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Commercial Real Estate & Business News May 16, 2018

Despite lots of opinions to the contrary, the retail sky is not falling and the world is not coming to an end. The retail landscape is indeed evolving, morphing and transforming into something new, however, these are challenging times for many retailers as they try to navigate uncharted territory. But it is also an exciting time for many who have embraced the challenges created by the rapid advancement of technology that has propelled online retailing ahead at unprecedented speed…»
The Tempe City Council will vote Thursday on a proposed 21-story new apartment tower near Arizona State University and Mill Avenue’s bars and restaurants. Chicago-based Core Spaces wants to develop the project called The Collective. It will have 269 apartments, 6,000 square feet of retail space and a parking garage, said Chad Matesi, a principal with Core Spaces. It’s the latest in a number new apartments, other towers and new developments under construction or in the works near ASU…»
The taxpayer cost to build a proposed Arizona State University development in downtown Mesa is estimated to start at $70 million.  That is about $100 million less than a similar proposal Mesa voters shot down in 2016, according to the city. The deal is not expected to go to voters this time. That’s because city leaders would identify other revenue to pay for the project instead of the sales-tax hike voters rejected…»
After building a business by scooping up hundreds of thousands of homes nationally to assemble vast portfolios of single-family housing, some investors are now taking the next step and building new homes to meet rental demand.  “The build-to-rent market has started to expand significantly over the past year,” says Gary Beasley, CEO and co-founder of Roofstock, a marketplace for rental houses. “A lot of entities, including traditional homebuilders and investors, are starting to become active in this space.”…»
Arizona economic-development officials are seeking to lure employers from high-tax cities and states, and a controversial employment tax that was approved May 14 in Seattle could make their job easier. The tax has led to boisterous town meetings, protests by construction workers and a halt in the building of an Amazon tower in downtown Seattle. The tax aims to ease homelessness by generating revenue from several hundred larger businesses with significant Seattle operations…»