Commercial Real Estate & Business News May 9, 2018

Mesa, Ariz. – In partnership with Cadence Senior Living, Ryan Companies US, Inc. is designing, developing and building Azure (\ˈa-zhər \) Mesa, an upscale senior living community with an “age-in-place” model that will accommodate a total of 170 private pay, market-rate units. The joint-venture project will consist of 142 independent or assisted living units and 28 units devoted to memory care…»
An Aldi grocery store is planned in north Peoria. The discount grocery store is part of a new development on Lake Pleasant Parkway near Happy Valley Road that will include retail shops, restaurant and residential options. Aldi will open a store in Buckeye early next year and a distribution center in Goodyear in 2020. The Peoria store is expected to open in late 2019 or early 2020…»
The Mesa City Council voted 7-0 Monday to pick a new Class A development on 28.2 acres of city-owned land next to the Chicago Cubs Sloan Park. Lincoln Property Co. and the Boyer Co. had competing office developments for the land which is now city-owned soccer fields in the Riverview area near Rio Salado Parkway, Dobson Road and Loop 202. That’s also near the Mesa Riverview retail development…»
Nobody knows for sure how much parking a new apartment property is going to need, and that uncertainty can have a big impact on developers’ building decisions. “More and more frequently, developers are telling us that the difference between a new construction deal working financially or not working comes down to the parking requirement,” says Greg Willett, chief economist with RealPage, Inc…»
Landlords and developers are eyeing the Toys ‘R’ Us store properties in Arizona after the retailer announced it would close or sell all of its U.S. stores.  The toy retailer filed for bankruptcy last year, and it will clear out 182 stores nationwide. In Arizona six out of the 18 stores will be emptied. What happens to these empty stores mainly depends on market demand, experts said…»