Commercial Real Estate & Business News – September 18, 2017

A committee came up with the top 10 intersections. The group wouldn’t reveal criteria, only saying it was objective and subjective. Half were in Phoenix, including Central Avenue and Camelback Road. That’s where Craig DeMarco and his partners have opened five restaurants…»

Epicenter will encompass 55,000 square feet of retail space and 287 residential units (300,000 square feet) in 4, four-story buildings. The residential units range from 500-square-foot studios to 2,000-square-foot, three-bedroom apartments and also +/- 1700 square-foot, two-bedroom penthouse apartments. Construction is breaking ground this fall with completion expected in 2019…»

Meanwhile in Tempe, the site of the former Lake Country Village is seeing exactly that – rebirth as an urban-style, mixed-use center where people can literally walk out their doors to work, shop or dine…»

Multifamily housing ain’t what it used to be. The Valley of the Sun – the city of Scottsdale in particular – has become a hotbed for luxury multifamily housing construction with hundreds of new units expected to come to market over the next 12 to 24 months…»

Arizona’s unemployment rate dropped to 5 percent in August from 5.1 percent in July as the state’s economy added 41,900 jobs. The state Office of Economic Opportunity says the jobs increase is smaller than the post-recession average gain of 50,400 jobs…»