Commercial Real Estate & Business News – September 1, 2023

First look: Inside Sam Fox’s First Hotel, The Global Ambassador

You probably know Sam Fox for dining concepts such as The Henry and Culinary Dropout. But Fox, who sold his restaurant group to The Cheesecake Factory in 2019, is tapping into a new industry with the highly anticipated opening of his first hotel later this year. What’s…»

Joint Venture Starts 197-Unit Single-Family Rental Project Near Phoenix

Two Phoenix real estate development companies started Avilla Palomino, a 197-unit single-family rental complex in Glendale, Arizona, that is expected to open next summer. General contracting firm and developer Mosaic and residential developer NexMetro Communities are…»

Aldi Proposes New Store in Emerging East Valley Shopping Center; Plus Six More Deals

Scottsdale developer Avalon Development is proposing a Aldi grocery store at an emerging shopping center in Mesa. Avalon filed an application with the city of Mesa Aug. 29. The proposed location for the German discount grocery chain would be a 19,432-square-foot store on…»

Life science now accounts for one-third of office construction in the U.S.

A slowdown in venture capital funding has hit the life sciences sector in 2023, driven by rising interest rates, the collapse of Silicon Valley Bank, and general economic uncertainty. Yet, our latest U.S. office market reports continue to show that life science construction is…»

60 Acres of Mesa Desert May be Developed Into Apartment Hub with 851 Units

Developers want to turn about 60 acres of raw desert in Mesa at Signal Butte Road and Southern Avenue into a hub of apartment complexes and a shopping center.

Bela Flor Communities LLC and Vivo Partners submitted initial plans to the city on Aug. 21. Bela Flor is…»