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Commercial Real Estate & Business News – June 27, 2024

Phoenix Retail Availability Outperforms Nation for Over a Year

The Phoenix retail market boasts lower space availability than the United States overall, a trend that has held for more than a year. As the second quarter nears completion, the amount of space available to lease has reached 4.5% of the Valley’s total existing and underway inventory. That share bests the national level,…»

Subtext plans 15-story VERVE Tempe student housing in Tempe

Subtext, a national student and multifamily housing developer, announced today that it will start construction at 1011 E. Orange St. in Tempe, Arizona for the development of VERVE Tempe, a 15-story student apartment community located within walking distance of the Arizona State University…>

Glendale agrees to sell land to VAI Resort for parking garage in $7.5M deal

PHOENIX – The Glendale City Council agreed to sell city-owned land to VAI Resort developers, who plan to build a parking garage on the property. Under the agreement authorized during Tuesday’s meeting, VAI Resorts, LLC will pay just over $7.5 million for an 8.25-acre parcel near the northwest corner of Montebello and…»

SRP deploys state’s largest battery system to handle peak energy demand spikes

Salt River Project is deploying two new industrial-scale battery storage systems, including the state’s largest so far, to absorb excess energy when it’s not needed for release at later periods when demand spikes. The Tempe-based water and electric utility and Plus Power LLC this week unveiled two new systems, Sierra Estrella…»

Does Arizona have enough water? Phoenix-area cities are spending big to make sure it does

Brett Fleck does not have an easy job. He manages water for a city in the desert. He has to keep taps flowing while facing a complicated equation: The city is growing — attracting big business and thousands of new residents every year — but its main source of water is shrinking. Standing on the edge of a sun-baked canal with palm trees lining its banks,…»