Commercial Real Estate & Business News – May 8, 2015

Tempe has given the approval to a pair of lakefront towers on the former site of Monti’s La Casa Vieja at the corner of Rio Salado Parkway and Mill Avenue. One Hundred Mill, the mixed-use Douglas Wilson Cos.-Hensel Phelps Development twin high-rises, has received final approval from the city of Tempe and is slated to break ground this year… Read more »
Living closer in to be near jobs, restaurants, shopping and light rail is apparently what more metro Phoenix residents want now. And developers are quickly catching on. Condo sales and prices are climbing faster than single-family or stand-alone houses in the Valley for the first time. Home values in central Phoenix, Tempe and Scottsdale are increasing faster than other parts of the region. But it’s the rental market that is really leading the area’s infill charge… Read more »
The redevelopment of The Circuit promotes Tempe’s venture toward the growing creative office trend intended to attract young professionals, officials said. The Circuit, formerly Jabil Circuit, a semiconductor plant that closed in 2014 includes 190,000 square feet of creative office space. It is located on the Loop 101 and less than a mile away from the intersection to Loop 202… Read more »
Whole Foods (WFM) is trying to change its reputation as a grocery with fresh food at high prices by opening a separate chain of lower-priced stores aimed at Millennials. The new stores will cater to a younger generation of shoppers who are still interested in organic and natural foods but want a different shopping experience, executives said. The company made the announcement Wednesday as part of its second-quarter earnings release. Whole Foods shares fell after the earnings announcement missed analyst expectations and continued to trend downThursday, slumping nearly 10% to $43.07… Read more »
The U.S. economy created 223,000 new jobs in April, rebounding sharply after a revised 85,000 gain in the prior month. The increase in jobs and more people entering the labor force tugged the unemployment rate down to 5.4% from 5.5%, marking the lowest level since May 2008, the Labor Department said Friday. Economists polled by MarketWatch had expected a gain of 228,000 nonfarm jobs. The labor-force participation rate edged up to 62.8% from 62.7%. The government slashed its estimate of jobs created in March to 85,000 from 126,000. February’s gain was raised slightly to 266,000 from 264,000. Despite the springback in hiring in April, job growth slowed to an average of 194,000 in the first four months of 2015 from a 260,000 monthly average in 2014…Read more »