Commercial Real Estate & Business News – July 31, 2015

Deco Communities — which has developed and redeveloped infill condominiums and apartments in Phoenix, Scottsdale and Las Vegas — is starting sales and will soon break ground on a new $40 million residential project in midtown Phoenix. The Edison Midtown condos are being built at Central Avenue and Monterrey Way. Deco is developing 110 units there. Sales are starting next month. Construction is slated for this fall with completion expected in 2016… Read more »
New apartment communities are popping up everywhere, due to strong demand fundamentals and a growing desire for the flexibility afforded by renting rather than owning. The vast majority of multifamily developments underway in the Valley today target urban-style living. Mark-Taylor’s latest project, San Milan, is a drastic deviation from the emphasis on high-density living…smack dab in the heart of the Scottsdale Road corridor… Read more »
In what would be the firm’s third commercial office project in Chandler, J.F. McKinney + Associates is working on plans to develop a Class A office complex that is estimated to cost $100 million to build. The proposed office-retail project, which will need zoning approval in Chandler, is targeted for a 18.56-acre site at the northwest corner of Alma School Road and the 202 Loop (San Tan Freeway)… Read more »
Plans are now moving forward for a high-rise senior-living complex and two high-end apartment buildings on some of Tempe’s last remaining lakefront real estate. Southbank is on the north side of Rio Salado Parkway about one-half mile east of Rural Road, flanked on two sides by Arizona State University’s Karsten Golf Course. Eventually, the complex could include offices, hotels, shops and restaurants… Read more »
One out of five Phoenix-area offices sit empty as new private commercial construction continues to be in Tempe, Scottsdale and the East Valley. Metro Phoenix’s office vacancy rate came in at 20.1 percent for the second quarter of 2015… Read more »