Developer starts demolition process for Atari Hotel site
Developers have started the process to tear down a former radio station building to make way for the highly anticipated, video game-themed Atari Hotel in a bustling section of downtown Phoenix. Main & Main RoRo LLC – an entity connected to Phoenix-based Intersection Development – applied for a demolition permit at 840 N. Central Avenue on May 7, according to city permitting records. The property is home to a building constructed in 1957 that several local radio…»
Investors May Be Overlooking Hidden Tax Savings in Multifamily Deals
Investors in multifamily real estate may be overstating property values and paying more in taxes as a result of failing to separate intangible assets from the real estate itself. That oversight can lead to missed opportunities to reduce property tax burdens, according to Todd Jones, principal and CEO of RealAdvice, who spoke Tuesday at the GlobeSt. Multifamily Owners Summit in Tampa. Jones said many owners and investors do not fully account for the distinction between taxable real…»
Luna Grill plans at least three more Phoenix-area locations before year’s end
Luna Grill, a San Diego-based fast-casual Mediterranean restaurant with two locations already open in the East Valley, will have at least three more open across the Phoenix area before the end of the year — and that’s “just the tip of the iceberg,” according to its CEO. The restaurant chain, which was founded in 2004 in San Diego by husband-and-wife team Sean and Maria Pourteymour, has plans to add new stores in Tempe, Avondale and north Phoenix, not far from the developing…»
Households slow their spending and dip into savings as inflation heats up
Americans continued to spend in April, though the pace of that growth slowed as consumers faced multiple headwinds. Inflation-adjusted income growth turned negative for the second consecutive month, gasoline prices remained elevated near four-year highs, and inflation across other categories also ticked up. Increasingly, consumers are dipping into savings and relying on accumulated household wealth to maintain spending power. That’s a fragile balance likely to intensify the reach of…»
The Lakefront at Scottsdale redevelopment project moves forward
Diversified Partners has officially closed on the landmark Scottsdale waterfront property that will become The Lakefront at Scottsdale, a mixed-use redevelopment designed to revitalize one of the area’s most recognizable lakefront sites. The Lakefront at Scottsdale represents the revitalization of a landmark waterfront site in Scottsdale, transforming a long-established location into a destination for dining, curated retail and gathering spaces. The development integrates hospitality-…»