Commercial Real Estate & Business News April 10, 2019

How Opportunity Zones Will Impact Real Estate Finance The Tax Cuts and Jobs Act of 2017 created a federal program that encourages private investment in low-income, high-unemployment urban and rural communities, designated as “Opportunity Zones.” The aim of the program is to stimulate economic development in economically underserved areas by encouraging investment capital…»
Medistar Plans Major Downtown Phoenix Project
Houston-based developer Medistar Corp. has announced plans to build a $231 million transit-oriented mixed-use project in Downtown Phoenix. The proposed project is on a ground lease with the city, and will include a 150-key InterContinental Hotel and restaurant, a 30-story 300-unit apartment complex, an 18-story student-housing…»
Irgens Breaks Ground on 47,322 SF Office/Healthcare Building in Scottsdale
The Phoenix office of Irgens has broken ground on 17 Three Hundred at Perimeter Center, a two-story office/healthcare building in Scottsdale. Located at 17300 N. Perimeter Drive, the property will feature 47,322 square feet of Class A office and healthcare space. Additionally, the building will feature extensive glass lines,…»
Sears Opening Three Stores Under New Banner
The embattled department store chain announced it will open three small-sized stores, called “Sears Home & Life,” in May, with locations in Anchorage, Alaska; Layette, Louisiana; and Overland Park, Kansas. The stores will range in size from 10,000 sq. ft. to 15,000 sq. ft., with the footprint primarily driven by the needs of the local community and…»
Construction Sees Minor Job Growth in March
The construction industry added 16,000 net new jobs in March, according to an Associated Builders and Contractors analysis of data released today by the Bureau of Labor Statistics. On a year-over-year basis, industry employment is up 246,000 jobs, representing a 3.4% increase. Nonresidential employment added 3,200 net new…»