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Commercial Real Estate & Business News May 14, 2018

The 2018 state legislative session that adjourned on May 4 was productive for Arizona’s commercial real estate industry as BOMA Greater Phoenix had a 5-0 record on bills on which it took a position. The biggest joint victory for BOMA was a grand compromise on GPLET reform. A unanimous deal was struck between developers, cities, and tax watchdogs on the long-term retention of the 8-year property tax abatement and narrowing the application in the future to a capped land mass contained in a Central Business District (CBD) within a city.…»

A proposed 3 percent “head tax” on wages paid by the city’s wealthiest companies to fund affordable housing has Amazon reconsidering plans to expand in Seattle. Amazon Vice President Drew Herdener told The Blaze that his company paused construction planning for Block 18, an expansion project in downtown, until after the council votes on the proposed tax and is evaluating options to sub-lease all space in the recently leased Rainier Square building. …»

Phoenix’s historic Coffelt-Lamoreaux Homes were going to be shuttered in 2012. The state’s first affordable housing project built in 1953 for veterans returning from the Korean War had become too run down and unsafe for its 800 residents. Industrial developments around it were encroaching on the project. If the 301 apartments closed, it was likely the nearby…»

MedProperties Group, a Chicago-based medical real estate developer, announced The CORE Institute (“CORE”) has signed a ±20,000-square-foot lease at Mercy Medical Commons II. The Arizona-based healthcare organization will be the anchor tenant in the to-be-built 56,000 SF medical office building located on Mercy Road directly across from the main entrance to Dignity Mercy Gilbert Medical Center,…»

More than 20 years ago, John Hornacek opened Hornacek’s House of Golf in Scottsdale, and now he is opening a new location of the retail store in Chandler this fall. The new Hornacek’s House of Golf will be taking over an 18,000-square-foot space at the Promenade at Fulton Ranch shopping center on the northeast corner of Alma School and Chandler Heights. It is expected to open in October. …»