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Commercial Real Estate & Business News September 20, 2018

Adaptive reuse can be an attractive consideration in the ever-changing commercial real estate environment for a number of reasons: rotating market demands in sectors such as retail, interactive office, health care and life sciences; changing demographics like a dearth of office tenants and increasing residential demand; or a desire to capitalize on the value of the property…»
Downtown Phoenix is on track to have a grocery store by the fourth quarter of next year. RED Development began construction on Block 23 at First and Washington streets in April 2017 and has kept on pace with the original construction timeline, said Jeff Moloznik, vice president of development at Red, during a presentation to Arizona Commercial Real Estate Women…»
More than a dozen new restaurants are set to open in northwest Valley in the coming months, and many are the type of specialty restaurants cities are trying to attract. At least 15 new restaurants are in the pipeline in Glendale, Peoria and Surprise, according to information provided by the cities and a resident group called Upper West Side PHX. There’s a few expansions of well-known.…»
Cahava Springs Development Corp. is negotiating with a national publicly traded homebuilder for its 982-acre master-planned community in Cave Creek. The $42 million project – called Cahava Springs – will include 230 lots averaging 2.2 acres in the small town 27 miles northeast of Phoenix. Twenty parcels would be reserved as equestrian lots that back onto Maricopa County’s regional trail.…»
NexMetro Communities LLC received zoning approval for one of its Avilla rental communities in Peoria, while preparing to open three more in Phoenix, Goodyear and Mesa. The residences are a hybrid between an apartment unit and a single-family home. They range from 635 square feet for a one-bedroom unit to 1,250 square feet for a three-bedroom, two-bath unit…»