News

The Trailhead Mixed-Use Development Breaks Ground in Peoria

The Trailhead, a long-anticipated mixed-use development in Peoria’s northwest Valley, celebrated its groundbreaking ceremony with city officials and local leaders. This 903,000-square-foot project, located at 83rd Avenue and Happy Valley Road, will offer diverse amenities, including 140,000 square feet of retail space anchored by a Safeway, 350 multifamily housing units, and a renovated church. Leases …

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New Filing Offers First Glimpse of Plans for One Camelback After Sale

The One Camelback project, initially an office-to-multifamily conversion, faces uncertainty after financial troubles halted construction last summer. Despite this, a recent building permit indicates plans for a coworking space and coffee bar at the property. The project’s ownership changed hands after a trustee sale, with legal representatives managing the property. Contractors have filed liens for …

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Fry’s-Led Morrison Ranch Commercial Center in Gilbert Looks to Open By End of 2024

Construction is underway for a new shopping center in Gilbert, featuring a Fry’s Food Stores location set to open by the end of 2024. The site, spanning over 20 acres at Power and Elliot roads, is being developed by Barclay Group and Fred Meyer Stores Inc., a subsidiary of Kroger Co. Other tenants in the …

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Phoenix and Raleigh Lead the US in Retail Rent Growth

In 2023, Phoenix and Raleigh emerged as top-performing retail markets in the U.S., boasting over 9% annual asking rent growth due to strong in-migration, rising incomes, and growing economies. Phoenix, particularly, saw a surge in demand following COVID-19, with significant relocation from urban areas, resulting in a 9.7% increase in asking rents, while Raleigh experienced …

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Pacific Proving Eyes Major Data Center and Technology Campus in Mesa

Pacific Proving LLC is seeking approval to develop a 178-acre data center campus in southeast Mesa, with plans for 11 buildings spanning over 2.5 million square feet. The proposed campus would primarily house data centers, along with an office building, warehouse, and electrical substation. The development aims to capitalize on the area’s proximity to major …

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Revised Proposal for New Biltmore Fashion Park Tower Heads to City for Review

Plans for a mixed-use tower at Biltmore Fashion Park in Phoenix, in partnership with Red Development, have been resubmitted with potential for a height increase up to 165 feet. The project’s specifics, including retail, restaurants, entertainment, office, hospitality, and residential spaces, will be market-driven. Submitted to the city on March 1, the project hopes for …

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National Self-Storage Companies Plan Even More Valley Projects

The demand for self-storage units in the Valley, particularly in Phoenix, remains high due to population and employment growth, attracting construction projects. Phoenix ranks among the top U.S. markets for self-storage construction and demand. Major companies like U-Haul, Public Storage, and Extra Space Storage are planning new facilities across various areas in the Valley, including …

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High Retailer Demand Fuels Phoenix Retail Market

The Phoenix retail market has rebounded post-pandemic, driven by consumer demand, population growth, and technology sector development. The lowest vacancy rates in four decades have been recorded, with significant retailer demand and construction of new power centers in areas like Surprise, Buckeye, and east Mesa. Big box inventory is in high demand, with retailers retrofitting …

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TSMC Arizona ‘Tops Out’ Second Phoenix Fab

TSMC celebrated a significant milestone with a “topping out” ceremony for its second semiconductor fab in Phoenix, Arizona, marking the completion of the last steel beam and auxiliary buildings. Progress on the first fab remains on track, with production slated to begin in the first half of 2025. Once operational, these fabs will pioneer advanced …

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Gilbert Industrial Park Trades Hands in Largest Deal of 2024

Two Sigma, a financial services firm from New York City, made a significant acquisition in the Southeast Valley by purchasing the 202 Business Park in Gilbert for $51.6 million, marking the highest industrial sale price of 2024 so far. Financed through Rialto Capital Management, Two Sigma put down $15.4 million in cash for the purchase. …

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Semiconductor Supplier Opens Second Valley Chemical Warehouse; Plus 7 More Deals to Know

Rinchem Co. LLC has expanded its presence in the Phoenix metro area with a new chemical warehouse to support the semiconductor industry’s growth, featuring extensive storage facilities and specialized services. Partnering with Graycor Construction Co. and Archicon Architecture + Interiors LC, Rinchem aims to bolster the local semiconductor industry’s supply chain and contribute to regional …

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Fairmont Scottsdale Princess Clears Key Hurdle for Expansion Plans

The Fairmont Scottsdale Princess has received unanimous approval from the Scottsdale Planning Commission for its expansion plans, including adding more hotel rooms, new food and beverage concepts, and expanding event space. The proposal, which includes a 155-unit guest wing, bungalows, an Italian restaurant, and a coffee shop, will now be reviewed by the Scottsdale City …

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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 …

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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 …

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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 …

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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 …

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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 …

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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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