Commercial Real Estate & Business News – February 11, 2016

Already one of the nation’s largest and most-profitable shopping malls, Scottsdale Fashion Square could evolve into an urban center with high-rise apartments, offices and hotels, according to plans recently announced by mall owner Macerich. The Santa Monica, Calif.-based company, which owns 13 shopping centers in Arizona and dozens more nationwide, is seeking Scottsdale’s approval for a redevelopment plan that includes multiple towers up to 150 feet tall at the luxury mall near Scottsdale and Camelback roads. That could translate to about 10 to 15 stories per building — similar to other tall buildings in the area, including Scottsdale Waterfront Residences and the AmTrust office tower… Read more »
The $47 million ENVY Residences condominium tower in Old Town Scottsdale, near Scottsdale and Camelback Roads is on track to open in late spring. Developed by Deco Communities, the residential project will bring 89 high-end residences to the heart of Scottsdale’s arts, entertainment and nightlife mecca. The building will celebrate its grand opening and welcome the first residents in late May 2016… Read more »
CNL Healthcare Properties, Inc. purchased the Cobalt Rehabilitation Hospital at 13060 Bell Rd. in Surprise, AZ from Cobalt Medical Development for $23.66 million, or about $592,000 per bed / $430 per square foot…Read more »
A host of cities — including Phoenix, Glendale, Scottsdale, Tempe and Chandler — impose taxes on apartment and other residential rentals. In Maricopa County, they are often 2 percent. Mitchell says the rental taxes hurt those with lower incomes… Read more »
Maracay Homes announced the opening of two new neighborhoods, Marquis and Artisan, situated within the Warner Groves community of Morrison Ranch in Gilbert. Drawing upon the area’s rural ranch character, Morrison Ranch features groves of trees, wide grass-covered setbacks, white rail fences and a series of interconnected, pedestrian-friendly greenbelts that connect residents to employment centers, shopping, dining and entertainment…Read more »