Commercial Real Estate & Business News – August 31, 2023

Macerich’s Current Redevelopment at Scottsdale Fashion Square Progresses with More Retail Space for Men, More Dining

Macerich (NYSE: MAC), one of the nation’s leading owners, operators and developers of high-quality retail and mixed-use properties in top markets, today detailed progress for its current redevelopment of the south wing at Scottsdale Fashion Square, including more experiential dining…»

60 Acres of Mesa Desert May be Developed into Apartment Hub with 851 Units

Developers want to turn about 60 acres of raw desert in Mesa at Signal Butte Road and Southern Avenue into a hub of apartment complexes and a shopping center. Bela Flor Communities LLC and Vivo Partners submitted initial plans to the city on Aug. 21. Bela Flor is expanding its…»

Joint Venture Starts 197-Unit Single-Family Rental Project Near Phoenix

Two Phoenix real estate development companies started Avilla Palomino, a 197-unit single-family rental complex in Glendale, Arizona, that is expected to open next summer. General contracting firm and developer Mosaic and residential developer NexMetro Communities are…»

Phoenix Area’s Economy on Track to Break Records as Many Look to the City for Major Events

Of course, the final statistics for 2023 aren’t available yet, but predictions say it’s going to be a record-breaking year. It follows last year in 2022 when saw a spike. According to the Arizona Office of Tourism, there were more than 40 million visitors to Arizona. They spent $28 billion…»

Here’s Something Phoenix Hasn’t Heard in a While: Home Prices Show Signs of Stability

After metro Phoenix home prices continued to decline in July, they have been leveling off in August, according to Valley market analysts. While the latest results of the S&P CoreLogic Case-Shiller Indices released Aug. 29 showed a 1.1% increase in home prices in Phoenix and 1.3% across the…»