Commercial Real Estate & Business News – October 22, 2015

Student Housing Gets Go-Ahead

City approval has been given to Legacy Partners Residential for the development of University Village 2.0, a new $60 million-plus, mixed-use, 775-bed student housing community. Legacy Partners plans to start demolition and construction by summer 2016 and open in time for the fall 2018 semester. The property is located at 936 South Terrace Rd., near South Rural Road. Located just minutes away from Arizona State University, shopping and dining, and directly adjacent to Tempe’s light rail line, the new development will replace a 1960s-era student housing complex, which will be demolished. KTGY Architecture + Planning is the project?s designer and architect… Read more »

OdySea in the Desert Announces First Look at Retailers

The Shops at OdySea in the Desert offer retail and restaurant suites ranging from 1,000 to 6,500 square feet and will host innovative concepts from some of the world?s top restaurateurs and retail brands. The first floor will cater to retailers, while the main level will house an array of unique, high-energy restaurants for visitors seeking an extraordinary culinary experience. Though leasing up quickly, ORION says they are particularly interested in attracting operators in the sports bar/grills, barbecue, Mexican food, vegetarian/vegan and coffee categories… Read more »

Scottsdale Office Building Gets Renovations

The office building that has dominated the northwest corner of Scottsdale and Camelback roads at Fashion Square for 25 years is getting a makeover. Earlier this month, Scottsdale?s Design Review Board approved plans for the 158SF, five-level building?s renovation. The work will revise the building?s relatively dated Post Modern appearance and incorporate, ?A more lean, simple and sophisticated appearance that addresses current times,? according to the planning documents… Read more »

AZ Adds Construction Jobs in September

Arizona?s seasonally adjusted unemployment rate held steady in September at 6.3 percent. The national rate was also unchanged from the previous month at 5.1. The state had a net gain of 28,800 jobs over the month, mostly in the Government sector at 28,300. Net gains in the private sector totaled on 500, down from the post-recession (2010-2014) average gain of 3,100. Leisure and Hospitality had the second highest gain at 3,100… Read more »

Metro Phoenix’s New-Home Market Getting Back on Track

With the holidays just around the corner and thoughts of home soon to be on lots of folks? minds, it?s a good time to check in on the current the state of the Valley?s housing industry. Mostly, there?s good news, according to Larry Kush, a life director with the Home Builders Association of Central Arizona. Over the past two years, approximately 11,000 building permits for single-family, new homes have been issued annually, and he said the expectation is that the number will reach 16,000 by year?s end… Read more »