Commercial Real Estate & Business News – April 2, 2014

Deco Communities Venture Developing Luxury Residential Tower In Scottsdale

A venture formed by Deco Communities LLC in Scottsdale (Rob Lyles, Patricia Watts, Dan Richards, principals) plans to develop a 8-story residential tower in Old Town Scottsdale that will have 90 for sale condominium units. The planned project, called Envy, is being developed in a joint venture including Isles Ranch Partners in Newport Beach, Calif. and Castlelake L.P. in Minneapolis, Minn. The $37 million project is… Read more

Vestar’s Tempe Marketplace Announces an Impressive List of New Tenants

Tempe Marketplace, a 1.3 million square-foot regional center, announced today plans to open a Nordstrom Rack, DSW, and Total Wine in 2014. Developed by Vestar and located in Tempe, Arizona, Tempe Marketplace offers strategically integrated shopping, dining and entertainment in a festive, pedestrian-oriented village town center environment… Read more

Clear Sky Capital Purchases Chandler Apartments for $15.2m

Marcus Kurschat of Phoenix-based Clear Sky Capital has completed acquisition of the Park Tower Apartments in Chandler for $15.2m or just under $85k per unit. Mr. Kurschat payed $2.5m in cash and financed the remainder with a $12.7m multifamily deed of trust with an affiliate of Walker & Dunlop. The 180-unit property is located adjacent to the Home Depot-anchored neighborhood shopping center… Read more

Mesa Opens New Apartment Complex

The city of Mesa opened up a new, state-of-the-art apartment complex as part of a plan to address homelessness in the city. The apartment complex, located at 2254 W. Main St., is an 80-unit affordable housing facility, with 30 units devoted to chronically homeless individuals and residents in need of intensive and long-term support services… Read more

No Progress On Ellman Property In Fountain Hills

Residential construction is slowly showing signs of life in Fountain Hills as the economy improves, bringing more revenue to the town’s coffers. However, one major project in the works for several years hasn’t budged despite the improving climate for builders. In 2007, Ellman Cos. purchased 1,275 acres of former state trust land that was annexed into the northeastern corner of town…. Read more