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Commercial Real Estate & Business News October 28, 2019

10 Developments are Planned for Downtown Mesa. Here’s a Look at Each A boutique hotel, a brewery and an array of apartments – from one focused on sustainable living to another offering an ultra modern twist – are planned in downtown Mesa’s one square mile. The projects are energizing city leaders who have long sought to transform the downtown into a bustling, innovative urban core. For now, the square mile of downtown has…»
McShane Starts Building Springs at Red Mountain in Mesa
McShane Construction Company has been selected to complete Springs at Red Mountain, their 18th multi-family assignment for Continental Properties. The 192-unit, luxury apartment community will be located on North Power Road in Mesa, Arizona. This project builds on the multi-family momentum McShane is seeing throughout the area as Phoenix and its surrounding…»
New Apartments, Office Space to Join Downtown Phoenix Fry’s at Block 23
Wednesday’s opening of the long-awaited Fry’s Food Store in downtown Phoenix was just a taste of what’s to come at the Block 23 mixed-use development. While the project’s first phase is complete, RED Development still has work to do on new apartment and office space at the complex. “As each phase opens at Block 23, we look forward to seeing…»
Leon Capital Group Starts Building Soltra at SanTan Village in Gilbert
Leon Capital Group, a Dallas-based investment company with a focus on real estate, has kicked off construction on Soltra at SanTan Village, a new Class A 380-unit multifamily community just north of SanTan Village, a super-regional lifestyle center in Gilbert. Located at the southwest corner of SanTan Village Parkway and Ray Road, Soltra at SanTan Village will…»
Crescent Communities Sells Tempe Property
Crescent Communities has sold Novel Rio, a 209-unit, Class A property in Tempe, Ariz., to a private investor for $66.3 million, according to Yardi Matrix. NXT Capital provided $49.9 million in financing for the acquisition. Novel Rio occupies 3.2 acres at 701 West Rio Salado Parkway, alongside the Salt River, less than one mile west of downtown Tempe. Additionally, the property is…»