Commercial Real Estate & Business News June 26, 2018

A San Tan Valley golf course will soon make way for a master-planned community, which plans to bring restaurant and retail choices that have been desired by residents to the far southeast Valley.   Fortis Development and Queen Creek XVIII will create the Ironwood District in a joint venture. The development, which will span 107 acres, will include a hotel site, apartment units, entertainment, dining, retail and fitness, and 50 acres of single-family residential lots…»
The Lotus Project, a 53-acre mixed-use employment park anticipated to break ground in mid-August, is projected to provide between 1,500 and 2,500 jobs once completed.  The developer, Conor Commercial Real Estate, will complete the project in two phases, the first phase being industrial. “With industrial, there are various uses, anywhere from very low intensity, like storage, to where there wouldn’t be much employment, all the way up to advanced manufacturing, where there would be quite a bit of employment,” said Sven Tustin, senior vice president of Conor Commercial Real Estate…»
One of Phoenix’s most valuable downtown parcels hit the market Monday. The city is issuing a request for proposals for the Central Station transit site.  The city-owned 2.564 acre site at Central Avenue and Van Buren Street is a major bus hub and light rail stop. While its future will remain transit focused, Christine Mackay, Phoenix’s economic development director, said being next to ASU and close to the biomedical campus and convention center offers customers beyond transit users…»
Thirty-nine luxury homes will become available for purchase in July, with registration beginning this week, when the developer of The Ritz-Carlton Residences, Paradise Valley launches sales for the second release of residences located within the $2 billion resort community…»
A new national report calls metro Phoenix one of the most overvalued housing markets in the U.S.  And while first-time home buyers repeatedly getting outbid on houses priced under $350,000 might agree, Arizona housing analysts say not so fast.  Calling Phoenix overvalued brings back painful memories of the housing market’s boom and bust. So I reached out to the experts who were here for the crash and asked their opinion on the New York-based Fitch Ratings report.   “I absolutely don’t think the overvalued statement applies to metro Phoenix’s housing market,” said Mark Stapp, executive director of the Master of Real Estate Development program at Arizona State University’s W.P. Carey School of Business…»