Commercial Real Estate & Business News – September 21, 2015

Arizona Named a Top Tax-Friendly State

Arizona?s was named as the seventh best tax-friendly state in the U.S., which is good news for tax-cut advocates. Kiplinger, which developed the list, said differences from state-to-state can be dramatic. Kiplinger looks only at state taxes, and doesn?t count that in many states, high property taxes are used to offset the differences. In Arizona, the high sales tax offsets the low property tax, as an example… Read more »

Jobs Data: Arizona 100,000 Jobs from Pre-Recession Peak

Slowly and steadily, the jobs picture in Arizona continues its march toward pre-recession levels. Year over year, Arizona saw a net gain of 52,600 jobs in August, according to the latest data from the Department of Administration. That reflects a 2.1 percent increase over August 2014. Broken down, the private sector added 57,300 jobs while government employment declined by 4,700 jobs compared to a year ago… Read more »

Weidner Back on the Board…Spends $43.15 Million for 696-Unit Apartment Project

A company formed by Weidner Apartment Homes paid $43.15 million ($61,997 per unit) to acquire the 696-unit Villas at Cave Creek apartments at 2529 W. Cactus Road in Phoenix. The seller was a company formed by The Milestone Group… Read more »

Work to start soon on Kimpton hotel on former Monti’s site in Tempe

Construction on a new Kimpton boutique hotel high-rise in downtown Tempe is set to start in November. The owners of downtown Tempe’s historic Hayden House, where historic eatery Monti’s La Casa Vieja was located, have signed a 20-year operating agreement with the San Francisco-based Kimpton chain and hope to have the luxury, 16-story hotel open by late 2017… Read more »

Exclusive: Lennar Still Developing Apartments at Long-Empty Central Avenue Lot

Lennar Corp. says it’s still moving forward with its plans for a 367-unit apartment development on a vacant lot at Central Avenue and McDowell Road in Phoenix. The property has been empty for years. Nathan Stum, development manager for Lennar?s multifamily division, previously said the Miami-based residential builder hoped to start construction in July… Read more »