Commercial Real Estate & Business News 6-2-2025

A $25 billion data center development is slated for 2,100 acres in Tonopah, following a Phoenix investment group’s purchase of the land. Arizona Land Consulting, led by Anita Verma-Lallian, paired with venture capitalist Chamath Palihapitiya, CEO of Social Capital, to buy the site in a $51 million deal. The deal is the first real estate investment for Palihapitiya, Verma-Lallian said. “He has a lot of tech experience, he’s never invested in real…»

One year after multifamily investor sentiment took a sharp dive, it has reversed course and now reflects improved fundamentals and a growing optimism about the sector’s near-term performance, according to a first-quarter report from Altus Group. The report said elevated mortgage rates and constrained for-sale housing inventory continue to redirect people toward rentals, which is reinforcing occupancy and rent stability. As new…»

Retailers so far appear to be forging ahead with their roll-outs of new stores, even after telling investors how potential tariffs and spending-weary consumers may end up dinging their bottom lines. This week a variety of major chains — including off-price retailer Burlington Stores and apparel seller Abercrombie & Fitch — reported their earnings. They didn’t say they planned to slow their expansion plans at this time, but rather will continue…»

Sexy Roman, the new restaurant overseen by a Los Angeles company that will be in charge of all food and beverage offerings at Old Town Scottsdale’s W Scottsdale hotel, is set to open June 2. Alliance Hospitality Group, the company behind the eatery concept, said in a May 30 announcement that the new restaurant – as is somewhat apparent in its name – is a “mischievous Italian restaurant.” While the main focus will be dinner, Sexy…»

Location: West Rio Salado Parkway and south Hardy Road near downtown Tempe. Description: A 319-unit apartment tower called Modera Rio Salado has been under construction for nearly two years. The seven-story building near Tempe Town Lake features one-, two- and three-bedroom apartments with an average size of 996 square feet. Community amenities include a rooftop pool and spa, fitness studio, pet park, workspace and…»