Commercial Real Estate & Business News – November 16, 2017

Microsoft (Nasdaq: MSFT) founder Bill Gates’ – the richest person in the world until recently being passed by (Nasdaq: AMZN) CEO Jeff Bezos – $80 million buy-in of close to 25,000 acres of Arizona land an hour west of Phoenix is touted as helping develop a futuristic ‘smart city’ the size of Tempe…»

A 15-story Marriott hotel is coming to downtown Phoenix’s Arizona Center in 2019. The 200-room AC Hotel Downtown Phoenix, part of the Marriott-owned chain, will stand at 5th Street between Fillmore and Van Buren streets. It is the second tower planned for the property, which is in the midst of a significant renovation…»

Buoyed by double-digit tech-sector employment growth, Phoenix was in the top third of markets in the country for rising office rents over the past two years, with 13.4 percent growth, according to CBRE’s annual Tech-30 report, which measures the tech industry’s impact on office rents in the 30 leading tech markets in the U.S. and Canada. Furthermore, Tempe saw the highest tech rent growth of any submarket in the country with just under 30 percent growth over the same period…»

The 164-unit apartment project is a mix of studio, one-bedroom and three-bedroom apartments. Located one block from GCU at 3535 W. Camelback Road, GC Square is a gated community with a diverse range of outdoor and indoor amenities. Community amenities include an expansive clubhouse with large screen HDTVs and pool table, workout room, a clothing care center, business center, resort-style pool and spa, pet-friendly washing stations, BBQ gas grills, outdoor fire pit, movie theater as well as property access control, video surveillance and alarm system…»

Legacy Traditional Schools is building a campus in East Mesa and one in the West Valley totaling $41.7 million in development costs. A Nov. 15 groundbreaking for the East Mesa campus will allow for a fall 2018 opening to serve 1,200 students in grades K-8. That project at 10707 E. Guadalupe Road is budgeted at $19 million. Also opening in fall 2018 will be the West Valley campus at 99th Avenue and Camelback Road, serving 1,200 students in grades K-8. That project is budgeted for $22.7 million…»