Phoenix Construction Costs Still Elevated as Activity Largely Normalizes
A pair of Arizona construction industry reports issued this week show construction costs may be starting to settle, even as the rate of activity normalizes following the recent extended period of growth. In its Phoenix Q4 2025 Cost Index, Mortenson reported nonresidential construction conditions remained steady in Q4, and cost escalations continue to moderate nationwide. Quarter-over-quarter price increases softened, but activity earlier in 2025 ensured the year-over-year…»
Real estate investment firm buys Phoenix office building with plans for industrial redevelopment
A real estate investment firm based in Minneapolis has acquired a vacant office building in Phoenix with plans to redevelop the property into an industrial park. The Meritex Co. purchased the North Mountain Corporate Center, a roughly 109,300-square-foot office building at 10400 N. 25th Ave., from Macfarlan Capital Partners for about $7.18 million, or approximately $66 per square foot. Meritex plans to redevelop the property into an industrial park with two buildings totaling…»
Los Angeles developer opens $175M apartment community, with more on the way
Los Angeles-based Shelter Asset Management LLC has opened the first two of six buildings at its $175 million apartment project in the city of Maricopa, with another one in development in Phoenix. Called Home at Maricopa, the project will total 531 units at 17645 N. Porter Road when fully completed during the second quarter of 2028, said Stu Hansen, president and CEO of Shelter Asset Management. The project is being delivered in five phases. The first phase, which…»
Diversified Partners to transform McCormick Ranch office into upscale lakefront destination
Scottsdale-based Diversified Partners has plans to turn a McCormick Ranch office structure with lakeside views into an upscale development with top-notch restaurants, boutiques and Class A offices. Lakefront at Scottsdale, the proposed mixed-use destination at 7501 E. McCormick Parkway, will feature a design inspired by “modern Santa Barbara,” Walt Brown Jr., the founder, CEO and designated broker of Diversified Partners told the Business Journal. The firm…»
Building the Atari Hotel: Big challenges, bigger heart
The first Atari Hotel may be rooted in nostalgia but bringing it to life in downtown Phoenix is anything but a retro simplicity. The team behind the project — seasoned developers, forward‑thinking architects, and brand strategists — has spent years grappling with a site that defies convention. The oddly shaped, 46,000‑square‑foot parcel at Central and Roosevelt is a far cry from the rectangular many developers dream about. “You can’t just build a box,” said Jordan Taylor, partner…»