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Commercial Real Estate & Business News – February 7, 2024

Commercial Real Estate a ‘Manageable’ Problem but Some Banks Will Close: Powell

Federal Reserve Chair Jerome Powell is predicting that more small banks will likely close or merge due to commercial real estate weaknesses, but that the problem is ultimately “manageable.” The central bank official made this point during a “60 Minutes” interview that…»

Mixed-Use Project With 30-Story Tower Could Rise in Roosevelt Row

A national firm that has been expanding its presence in the Valley has proposed a 30-story mixed-use tower in the Roosevelt Row area of downtown Phoenix. Florida-based Mainstreet Capital Partners wants to build a 463,198-square-foot multifamily building...»

George Oliver, Mark Tarbell Strike Deal for Food, Beverage Operations at Camelback Office Redevelopment

Mark Tarbell is used to serving up food in a busy dining room. He’ll soon be overseeing one that’s nearly 300,000 square feet. Tarbell, one of the Valley’s best-known restaurateurs and owner of the high-profile Camelback Corridor eatery bearing his name, has…»

Multifamily Sales Slow So Far This Year But Experts Think That Will Change

So far this year multifamily investors have shown little inclination to reverse the slow sales trend of 2023. Last year multifamily investment volume fell by 60% from 2022 to $117.5 billion, marking the lowest annual multifamily investment volume since 2014. This year is supposed…»

Construction Begins on Optima McDowell Mountain Village in North Scottsdale

Award-winning real estate development firm, Optima is partnering with Mitsui Fudosan America, Inc. for the development of the first building within its newest Arizona residential development, Optima McDowell Mountain Village, located on 22-acres on the southeast corner of…»