Here are the news articles you might find interesting today for commercial real estate and business:
Glendale apartments sell for $2.7 million Scottsdale-based Bella Lofts LLLP has purchased the Arroyo Palms apartment complex in Glendale for $2.7 million. The seller was TriTex Arroyo Palms LLC, an affiliate of TriMont Real Estate Advisors in Atlanta. The 159-unit property is located at 4444 W. Ocotillo Road. View article…
Tribe eyes redevelopment of closed drive-in theater’s land It appears time has run out on the Scottsdale 6 Drive-In. The last picture shows were screened Aug. 28 and the drive-in has gone dark after 34 years. Its operator, West Wind Drive-Ins, was unable to reach agreement on a new lease for the drive-in southeast of Hayden and McKellips roads, said Tony Maniscalco, vice president of marketing for the San Rafael, Calif., theater company. View article…
Essence Bakery may open in Phoenix The Camelback East Village Planning Committee this week approved a rezoning request that could pave the way for owners of Tempe’s Essence Bakery to open a location in Phoenix. The Phoenix Planning Commission and City Council still have to hear the case. The property is part of a multifamily-residential zoning district. The bakery is seeking the “intermediate commercial” zoning designation, which would allow it to take over two vacant buildings at 38th Street and Indian School Road. View article…
Scottsdale planning commission OKs expansion plans for Valley Ho Westroc Hotels & Resorts this week moved a step closer to gaining Scottsdale’s approval of its plan to expand downtown’s Hotel Valley Ho. The Planning Commission unanimously recommended City Council approval of modified zoning stipulations, amended development standards and a new development plan for about 70 hotel rooms, a ballroom with meeting rooms and parking facilities on a 4-acre site at the southwestern corner of Main and 69th streets. View article…
West Valley cities plan to boost Grand Avenue West Valley cities are teaming up to create a new vision for Grand Avenue – one that seeks to help revitalize the blighted expressway with public transit. City councils across the region, excluding Peoria, are adopting a new resolution that states the Arizona highway, also known as U.S. 60, is a vital corridor for moving commuters and freight into the metro area and must remain under state control. View article…
Real estate briefs: Xona renovation, Gainey Village The Xona Resort Suites Scottsdale has announced a $4 million renovation of the 12-acre property at 7677 E. Princess Blvd. The project includes upgrading the 431 suites, common areas and the Asada Desert Grille. New carpeting, lighting and furniture are planned for the suites, along with faster connections with the hotel’s Wi-Fi system. View article…
Arizona Court of Appeals hears Mesa tattoo case The Arizona Court of Appeals is weighing whether the Mesa City Council denied the constitutional rights of two tattoo artists by denying them an operating permit 2 1/2 years ago. Attorneys argued both sides of the case Thursday morning at Coronado High School in Scottsdale. The court from time to time will hear a case at a school as an educational exercise. View article…
Development, rezoning cases disappearing in Phoenix Development is virtually nonexistent in the parts of Phoenix where new development was most anticipated, and the slowdown caused barely a ripple in the recent city election. Both in Districts 2 and 3 in northeast Phoenix, no rezoning cases have been initiated since early in the year. Rezoning is a basic step in development of a property. The last cases heard by the Desert View Village Planning Committee had to do with scenic corridors along Loop 101 and Arizona 51, plus granting permission to a developer to split a parcel at 56th Street and Deer Valley Road. Neither matter resulted in new development. View article…
Effort to split ASU may be revived Four months before the next legislative session begins, government and business leaders in the West Valley and southeast Valley are working behind the scenes to head off another attempt to strip Arizona State University of its Mesa and Glendale campuses and turn them into stand-alone universities. The idea, pitched by several legislators including Senate Appropriations Committee Chairman Andy Biggs, would splinter one of the nation’s largest universities and has prompted moves by influential groups and officials of the Arizona Board of Regents – the public universities’ governing body – to discourage it. View article…
HOUSING:
Phoenix Real Estate: Foreclosures Again the Biggest Piece of the Pie Good news and bad news from the Phoenix real estate market this month. In August, the absolute number of foreclosures was down compared to a year ago – that’s the good news. But the percentage of the market represented by foreclosures is up — that’s the bad news. View article…
The Housing Double Dip The current attention of the public and politicians is on jobs, jobs, and, of course, jobs. But another indicator – single family permits – is turning more negative with every passing month. While analysts debate the possibility of a double dip in Gross Domestic Product (GDP), many would argue that the economy cannot move into a sustainable recovery without improvement in housing. As of now, single family housing permits are down in 49 of 50 states compared to last year, and permits are on track to record a double digit annual decline when final figures are in for 2011. View article…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.