Commercial Real Estate & Business News – September 18, 2023

Tempe Enters Talks to Revamp Danelle Plaza

Tempe has entered formal negotiations with developers to revamp Danelle Plaza, a move that marks the furthest the city has gotten in its years-long effort to renovate the historic yet deteriorating 14-acre site. The Plaza sits at the corner of South Mill Avenue and West Southern Road. It was first…»

Multifamily Mortgages Perform Between 1st & 2nd Quarters of 2023

In the second quarter, commercial and multifamily mortgage delinquencies increased compared with the first quarter of this year, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Delinquency Report. “In general, multifamily mortgages continue to perform…»

Another Use for Abandoned Office Space: Satellite Campuses

There’s been plenty of thought dedicated to this question: What needs to happen to empty office space in urban centers? Much of the news focuses on office-to-multifamily conversions. While the theory is attractive, the reality seems to be more difficult. A recent article in Urban Land suggested…»

Hotel San Carlos in Phoenix Set for $80M Renovation Project

The historic Hotel San Carlos — one of the longest-operating hotels in downtown Phoenix — is set for an $80 million renovation, according to city of Phoenix documents. In August, the owner of the hotel, Columbus-based Rockbridge Capital LLC, applied for a $500,000 grant through…»

Corporate Investors Snapped Up Metro Phoenix Apartments

Investors, many from out of state, spent a record amount of money to buy more than 500 Phoenix-area apartment complexes in 2021 and 2022. That buying spree led to rent spikes and more evictions, housing advocates say. About $27.3 billion was invested in 517 Valley apartments during…»