Commercial Real Estate & Business News – June 2, 2015

Developers Ask Phoenix for More Time to Buy, Redevelop ‘Psycho’ Barrister Building

Developers are asking the city of Phoenix for more time in their bid to buy and redevelop the Barrister Place building in downtown Phoenix. The historic building was constructed in 1915 and featured in Alfred Hitchcock?s ?Psycho? movie in 1960. Apartment developer P.B. Bell Cos. and infill retail developer Davis Enterprises won an RFP (requests for proposals) for the city-owned Barrister building last year. The pair agreed to buy the Barrister building from the city for $2.28 million… Read more »

Developers of New Mountain Shadows Resort Announced

Westroc Hospitality and Woodbine Development Corporation are partnering to develop a new luxury resort on the former location of Paradise Valley?s iconic Mountain Shadows Resort. With escrow now closed, construction will begin at the southwest corner of 56th Street and Lincoln Drive in the summer of 2015, with a projected opening in early 2017. The boutique luxury resort will feature 175 modern guest rooms in two buildings, an adjacent building with 31 hotel-condominium units, a neighborhood restaurant and market, high-tech fitness facility, and the rehabilitated Mountain Shadows Golf Course featuring 18 executive-style holes… Read more »

Failed Scottsdale Mall Now Thriving As Jobs Hub

Once described as one of the biggest white elephants in Valley real-estate history, Scottsdale’s Galleria Corporate Centre is emerging as a bright spot for the region’s economy ? a turnaround after years of frustration and failure. More than 2,000 people now go to work daily at the high-end office complex, a number that is only rising as new companies move in and existing tenants expand… Read more »

Arizona Economic Update

The glamourous field of data analysis yielded another interesting week of interpretation. GDP numbers for the first quarter were revised to -0.7% showing a contraction in the economy. This is not the beginning of a recession… Read more »

Economy is Picking Up Despite Stingy Consumers

A batch of economic reports Monday showed that consumers were still pinching pennies even as the economy continued to emerge from a brutal winter. The data show construction spending rising sharply and manufacturing activity expanding at a faster pace after a string of slowdowns. And with household finances firming, economists say it’s only a matter of time before consumers step up their purchases and power solid growth in the second half of the year… Read more »