Commercial Real Estate & Business News – September 21, 2023

The Federal Reserve’s policy-setting committee on Wednesday voted to leave its policy rate unchanged, suggesting that the economy is moving in the right direction and inflation impulses are easing. The decision leaves the overnight lending target rate for banks at between 5.25% and 5.5%…»

A group of developers has moved forward with plans for a significant downtown Phoenix hotel that was proposed five years ago but never built. To be called The Edith, the $140 million mixed-use building will stand 17 stories high and feature 236 rooms with 23,000 square feet of flexible meeting…»

DMB Associates Inc. has sold a 3.21-acre parcel at its $1 billion mixed-use development in north Scottsdale. Denver-based Grand Peaks plopped down $22.75 million in cash for the parcel at One Scottsdale, according to Tempe-based Vizzda LLC real estate database. According to Vizzda, Grand Peaks plans to…»

Gilbert Town Council unanimously approved a purchase of 18 acres in its downtown district for $18.4 million on Tuesday. The redevelopment of Gilbert’s Heritage District, or downtown, has been a pointed effort since the council adopted its redevelopment plan in 2018. Over the years, the town…»

The planned redevelopment of Turf Paradise is up in the air after a developer backed out of plans to purchase the historic horse track in north Phoenix. Catch up quick: CT Realty, which has offices in Dallas and Newport Beach, California, was under contract to buy the property and planned to convert it into…»