Commercial Real Estate & Business News February 15, 2019

$2 Billion Palmeraie Project Breaks Ground in Scottsdale
Five Star Development broke ground for the first phase of a master-plan community called The Palmeraie on Wed. Feb. 13. The 122-acre community is on the border of Scottsdale and Paradise Valley. The first phase of the $2 billion community will be completed by the end of 2020. The area connects luxury living spaces to…»
Scottsdale Homebuilder Shelled Out $1B for Land in 2018
Although Taylor Morrison Home Corp. (NYSE: TMHC) spent $1.1 billion on land acquisitions in 2018, the Scottsdale homebuilder may not maintain that pace in 2019. “It depends on market conditions – what’s out there in the land seller environment,” Taylor Morrison Chairman and CEO Sheryl Palmer told analysts Wednesday in the company’s…»
1,400-acre CenterPoint Logistics Park in El Mirage Lands Steel Plant
John F. Long Properties (Jacob F. Long) and NOVO Development (Kurt Rosene, Justin Miller & Stephen Hulston)  have completed a 25-acre land sale to Cives Steel Corporation, marking a significant launch for their CenterPoint Logistics Park in El Mirage, AZ.  The 1,400-acre BNSF rail-served business park is designed for in excess of…»
If you really like Fendi, the Italian designer is building homes in Scottsdale
Developers, architects and government leaders gathered Wednesday to break ground on the highly anticipated retail and dining portion of the Palmeraie master-planned community, as Fendi Private Residences was announced as the first luxury name associated with the $2 billion project. The 122-acre development straddles…»
Phoenix Job Growth Reaches 10-Year High
Phoenix job growth has hit a 10-year high. According to research from Colliers International, Phoenix employers added 79,700 new jobs in 2018, a year-over-year increase of 3.9%. That is the fastest rate of job growth in a decade, and surprised researchers, who estimated between 2.5% and 3% job growth. The new employment activity also…»