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Commercial Real Estate & Business News April 2, 2019

High-Rises Proposed For Downtown Phoenix Transit Hub
A major bus hub and light rail stop in downtown Phoenix could be getting a major makeover. The 2.564-acre city-owned site at Central Avenue and Van Buren Street is home to Central Station. It was appraised at $12,286,000 in October 2017. Now, a developer, Medistar, wants to build two high-rise towers on the parcel. A 30-story tower would…»
Second Phase of Luxury Mixed-use Development Proposed in Scottsdale
Weeks after beginning construction on the first phase, Five Star Development has submitted plans for the second phase of the Palmeraie, a luxury mixed-use development between Paradise Valley and Scottsdale. The second phase of the development would consist of office, retail and residential components, totaling roughly 480,000 square feet of…»
Land in Northeast Phoenix Sells to Homebuilder for Record Price
A homebuilder has paid a record price for approximately 120 acres in northeast Phoenix. Only one home was on the nearly vacant swath of desert. D.R. Horton bought the land, at Bell Road and Tatum Boulevard, for about $80 million, according to public real estate records. The deal breaks down to more than $670,000 an acre, the highest price…»
US Homebuilder Stocks Near 7-month High as Outlook Improves
US homebuilders bulldozed through a rough day for US stocks on Wednesday, posting solid gains after a pair of companies in the sector signalled a thaw in the housing market this spring. Lennar, the nation’s largest homebuilder, reported first-quarter orders that exceeded its own expectations amid a decline in mortgage rates and moderating…»
Gold’s Gym Will Open New Location in Chandler
Gold’s Gym, the world’s trusted fitness authority, is returning to the Arizona market for the first time in six years with its newest gym opening in Chandler this spring. With multiple membership options to choose from, those interested can take advantage of a $0 enrollment pre-sale special for a limited time and receive a free T-shirt if they are…»