Commercial Real Estate & Business News April 19, 2018

North American Development Group will break ground later this year on a new 30-story luxury multifamily tower that, upon, completion, will stand as the second tallest residential building in downtown Phoenix.  The Markham, Ontario-based firm acquired a .9-acre tract within the Arizona Center for the site of Palm Court Tower, a $100 million high-rise that will offer 350 apartments, a six-level parking garage, garden entry and an amenity floor with a pool and fitness center…»
International property and construction consultancy firm Rider Levett Bucknall (RLB) has released its latest quarterly construction cost report for North America with data current to January 1, 2018 gathered from 14 cities across the United States and Canada. Julian Anderson, FRICS FAACE, President of RLB North America and Chairman of the Global Board, said, “Our first quarter cost report is an empirical snapshot of the construction industry during a year when it was confronted by turbulence from proposed infrastructure programs…»
It is undeniable that industrial development is focused on large warehouse and distribution facilities. While there is strong demand for these larger spaces, there continues to be significant demand for manufacturing uses. Development for small-box facilities-which manufacturing users generally need-is stunted not because of low demand but because of development costs…»
Since 2000, spending on building apartments, condominiums and other multifamily projects has exceeded $13 billion in Phoenix, according to a new report. That’s $13.1 billion to be exact, according to the report from Apartment List. That total spending is the 10th highest among all major U.S. metro areas during the period from 2000 to 2016. Spending on multifamily construction in Phoenix was 10.5 percent of the share of residential spending…»
Phoenix, Ariz. – Kentucky-based Springstone will develop its second Arizona behavioral health facility on 6.59 acres located near the Loop 202 and Val Vista Drive in Gilbert. Springstone purchased the property from Willis & Melrose, LLC.  The land is situated at the corner of Rome and Melrose streets near the Mercy Gilbert Medical Center.  Philip Wurth, executive vice president with Colliers International in Greater Phoenix, negotiated the sale…»