Commercial Real Estate & Business News – January 15, 2014

$450M USA Place Breaks Ground in February

The capital of Valley infill development is Tempe. Just about any undeveloped parcel is being spec’ed, explored or planned for development. “Tempe is the happening place for urban development,” says Susan Eastridge, CEO of Concord Eastridge. She’s readying a February groundbreaking of USA Place, a $450M unique mixed use development with retail, office, residential, hotel, events center and the headquarters of USA Basketball… Read more

Why Intel’s New $1.7 Billion Chandler Facility is Sitting Empty

Intel Corp.’s decision to leave a roughly $1.7 billion fab in Chandler empty for now is an example of how fast the technology industry is moving away from what the semiconductor maker does best… Read more

ASU Reveals Sun Devil Stadium Renovation Plans

Arizona State University revealed plans Tuesday night for a $210 million renovation of Sun Devil Stadium, an aging facility now on the verge of a high-tech facelift. The state’s largest university revealed a proposal in April of 2012 that included a shade structure for Sun Devil Stadium as part of the renovation. However, school officials say the combination of tepid fan reaction and the cost of such a feature led the school to scrap those plans… Read more

Gilbert Might Tighten Rules for Apartment Builders

Gilbert officials are considering tighter restrictions for developers who want to build apartment complexes in commercial-zoning areas as demand continues to rise for more multifamily housing projects… Read more

Holiday Sales Up 3.8%, Says NRF

The National Retail Federation on Tuesday said holiday sales were in line with its projections – about $401.8 billion for November and December, an increase of 3.8%. The association had projected holiday sales gains of about 3.9%, to $602.1 billion… Read more