Today’s News 8-13-2025

Long known as a destination for college students (and those wishing they were still college students), a handful of new restaurant and hospitality developments aim to pivot Old Town Scottsdale away from nightclub culture to appeal to a broader range of demographics. “This has been a calculated shift by our company to elevate the offerings in the hospitality district,” said Lissa Druss, a spokesperson for Riot Hospitality, which owns and operates several restaurants and…»

A $1 billion Gilbert development could kick off construction this year after receiving the final approvals from the town’s Planning Commission. The Ranch, a roughly 300-acre development planned at Power and Warner roads, is planned to include 3 million square feet of industrial space, 34 acres of retail development, 729 apartment units and 18 acres of green space near the neighboring residential community. The development had been controversial when…»

The lender for the $2 billion Ritz-Carlton Paradise Valley and The Palmeraie residential development has made plans to foreclose on the property amid a tense legal battle. The lender, an entity affiliated with New York-based private equity company Madison Realty Capital, filed a notice of trustee’s sale on Aug. 4. A public auction is set for Nov. 12 at the Maricopa County Superior Court Building in downtown Phoenix, according to county documents. The foreclosure sale marks…»

Although Phoenix home prices are plateauing in buyers’ favor, would-be buyers may stick to renting as mortgage interest rates remain around 6%. A recent RentCafe report reveals exactly how much square footage renters can get around the Valley with $1,500 a month. The report ranked the 200 largest cities across the United States using apartment data from Yardi Matrix to determine where $1,500 gets renters the most space. As it did in last year’s report, Tucson…»

Thompson Thrift, a full-service nationally recognized real estate company, announced today that Lowe’s has opened a 130,000-square-foot store at South Bridge Marketplace in Maricopa. Later this year the company plans to begin construction on a 54,000-square-foot second phase that will be anchored by ALDI. “The successful opening of Lowe’s is a testament to the strong partnership we’ve built with the city of Maricopa,” said Dan Sink, president and chief…»