Commercial Real Estate & Business News – November 28, 2016

Tax reform has become a central focus on the “what’s ahead” discussions swirling around President-elect Trump’s agenda. That topic has moved to the forefront for good reason. The commercial real estate industry, and the country, could be on the verge of the first substantive tax reform since 1986. …»
Arizona State University is planning to build a $72 million residential housing project for its Greek organizations in Tempe. University officials will request approval from the Arizona Board of Regents today to enter into agreements to ground lease about 5 acres on the southeast corner of Rural and Terrace roads to American Campus Communities Inc.…»

When the Mesa City Council was discussing how to redevelop business areas south and west of downtown this past September, Councilman Dave Richins pointed a figurative finger at Fiesta Village. The fenced-off shopping and retail complex at Alma School Road and Southern Avenue, Richins said, is “the worst of the worst” when it comes to blight in Mesa. …»

Heritage Communities is building its third senior living community in the Phoenix area. The Omaha, Nebraska-based owner and operator of 10 senior living communities in Arizona, Nebraska and Iowa, is working in partnership with Phoenix-based Telis Senior Living Inc. Their partnership, called Orchard Pointe at Terrazza LLC, paid…»
Personal income grew 3 percent last year in Arizona, slightly off a national increase of 3.7 percent that year, as the nation continued to rebound from the recession, new government data shows. The report last week by the Bureau of Economic Analysis said average income in the state grew to $39,156 – compared to $48,112 for the nation – with growth in every county but Greenlee, which saw a slight dip…»