Commercial Real Estate & Business News – June 17, 2015

Developers planning new apartment buildings today won’t finish for two years or more in many parts of the country—hundreds of thousands of apartments now under construction have already softened the national multifamily markets. But many developers are now planning new projects anyway. “It’s kind of late in the party, when all the punch is gone,”… Read more »
A long-coveted grocery store could be coming to downtown Phoenix. A grocery could be part of a new development project slated to be built at the Central Station transit hub at Van Buren Street and Central Avenue. Chicago-based Smithfield Properties LLC wants to build a $72 million, 34-story apartment tower on a city-owned parcel that now houses the transit hub… Read more »
After replacing its creative director and several key executives earlier this year, former apparel powerhouse Gap Inc. announced the next phase of its turnaround plan and will close 175 of its 675 Gap stores in North America. The retailer also plans to eliminate about 250 positions at its corporate headquarters in San Francisco. “Customers are rapidly changing how they shop today, and these moves will help get Gap back to where we know it deserves to be… Read more »
A developer from Chile is planning to build new condo lofts and apartment style units near downtown Phoenix’s Roosevelt Row. The 49-unit condominiums will be Las Condes, Chile-based Sencorp’s first project in the U.S., said COO Alvaro Sande. Sande said Sencorp has developed 40 million square feet of office, retail and residential space in South America and other markets. That includes building all the Home Depot Stores in Puerto Rico…Read more »
Whole Foods Market said Thursday its new chain of lower-priced stores will be called “365 by Whole Foods Market,” extending the private label brand already used in the stores. While releasing second-quarter earnings last month, Whole Foods announced a plan to shed its reputation as a seller of fresh but expensive foods by opening new stores that will stock lower-priced items for younger customers. The new stores will open next year…Read more »