Commercial Real Estate & Business News 6-25-2025

State land in northeast Phoenix, where the now-defunct Arizona Coyotes once hoped to build a new arena, was sold to a Minnesota-based commercial developer for $136 million. In a bidding war that broke out at the Arizona State Land Department’s public auction last week, Mortenson Co. outbid rival developer Verde Investments for the 217-acre property near Scottsdale…»

One of the largest home developers in the United States is looking to redevelop a plot of largely vacant agricultural land in South Mountain, one of the southernmost villages in Phoenix. Scottsdale-based Taylor Morrison Home Corp. seeks to turn the 14.37 acres of vacant land into Yardly Baseline, a 188-unit build-to-rent development. One-third of the units will be…»

The growth of Arizona cities is still outpacing most of the nation. Phoenix remained the fifth-largest city in the U.S. in 2024, based on U.S. Census Bureau city and town population estimates released May 15. The City of Phoenix was also among the top 10 cities for the largest increase in the number of people added between July 1, 2023, and July 1, 2024, given its size, which…»

Chart House, a high-end seafood and steak restaurant in Scottsdale’s McCormick Ranch neighborhood, has closed after 41 years in business. Houston-based Landry’s sold the restaurant, located on Camelback Lake on the southeast corner of Scottsdale and McCormick Parkway, to Prime Steak Concepts last year. Prime Steak Concepts – the group behind…»

Federal Reserve Governor Christopher Waller told CNBC Friday that he doesn’t expect tariffs to boost inflation significantly, and therefore policymakers should look to lower interest rates as early as next month. The central banker said he and his colleagues should move slowly but start to ease, since inflation is not posing a major economic threat…»