Commercial Real Estate & Business News – May 14, 2014

Can Phoenix be a Truly Global City?

Phoenix charts global growth, but needs to improve workforce, education, image. Phoenix Mayor Greg Stanton and Greater Phoenix Economic Council CEO Barry Broome have some ambitious plans to grow exports and put the region on the global economic stage… Read more

Arizonans’ Consumer Confidence on the Rise

Arizona consumers may finally believe the bad economic times are ending. The latest statewide survey shows the consumer confidence index has reached 75.1. While that’s a far cry from the heady 100-plus numbers before the recession, it’s the best figure since 2008… Read more

Downtown’s Most Successful Condo Project To Date Announces Plans For Phase 2 In Portland On The Park

The award-winning condominium community Portland Place will soon have an adjacent sister property that will begin construction late this year adding 170 true lofts and finished condos to the Downtown Phoenix Roosevelt Historic and Art District. The new urban living project is aptly dubbed Portland on the Park as it is situated between the three-acre Portland Park and the 32-acre Margaret T. Hance Park bordering Central Avenue. Towers of 4 stories, 12-stories and 14-stories will be completed by mid-year 2016, with homes available for sale beginning in the low $200,000’s and penthouse suites under $1 million. Limited reservations will begin mid-summer with presales occurring in the early fall… Read more

Sunrise Companies & Impact Church Split 11.21 Acres to Build Church and 311 unit Multi-Family

Impact first purchased the entire 11.21 net acre site for $8.5m ($17.41 per square foot), with $5.651m down and $2.849m new debt with Volkswagon Group. Impact concurrently sold a 4.59 new acre portion of the site to Sunrise Companies for $5.6m ($28 per square foot), $915m down, and $4.685m new debt with National Mortgage and Land Company. Impact retained 6.62 net acres of the site… Read more

Turning Sprawlsville, U.S.A., into an Urban Utopia

The zoning overhaul is part of an initiative called Reinvent PHX, which aims to foster new, concentrated areas of economic development, making the city denser, more efficient, and more resilient to the shocks of climate change. Funded in part by a federal Sustainable Communities Grant, the plans center around the development of a public light rail system, connected urban centers, green infrastructure, and a healthy dose of community spaces… Read more