Commercial Real Estate & Business News – April 19, 2016

The latest employment data and revisions from 2015 show Arizona and its major metro areas have been performing better than originally thought. The first of two major revisions show that Arizona employment in 2015 was up 2.6% compared to the 2.4% originally reported. In Greater Phoenix, growth was 3.3% compared to the 2.9% originally reported for 2015. In addition, employment data from March show that the state is up 3.1%…Read more »
The Scottsdale Airport will be seeing a $25 million facelift as it upgrades some of its facilities and tenants in the next few years. The airport made the announcement last week that it would be knocking down its terminal area and aviation business center, and replacing those structures with two large executive-type hangar facilities and a new aviation business center, beginning February 2017… Read more »
New home sales and new residential construction permits are continuing their 2016 rise — at least when compared to 2015. But they are still down from pre-recession levels when builders were building and banks handing out mortgages that built toward a Hindenburg-scale bubble and crash… Read more »
P.B. Bell, a leader in multifamily housing development, management and acquisitions, has opened its newest community, Escape, near Highland Avenue and 16th Street in Phoenix. Located near the upscale Biltmore and Esplanade shopping and nightlife areas, Escape features 244 luxury apartment homes in a resort-style setting featuring an urban, contemporary aesthetic… Read more »
Another multifamily property is set to rise from the ashes of a decades-old building this summer. Proxy333, located at 333 E. McKinley St., immediately west of the Biomed campus, is being co-developed by Scottsdale’s Tilton Development Company and Seattle-based Goodman Real Estate. While new multifamily projects aren’t unique to this particular market, Proxy333 uniquely pulls inspiration from its foundations and the culture that grew around its original building… Read more »