Commercial Real Estate & Business News December 9, 2019

Hilo Tempe Apartments’ Plan to Ban Tenants Under 21 Raises Legal Concerns The Hilo Tempe apartments, a planned development located on the corner of Mill Avenue and Seventh Street, has proposed to restrict renters under the age of 21. Concerns have been raised about whether or not the age limit will interfere with Tempe’s anti-discrimination ordinance. The ordinance, approved in 2014, prohibits businesses and individuals from…»
Papago Plaza Breaks Ground on Massive Redevelopment
Sigma Contracting, Inc. today broke ground at iconic Papago Plaza in Scottsdale for up to 88,000 square feet in new retail and office buildings and a 120,000-square-foot parking garage. Sigma’s portion of the project is valued at $11 million to $16 million and will consist of the complete demolition of the original Papago Plaza, 1408 N. Scottsdale Road, that…»
My View: Redefining the Arizonan and American Shopping Center
Shopping centers can and will thrive in the “Age of Amazon” as long as they continue to innovate. That word has been our guidepost since our Phoenix-based company started developing retail centers over 30 years ago. Now, we are innovating again. We have initiated a pilot program we believe will help enhance the American shopping center. Thanks to a recent change in…»
Land Sales Maintain Steady Pace, But Remain Well Short of Pre-Recession Peak
Land sales can be a fickle business. Prime development sites often disappear quickly, while other parcels can languish on the market for years waiting for the right buyer and use. Land sales can also be a good barometer to show what’s ahead for development pipelines and growth opportunities within markets. Annual transaction volume on land deals is still falling well…»
Construction Lenders Have a Healthy Appetite for Apartment Deals
Construction lenders have a healthy appetite for apartment deals. Despite the strong construction activity across the country, construction lenders feel comfortable lending on apartment deals, even with the threat of a recession coming in 2020. In fact, construction lenders are also showing a general openness to alternative multifamily…»