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September 2007
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09/30/07
Arizona architects take edgy, boxy designs to new limits
Filed under: General, Business, Real Estate
Posted by: Lillian Wong @ 11:33 am

It would be hard to describe the honorees at this year’s Celebrate Architecture awards program as “out of the box.” In fact, most of the winners named by the Arizona Chapter of the American Institute of Architects created buildings that are distinctly boxy — including the Prayer Pavilion of Light chapel, which earned top honors.  More…

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Scottsdale office market remains hot
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:31 am

The demand for Phoenix office investment properties will remain at elevated levels for the foreseeable future, according to Marcus and Millichap’s second quarter 2007 Office Research Market Report. That’s due to the solid outlook for the local economy, which continues to expand and attract additional businessess.  More…

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City housing agency to trim staff
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:23 am

In a new sign of Phoenix’s slowing housing market, the city’s Development Services Department plans to cut about 10 percent of its staff in coming months for lack of work. The department, which issues building permits and conducts inspections on new residential and commercial developments, expects to reduce its staff by about 60 people between now and the start of next year.  More…

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Neighbors balk at Bidwills’ W. Valley plan
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:20 am

County islanders south of the stadium in Glendale squared off this week with developers for the Arizona Cardinals’ owners, who want to build on 77 acres next to their community. The Bidwills, who helped build the NFL stadium in Glendale, are taking their first plunge into private development with plans to create the West Valley’s first regional employment center.  More…



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Widening I-10 a short-term fix
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:18 am

Financial quarreling over widening Interstate 10 has been shelved, and the state says construction crews are on target to start work in the southwest Valley early next year. But adding lanes to the freeway through Avondale and Goodyear is not expected to be a long-term solution to commuter nightmares, especially as the southwest Valley’s population swells.  More…

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Developers drawn to Loop 101 corridor
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:17 am

The West Valley’s Loop 101 corridor continues to see activity with several commercial and residential projects charging ahead on Camelback Road at the Phoenix-Glendale border. West of the freeway, potential home buyers now can view models of Frank Lloyd Wright-inspired condominiums at the 9920 project. And two Mesa development firms are teaming up on neighboring retail and office projects just east of the freeway.  More…

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Future looks shaky for Ftn. Hills project
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:15 am

Developers of the proposed Fountain Hills Town Square project said they may pull out after facing too much resistance from Fountain Hills. While developers Kasnoff Investments and Conrad Properties West claim citizens support their plans for a $140 million downtown project, doubts about its layout and cost still loom for town officials.  More…

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West Valley retail area named ‘hot intersection’
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:13 am

Among the Valley’s hottest intersections is 99th Avenue and McDowell Road, shared by Avondale, Tolleson and Phoenix. That “hot intersection” designation was bestowed by Arizona realty professionals. The group chose the Valley’s hottest intersections at an Urban Land Institute meeting in August. The selection was based on developments, nearby population, traffic counts, median incomes, zoning and land use.  More…

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Buyer interested in stalled Chandler hotel project
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:09 am

There may be a buyer for the troubled Elevation Chandler, the partly built high-rise project south of Chandler Fashion Center that has sat idle for 18 months. ”There is a very reputable potential buyer in discussions with (developer) Jeff Cline,” Chandler City Manager Mark Pentz said. He declined to name the prospect.  More…

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Patience urged as Montelucia Resort progresses
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:07 am

Only at the Montelucia Resort, Spa & Residences, an InterContinental Resort, would potential buyers be chauffeured in luxury to the project’s construction site in a Mercedes-Benz SUV. Developer Robert Flaxman is sparing no expense when it comes to the high-end project rising southeast of Lincoln Drive and Tatum Boulevard in Paradise Valley. That includes a comfortable ride to observe the progress of construction.  More…

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Vestar morphs former landfill into retail destination
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:05 am

Buzzing drills, pounding hammers and the chatter of busy retailers have nearly tuned out the rock music playing from Tempe Marketplace’s speakers this week as crews prepared around the clock for a grand opening that will rival a circus. Stilt-walkers, break-dancers, magicians and musicians are expected to draw more than 8,000 patrons to the open-air shopping center’s grand-opening party tonight at 7.  More…

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Developer strives for ‘gold’ with building’s green setup
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:01 am

The developer of the glass office building rising just north of Loop 202 and Tempe Town Lake describes it as a “happier, healthier, smarter building.” And once construction ends on the six-story Papago Gateway Center, people will be invited to see for themselves the state-of-the-art technology that makes the building environmentally friendly, said Lee Chesnut, the San Diego-based developer.  More…

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Chandler aims to turn closed dump into park by 2009
Filed under: General, Real Estate
Posted by: Lillian Wong @ 10:58 am

Chandler’s first and only landfill is poised to become the Valley’s first city park reclaimed from a municipal landfill. The 40-foot-high mound of dirt on the northwest corner of McQueen and Ocotillo roads will be remade into a park starting next spring, with a possible completion by late 2008 or early 2009.  More…

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09/22/07
Arizona’s August bankruptcies hit post-reform high
Filed under: General, Business
Posted by: Lillian Wong @ 11:28 pm

The Federal Reserve’s half-a-percentage point cut in the federal fund rate this week bolstered Wall Street, but experts predict it will have little short-term effect on the housing slump and the rise in bankruptcies in the state.  More…

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Washington Point expected to break ground this fall
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:26 pm

Lauth Property Group, an Indianapolis-based development company, will break ground by the end of the year on a speculative office park close to Phoenix Sky Harbor International Airport, a network of freeways and the light rail line under construction between Phoenix and Tempe. The 650,000-square-foot Washington Point business center will be built on 16 acres at the southeast corner of State Route 143 and Washington Street. Ultimately, the project will include three buildings and three parking structures.  More…

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Industry dive opens prime office
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:24 pm

The collapse of mortgage companies and related businesses is having an effect on the commercial real estate market, but it’s not all bad. Those companies that closed practically overnight walked away from prime office space, creating higher vacancies and good deals for would-be tenants.  More…

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Development gets a jolt of caffeine
Filed under: General, Real Estate
Posted by: Lillian Wong @ 11:15 pm

Scottsdale’s residential real-estate market is stagnant but commercial development is steady, with plenty of new projects in the pipeline. That includes redevelopment plans for a Scottsdale hotel, fractional-ownership condominiums along a north Scottsdale golf course and more java outlets from SeattleMore…


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Banner, Sun Health to merge
Filed under: General, Business
Posted by: Lillian Wong @ 11:09 pm

Banner Health plans to merge with Sun City’s Sun Health hospital network in a deal that would expand the reach and power of the Valley’s largest hospital group. Banner, which now operates eight Valley hospitals, has agreed to acquire assets valued at about $400 million from the Sun Health network, including Sun Health’s Del E. Webb and Boswell hospitals in Sun CityMore…

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Phase 1 work begins on 28-acre Scottsdale Quarter
Filed under: General
Posted by: Lillian Wong @ 11:07 pm

It has been called Kierland Uncommon, Scottsdale Crossing and now Scottsdale Quarter. But by any name, the 1.2 million-square-foot mixed-use project directly east of Kierland Commons is under way. George Melara, a principal with Nelsen Partners, one of the project’s architects, said some of the initial work on utilities and excavation will begin this week southeast of Greenway Hayden Loop and Scottsdale Road.  More…

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Mortgage skid tied to some Ariz. job losses
Filed under: General, Business, Mortgages
Posted by: Lillian Wong @ 11:05 pm

Arizona began to see the fallout in the high-risk mortgage industry in August as it lost jobs in financial services, but other industries made up the slack, according to the Department of Economic Security. The state added 37,700 jobs from July to August, with 8,600 gained in the private sector, despite 1,900 cut in financial services.  More…

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