Empty shopping center at Tempe light rail station getting apartments, grocery
A vacant shopping center at the Dorsey Lane light rail station in Tempe is slated to become affordable housing and a new grocery store, according to a plan approved by Tempe City Council. Tempe owns two noncontiguous parcels near Apache Boulevard and Dorsey Lane. One of the sites contains a now-vacant shopping center that had been anchored by a Food City grocery store. The site is also near the EnVision Tempe, a city-run resource hub that offers programs like employment…»
272-acre Buckeye site near I-10 heads to auction with $42 million starting bid
A prime piece of state trust land in Buckeye set up for a new mixed-use development is going up for auction Feb. 4. The site encompasses about 272 acres north and south of the I-10 freeway in the West Valley and is next to a growing shopping center hub with over a million square feet of retail space currently underway. San-Diego based Sunbelt Investment Holdings submitted the original application triggering the auction, according to documents filed with the Arizona State Land…»
Real estate investor buys Sheraton Phoenix Downtown
The Sheraton Phoenix Downtown, the city’s largest hotel, was purchased by New York-based Brookfield Properties, according to Maricopa County records. “We are honored that Brookfield chose to invest in Sheraton Phoenix Downtown and in our local community,” said Brady Lamar, manager of the hotel. “We look forward to partnering with our new ownership team.” An entity tracing to real estate giant Blackstone Group sold the property, which it purchased in early 2020 from…»
Metro Phoenix sees surge in adaptive reuse apartments
Just a quick reminder that Phoenix’s vacant hotels and underused offices are turning into rentals faster than ever. The metro area boasts the 20th biggest pipeline of adaptive reuse apartments, according to RentCafe.com’s latest report. Here’s a quick breakdown: The Valley is set to deliver 2,463 apartments through adaptive reuse projects in the years to come. The vast majority (70%) are expected from former office spaces. Across the metro area, seven former office buildings will be…»
Goodman Real Estate acquires new Scottsdale apartment complex for $66.1M
Goodman Real Estate acquired Scottsdale on Main, a 119-unit luxury multifamily community in Scottsdale, Arizona, from Baron Properties for $66.1 million. Completed in 2024, the four-story midrise property at 6901 E. Main St. features four-over-one podium construction with unobstructed views of Camelback Mountain. The community includes studios and one- and two-bedroom units ranging from 643- to 1,290 square feet, with finishes that include quartz countertops, stainless…»