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03/17/07
Land in Fountain Hills fetches $110 million bid
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:17 am

Two square miles of Fountain Hills sold Thursday for $110.1 million, the second-most-expensive piece of state trust land ever auctioned by the Arizona State Land Department. The Ellman Cos. placed the winning bid, making the Phoenix firm one of the biggest land developers in the northeast Valley. More…

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Tribe to move, expand Lone Butte casino
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:15 am

The Gila River Indian Community plans to relocate and expand two of its three already lucrative casinos. The small Lone Butte Casino will move from just south of southwest Chandler to south of southeast Chandler. The casino will be doubled in size to take advantage of growth there as well as in Gilbert, Queen Creek and the far southeast Valley out to Florence. The Gila River Casino Expansion Owner’s Team group had already announced in August that it plans to move the large Wild Horse Pass Casino a mile east and closer to Interstate 10 and to add a hotel and 2,300-seat entertainment hall so it could attract Las Vegas-type shows. Both casino moves are scheduled to be completed next year.  More…

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Stores sprouting in Goodyear
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:13 am

Goodyear Centerpointe is just the beginning. It will bring Circuit City, Sports Chalet, Mervyns, Olive Garden and other major stores. And what will follow will be a wave of development that Goodyear has not seen since the development of Palm Valley Pavilions on Litchfield Road. The 30-acre shopping center under construction at Interstate 10 and PebbleCreek Parkway kicks off work in the McDowell Road Commercial Corridor. The new stores planned for the development are important for the city and the southwest Valley, said Barbra Moss, senior retail development manager in Goodyear’s economic development office.  More…

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High turnout expected for land auction
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:10 am

SCOTTSDALE - The Arizona State Land Department is expecting a strong turnout when it auctions a commercial lease on an industrial parcel in north Scottsdale next month. The department will auction a lease for 124.7 acres northeast of East Bell Road and Loop 101 on April 24. More…

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Light-rail plans in northwest Valley adjusted
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:08 am

Phoenix city leaders have decided to build an initial three miles, not the full 4.6 miles, of the first light-rail extension. It’s the second time in as many years that plans for the northwest line have shifted. Two years ago, the Phoenix City Council opted against sending tracks across Interstate 17 into Metrocenter Mall. Instead, the line was to end at a business park on the east side of the freeway. The latest plan, ratified recently, would build the northwest extension in two phases. The first phase, a 3.2-mile line, would open on time in 2012 using $273 million in local funds, adjusted for inflation. Completing the extension would have to wait until after 2014 when federal money could be secured, and those plans could be altered.  More…

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Developers to begin sale of lots at Sereno Canyon
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:05 am

Developers of Sereno Canyon, a 330-acre custom-home development east of Troon, plan to start sales this month on the first phase of the project. Crown Community Development, based in suburban Chicago, will release 46 of 122 lots. Sereno Canyon is about four miles east of Pima Road near 122nd Street and Alameda Road, south of Happy Valley RoadMore…

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SanTan Village developer seeks height extension
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:03 am

Shoppers in the southeast Valley can mark their calendars: SanTan Village will open on Oct. 26 in Gilbert. The streetscape of the 1.2 million-square-foot outdoor mall and mixed-use development is under construction, but its developer is turning its attention upward and plans to ask Gilbert town officials to let it build the planned hotel and condominium buildings taller than it is allowed to now. Buildings on the site can’t rise more than 60 feet, but Phoenix-based mall developer Westcor is seeking to nearly double that height limit, said Garrett Newland, assistant vice president of development for Westcor.  More…

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Phoenix condo tower planned
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:01 am

A developer who has already made his mark in downtown Phoenix with one condominium tower is now proposing a second, 32-story residential project in the heart of the city. The $100 million development, called Omega, would be located at Second Avenue and Adams Street, behind the Orpheum Lofts. Once built, it would be the third urban housing high-rise downtown. It is the brainchild of Chicago native David Wallach, who is taking an increasingly active role in the redevelopment of Phoenix’s core.  More…

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Open house unveils plans for Villa Monterey site
Filed under: General, Real Estate
Posted by: Lillian Wong @ 10:59 am

SCOTTSDALE - About 150 people crowded into an open house Tuesday to learn how the city plans to transform the defunct Villa Monterey Golf Course into a park. All the participants filling out surveys could agree on one thing: They were glad the city was doing something.  More…

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Mortgage lender can’t pay creditors
Filed under: General, Mortgages
Posted by: Lillian Wong @ 10:57 am

New Century Financial Corp., among the biggest subprime lender in the country, said it doesn’t have the cash to pay creditors who are demanding their money, increasing speculation that the company will go bankrupt. The New York Stock Exchange halted trading of New Century on Monday morning while it ponders whether to keep listing the company’s securities in light of the liquidity problems. New Century said in a federal filing that it doesn’t have funds to give to lenders including Morgan Stanley, Citigroup Inc. and Goldman Sachs Group Inc. The creditors want New Century to repurchase all outstanding mortgage loans they financed.  More…

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6 new hotel projects in works near stadium
Filed under: General, Real Estate
Posted by: Lillian Wong @ 10:52 am

New hotels are rising at Glendale’s Zanjero project, an effort to bolster the West Valley city as a destination that can accommodate out-of-town sports fans. Construction is under way on two Marriott hotels - a 126-room Residence Inn and 120-room SpringHill Suites - at the heart of Zanjero near Loop 101 and Glendale Avenue. The projects are to open in October. Two more hotels, a 96-room Holiday Inn Express and 116-room Staybridge Suites, will break ground soon just south of the Marriott projects. They are expected to open by December.  More…

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Urban village planned near Chandler mall
Filed under: General, Real Estate
Posted by: Lillian Wong @ 10:49 am

A $100 million, mixed-use project that includes 342 condominiums plus retail, offices and restaurants is planned next to Chandler Fashion Center. The project, called the Metropolitan of Chandler, is designed as an urban village to attract people who want to live, work and play in one spot. The project, with 100,000 square feet of commercial space, is planned on 12 acres wrapping around the Windmill Inn, across from Nordstrom on the west side of the mall.  More…

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Developers rehabbing old buildings to get help
Filed under: General, Real Estate
Posted by: Lillian Wong @ 10:11 am

Phoenix developers wanting to transform an old, battered warehouse into a swanky new nightclub now have a friend in the city to help them. The new Office of Customer Advocacy in Phoenix’s Development Services Department will officially open today to assist customers trying to rehabilitate older properties. This office will navigate clients through the intricacies of city codes and ordinances to help them understand what they must do to bring their projects to life.  More…

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