Commercial Real Estate & Business News 5-8-2025

The Federal Open Market Committee (FOMC) maintained its policy interest rate at 4.25%–4.50% on Wednesday, keeping rates unchanged since December, when the central bank last reduced borrowing costs. The Federal Reserve has adopted a more pessimistic stance on the economy, even as it continues to characterize the labor market as “solid.” In its revised policy statement, the Fed…»

Thompson Thrift, a full-service nationally recognized real estate company, announced today the commencement of construction for The Gilmore, a $225 million, 35-acre mixed-use development in the Phoenix suburb of Gilbert. The Gilmore will provide 300 luxury apartment homes, a hotel, and approximately 200,000 square feet of grocery, boutique restaurant and retail…»

A Scottsdale-based real estate firm is working to bring a new development project to the Scottsdale Airport. YAM Management, part of the YAM Worldwide group of companies owned by GoDaddy founder Bob Parsons, is planning to build six new hangars totaling 148,000 square feet on a 8.9-acre parcel, according to city documents. The proposed project is located at 14930 N. 78th Way in Scottsdale…»

PHOENIX – On the same day IKEA debuted a new concept in Scottsdale, the Swedish home furnishings giant announced its next move in Arizona. The company revealed plans for a small-format IKEA Phoenix store on Wednesday as it debuted the state’s first “Plan & order point with Pick-Up” location in Scottsdale. “We are thrilled to offer Phoenix metro area residents more ways to shop and experience…»

Electric vehicle maker Lucid last month bought assets and facilities from another car marker, Nikola Motors; the latter had filed Chapter 11 bankruptcy. Both companies have, or had, major presences in Arizona. As part of the deal, Lucid bought a Nikola manufacturing site in Coolidge and a development center in the Valley. Lucid will also hire an estimated 300 former Nikola employees…»