced delays and financial challenges, including a $25 million cost increase during the …

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New Construction Remains on an Upward Trend in Phoenix for 2024

Multifamily construction starts saw a decline in 2023 but still exceeded expectations given financial market turbulence. Yardi Matrix’s report reveals that while 2023 ranked third in recent years for the number of units breaking ground, it follows 2022 and 2021. Although full-year data for 2023 is still pending, the report indicates a 25.3 percent decrease …

New Construction Remains on an Upward Trend in Phoenix for 2024 Read More »

Developer Starts Work on Scottsdale Airpark Industrial Building

A new large industrial building, Thunderbird Commerce Park, is set to be completed by early 2025 near Scottsdale Airport, addressing the shortage of industrial space in the Northeast Valley submarket. With 243,360 square feet, the $60 million project aims to meet the needs of modern tenants in various sectors including pharmaceuticals, aerospace, electric vehicles, and …

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Caesars Republic Scottsdale Sets Opening Date; Reservations Now Accepted

Caesars Republic Scottsdale, the Valley’s highly anticipated luxury hotel, is set to open on March 6, marking the first nongaming hotel from Caesars Entertainment Inc. Reservations for the property, overseen by HCW Development, are now open starting April 1. Situated near Scottsdale Fashion Square, the 11-story, 265-room hotel boasts 20,000 square feet of event space …

Caesars Republic Scottsdale Sets Opening Date; Reservations Now Accepted Read More »

Why Buckeye’s Verrado Way Development Could Evolve into a Dominant West Valley Commercial Hub

With nearly 50 acres of space, Verrado Marketplace, a $125 million power retail center set to open west of Phoenix, one of the largest projects of its kind in the area since 2008, is set to feature major anchors like Target, Safeway, and a Harkins BackLot entertainment complex. Situated at the northeast corner of Interstate …

Why Buckeye’s Verrado Way Development Could Evolve into a Dominant West Valley Commercial Hub Read More »

Creation Equity Breaks Ground on Large Industrial Building Near Scottsdale Airport

Creation Equity, a Phoenix-based firm, is constructing Thunderbird Commerce Park, a 243,360-square-foot industrial building near Scottsdale Airport, slated for completion by early 2025. This $60 million project aims to address the Northeast Valley submarket’s shortage of industrial space, particularly in the highly desired Scottsdale Airpark submarket. Featuring modern amenities like 51 truck doors, 32-foot clear …

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Last Parcel at Gilbert Spectrum Gets Key Vote; Multi-Building Business Park Proposed in Mesa

The Gilbert Planning Commission recommended approval for Gilbert Spectrum Building 8, the last building pad site within a 64-acre business park, marking progress towards its completion. The 100,901-square-foot warehouse office project received unanimous approval for its site plan, landscaping, and other specifications. Designed by Balmer Architectural Group and with a general contractor listed as Graycor …

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Kohler Co. Manufacturing Plant Now Expected to Start Operations in 2024

Kohler Co. is nearing completion on its manufacturing project in Casa Grande, Arizona, for Sterling Vikrell bath and shower fixtures, with the 1 million-square-foot facility expected to be operational by mid-2024, costing $300 million. The plant, set to employ over 400 people, will include manufacturing equipment and ancillary spaces like warehouses and offices. Construction began …

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Mixed-Use Project with 30-Story Tower Could Rise in Roosevelt Row

Mainstreet Capital Partners, a national firm expanding in downtown Phoenix, has proposed a 30-story mixed-use tower in the Roosevelt Row area. The project will feature 297 apartment units, retail, and restaurant space, along with parking spaces along the Valley Metro light rail line. The development will replace a former auto shop and is part of …

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Macerich Files Proposal to Develop Office Tower at Prominent Biltmore Intersection

Macerich Co., the owner of Biltmore Fashion Park in Phoenix, has submitted a proposal to develop a 10-story, 330,000-square-foot office tower at the northeast corner of 24th Street and Camelback Road. The tower, with a ground floor featuring retail space, is part of Macerich’s plan to add 750,000 square feet of new Class A office …

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Intersection Development Opens Up About Its Vision for Roosevelt Row Arts District

Phoenix-based Intersection Development LLC has commenced the construction of Rainbow Road, a 36-unit boutique apartment complex inspired by the video game Mario Kart, in the Roosevelt Row Arts District. The project, designed by architect Lev Libeskind, will also include ground-floor commercial space. Intersection Development recently acquired the building at 840 N. Central Ave., and while …

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Dick’s Sporting Goods to Bring Experiential Concept Store in Arizona

Dick’s Sporting Goods is set to introduce its national store concept, Dick’s House of Sport, in Arizona in 2025. The new concept integrates retail merchandise with sporting experiences like rock climbing, golf simulation bays, and multi-sport cages. While details about the Arizona project remain limited, public records indicate that Dick’s acquired around 11 acres of …

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Scottsdale Now the Nation’s Best City for Jobs, New Report Finds

Scottsdale has been identified as the top city for job seekers in the U.S., according to a recent survey by WalletHub. The study assessed 182 cities, considering job market and socioeconomic factors using 31 weighted metrics from various public and private sources. Scottsdale secured the top spot with the best job market ranking and the …

Scottsdale Now the Nation’s Best City for Jobs, New Report Finds Read More »

Is Buc-ee’s Opening its Largest Store in Arizona?

Buc-ee’s, the Texas-based convenience store chain, is planning to open its largest store yet in Phoenix’s West Valley. The Goodyear Planning and Zoning Commission approved a zoning request for a 71-acre vacant property to accommodate a Buc-ee’s along with restaurants, hotels, and retailers. The proposed Buc-ee’s would be over 75,000 square feet, potentially becoming the …

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Industrial Space Occupancy Thrives in Phoenix Despite National Decline

Phoenix is defying national trends with a 3% increase in occupied industrial space and the delivery of 16.5 million square feet of industrial product in Q3 2023, making it a hub for tech giants. The construction workforce in Arizona is expanding alongside economic growth, adding over 900 construction jobs in the Phoenix metro area in …

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Mountainside Fitness Opening 20th Location

Mountainside Fitness is set to open its 20th location, a 40,000-square-foot studio in Avondale, hosting a preview party on Feb. 24. The new center will feature separate group fitness studios, a tiered cardio platform, a strength floor, a large child-care area, locker rooms, saunas, steam rooms, and a cold plunge. It will also include an …

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Infrastructure Work Begins on New Abrazo Campus at Verrado Way

Preparations are underway for the first phase of Abrazo Health’s new medical campus in Buckeye, near I-10 and Verrado Way. The 27-acre campus will include medical offices, ambulatory services, and an acute care hospital. The initial development phase involves a three-story, 60,000-square-foot medical office building, set to break ground in spring, with tenants including cardiology, …

Infrastructure Work Begins on New Abrazo Campus at Verrado Way Read More »

Phoenix Leapfrogs Dallas as U.S. Leader for Industrial Construction

In early 2024, Phoenix has surpassed Dallas-Fort Worth as the top industrial construction hub, boasting about 45 million square feet under development, the highest in the nation. This historic construction boom follows the completion of 30 million square feet in the previous year and 25.9 million square feet in 2022, contributing to a 15% increase …

Phoenix Leapfrogs Dallas as U.S. Leader for Industrial Construction Read More »

Banner Health Sells Major West Valley Medical Office Property; Plus 4 More Valley Deals to Know

A medical office property on the Banner Thunderbird Medical Center campus in Glendale has been sold in a ground lease transaction for $13.5 million. Phoenix-based Banner Health, the property seller, transferred ownership to Scottsdale-based UDLR Healthcare. The property, known as Thunderbird Medical Pavilion, is 50% leased, and Banner Health remains the largest tenant. UDLR Healthcare, …

Banner Health Sells Major West Valley Medical Office Property; Plus 4 More Valley Deals to Know Read More »

Auto Sales Company Bringing 500 New Jobs to West Valley

Dallas-based TriColor Auto Group plans to open a third facility in Surprise, metro Phoenix, creating 500 jobs. The new 258,000-square-foot warehouse will be situated at the northwest corner of Cactus Road and Summit Way, serving various purposes, including inspection, refurbishing, storage, and distribution. BlueScope Properties Group is developing the facility, marking their first project in …

Auto Sales Company Bringing 500 New Jobs to West Valley Read More »

Developer with Large Industrial Presence in Phoenix Buys New Facility

An industrial facility in Phoenix, spanning nearly 250,000 square feet, was acquired for $20.4 million by a real estate investor and developer based in Newport Beach, California. The facility, designed for distribution and logistics, features various amenities and is strategically located near the Loop 202 and 59th Avenue. The buyer expressed satisfaction with the property, …

Developer with Large Industrial Presence in Phoenix Buys New Facility Read More »

New-Look Industrial Park in Southeast Mesa Moves Through Planning and Zoning Board

Plans for the Gateway Commerce Center II in Mesa, spanning nearly 28 acres, are progressing after receiving approval from the city’s Planning & Zoning Board. The center will house two industrial buildings totaling over 235,000 square feet, with modified plans featuring an industrial building for multiple tenants and a trans-load building for truck trailer transfers. …

New-Look Industrial Park in Southeast Mesa Moves Through Planning and Zoning Board Read More »

Developer IndiCap Eyes Groundbreaking for Once-Controversial The Ranch in Gilbert

A transformative project, “The Ranch,” is poised to break ground in Gilbert, spanning 300 acres for a diverse development mix, including industrial, retail, restaurants, and multifamily components. Led by IndiCap, Colmena Group, and Langley Properties, the groundbreaking is scheduled for May or June. Initially met with opposition for its industrial emphasis, the project’s revised plans …

Developer IndiCap Eyes Groundbreaking for Once-Controversial The Ranch in Gilbert Read More »

Evergreen Devco Eyes Development of Industrial Site Near Falcon Field Airport

Phoenix-based Evergreen Devco Inc. has filed an application for rezoning in Mesa to develop The Landing at Falcon Field, a business park near Falcon Field Airport. The project includes four industrial buildings totaling 551,320 square feet and 7,000 square feet of retail space with two drive-thru stores. The 33-acre site was purchased from Sam’s Club, …

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First Look: Caesars Republic Luxury Hotel in Scottsdale Progresses Ahead of March Opening

HCW Development is completing the Caesars Republic Scottsdale, an 11-story luxury hotel with 265 rooms and a $112 million budget, adjacent to Scottsdale Fashion Square. The project includes 20,000 square feet of event space, a ground-floor restaurant by celebrity chef Giada De Laurentiis, and various high-end amenities. HCW, with an 80-year land lease from Macerich, …

First Look: Caesars Republic Luxury Hotel in Scottsdale Progresses Ahead of March Opening Read More »

Phoenix City Council OKs Plans for The Central Park Mixed-Use Project

The Phoenix City Council has granted approval for The Central Park project in Midtown, featuring 1,450 residential units, retail and restaurant spaces, and office space. The development, located at Central Avenue and Indian School Road, emphasizes a central open space plaza designed to serve as a gathering point for the community. Initial plans for the …

Phoenix City Council OKs Plans for The Central Park Mixed-Use Project Read More »

Mack Real Estate Group’s Infill Industrial Project in Scottsdale Heads for Review

Mack Innovation Park, a proposed industrial and flex office space project in Scottsdale, aims to bring 1.2 million square feet of space across 11 buildings to the Northeast Valley. The developer, Mack Real Estate Group, acquired 124 acres at an Arizona State Land Department auction in March 2022. The project’s first phase, comprising four buildings …

Mack Real Estate Group’s Infill Industrial Project in Scottsdale Heads for Review Read More »

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