Commercial Real Estate & Business News – August 2, 2024

Arizona economic development efforts continued to set a new standard of excellence and build on the state’s economic momentum in Fiscal Year 2024 (FY 24). In the 12-month fiscal period that ended on June 30, 2024, the Arizona Commerce Authority (ACA) and local economic…»

As it reported its second quarter earnings, executives at Macerich Co. made a significant announcement: that it has sold its 50% stake of Biltmore Fashion Park to a regular project partner, Red Development, which now takes full ownership of the shopping center. “Red Development is…»

Demolition of the former Metrocenter Mall in Phoenix is more than a year behind schedule. The city of Phoenix and co-developers Concord Wilshire and Hines had to change their redevelopment plans after a state law changed how cities collect tax on rentals. Steve Betts, senior…»

The general contractor of the second phase of the X Phoenix luxury residential tower, along with several subcontractors, have filed lawsuits alleging tens of millions of dollars is owed for completed work on the stalled construction project. These lawsuits…»

For decades, Phoenix has been the poster child of housing growth in Arizona. Now it’s the suburbs and exurbs’ time to shine as people increasingly turn to less dense, more affordable communities. But what are the fastest-growing housing markets in Arizona? Our recent study of housing…»