Commercial Real Estate & Business News – June 12, 2014

A prime property located along Scottsdale Road at the entrance to the Kierland community is planned for a $250 + million residential and hotel project. The mixed-use complex is being proposed by the developer of the popular Optima luxury residential communities. Optima DCH Development Inc. is in the process of buying the land and will serve as developer. They will also design, build, market/lease and manage the upscale residential units. The 9.42-acre site (7.53 acres net) is located at the northwest corner of Scottsdale Road and Kierland Boulevard in Phoenix. Development cost (land and buildings) estimated at $250 million to $300 million… Read more
Legal entities formed by Danny Hendon of Danny’s Family Car Washes were noticed for trustee sale yesterday on thirteen properties spread across the Valley. These foreclosure filings come more than three years after Danny’s Family Companies and various entities entered bankruptcy in March 2010. Trustee sales are scheduled for September 16th, 2014. Snell & Wilmer is trustee… Read more
Efforts are well under way to revitalize south Scottsdale’s McDowell Road corridor after numerous auto dealerships vacated the strip and headed north. To follow are examples of projects bringing new life and challenges that remain along the corridor… Read more
Seeking to develop a high-tech corridor near Phoenix-Mesa Gateway Airport, Mesa pushes zoning case to protect business sites. For years, Chandler has made economic-development headlines by exploiting the cachet of its Price Road corridor, anchored by a giant Intel Corp. campus. But as Price Road fills in, where will companies look for large swaths of developable land?… Read more
“Soft” has been the resounding theme of the Phoenix-area housing market throughout 2014, even through springtime is supposed to be the busiest time of year. One of the biggest things this slowdown illustrates is just how big of a role investors have played in the local housing market and, conversely, how slowly demand from regular buyers has been to return… Read more