Commercial Real Estate & Business News August 14, 2018

Phoenix continues to be a mainstay on the national list of top markets for rent growth. At the end of 2018’s second quarter, the Valley’s rents grew 5.7 percent year-over-year for the third-best mark in the nation after other Sun Belt metros, Orlando, 6.9 percent, and Las Vegas, 6.7 percent.  After decelerating gains for much of 2016 and 2017, Phoenix’s rent growth climbed…»
SCOTTSDALE, ARIZ. – The Wolff Co. has purchased Scottsdale Tennis Court, including 11 tennis courts and a pool, for $9 million. The buyer plans to redevelop the property into Revel Scottsdale, a 159-unit seniors housing community. The asset is situated on 5.5 acres on Inland Bend Road…»
Karrin Taylor Robson may have summed it up best at the annual WESTMARC Economic Development Summit. The founder and president of Arizona Strategies says there are a few essential ingredients to create the perfect the recipe for great communities: transportation and infrastructure, education, healthcare, quality of life and a robust, competitive workforce…»
Vehicle travel from the Central to West Valley could look very different 10 years from now as the Maricopa Association of Governments begins seeking expertise on what one new stretch of freeway could look like. MAG released a request for proposals seeking a consultant to identify a 2,000-foot wide corridor for the easternmost piece of the proposed State Route 30, the Tres Rios Freeway…»
The so-called Site 17 redevelopment area near downtown Mesa started with prospects for a gleaming new resort with a water slide, but it quickly slid into oblivion as a symbol of how eminent domain can backfire. Now, 30 years later, Mayor John Giles said Site 17 is on the brink of paying off handsomely with a high-quality residential development that will promote a healthier downtown…»