Commercial Real Estate & Business News – October 14, 2014

Chicago Developer To Build Phoenix’s Tallest Residential High-Rise

Phoenix has selected a Chicago developer to build the city’s largest and tallest residential high-rise in downtown, a 34-story glass tower that will change the city’s skyline. Plans for the massive development, known as Phoenix Central Station, include about 475 apartments, 30,000 square feet of commercial space and a dog park. It will meld those uses with a bustling transit hub already on the site at 300 N. Central Avenue… Read more »

Private Market Multifamily Financing Activity Steps up in First Half

Most private side multifamily market participants stepped up their financing activity during the first half of 2014 in contrast to what is happening from government-backed loan buyers. Second quarter 2014 saw increased activity from most private market participants including life insurers, banks and thrifts, and CMBS conduit lenders, according to Kim Betancourt, director of economics and market research at Fannie Mae… Read more »

Retailers Embrace The Rise Of Outlets

Big retailers used to keep outlets far away from their main stores, but according to a report by The Wall Street Journal more and more of those retailers are starting to see the benefits of more overlap between outlets and full-price stores. For example, the WSJ said, some brands have decided to place full-price stores in outlet malls… Read more »

ASU Improvement Plans Include $36.5M Student Pavilion for FY16

Arizona State University plans capital improvements worth $68.5M for fiscal year 2016. ASU plans the Student Pavilion on the Tempe campus worth $36.5M, a building that would house a 1,500-seat multipurpose space for music, films, speakers and other events. The three-story, 79KSF structure would include food-service and academic-department space. The Student Pavilion will replace the Undergraduate Academic Services Building… Read more »

Loft Project Planned Within Heritage District In Gilbert

Trackside Lofts LLC in Granite Bay, Calif. (Dr. Paul Brown, Colin Brown, principals) plans to develop a 164-unit multi-family project within the Heritage District at the southeast corner of Oak Street and Cullumber Avenue in Gilbert. The company paid $1.55 million to acquire the 7.545-acre site, which is located west of Gilbert Road and southwest of the Union Pacific Railroad. The seller was IRG Gilbert LLC, a company formed by International Risk Group in Littleton, Colo… Read more »