Commercial Real Estate & Business News September 25, 2018

The city is making strides toward a more pedestrian-friendly downtown in a move to build community and boost business. Phoenix this summer opened a “more walkable” area along First Street just south of Roosevelt Street, where workers widened sidewalks, planted 125 shade trees and narrowed First Street from two lanes each way to one lane lane each way from McKinley to Moreland streets.…»
Sunbelt Holdings Inc. and Crescent Bay Holdings are teaming to develop a 25-story condominium project in the former Jefferson Hotel, which was featured in Alfred Hitchock’s movie “Psycho.” Plans call for developing about 200 units in a 25-story tower, but those numbers could change, said John Graham, president and CEO of Scottsdale-based Sunbelt Holdings Inc. The project, to be called Jefferson…»
A global company focused on information-technology consulting has committed to hiring 1,000 more people in Arizona over the next five years in addition to the 800 it already employs, stressing the state’s broad talent pool as a factor behind its decision. The announcement by Infosys, an India-based company with a global workforce of more than 200,000, was hailed by Gov. Doug Ducey…»
The 29-story apartment complex proposed on vacant land at the Arizona Center at Fifth and Van Buren streets is headed to the Phoenix City Council for a vote after the council’s planning and economic development subcommittee voted to recommend approval. The complex, called Palm Court Tower, will contain 354 apartment units, about 20 of which will be designated for workforce…»
Pederson Group Inc. successfully bid $7.2 million today for about 23 acres of State Trust Land in Phoenix at the northwest corner of 35th Avenue and Happy Valley Road, State Land Commissioner Lisa A. Atkins said. Phoenix-based Pederson Group’s successful bid amount at the Arizona State Land Department auction was $2.58 million more than the subject parcel’s appraised value of $4.62 million, which…»