Estimated at 260,000 square feet, the structure is being built at the southwest corner of University Drive and Rural Road — the former site of a car wash. The architect team consists of Phoenix-based Architecton and New York-based Grimshaw. Ground has not been broken, plans call for finishing the project in December 2020.
Phoenix’s Sky Harbor International Airport was recognized as one of the top airports in the country, making Conde Nast Traveler’s Best Airports in the U.S. list.
Conde Nast Traveler said it received a record-breaking number of responses from nearly 500,000 readers who rated their travel experiences at hotels, resorts, cities, islands, cruise lines, airports and airlines. Sky Harbor ranked No. 7 this year. The Readers Choice Award’s airport list also included airports in Indianapolis, Portland, Oregon and Minneapolis.
Sky Harbor is in the middle of a $590 million modernization effort of its Terminal 3, adding more local and national restaurant and retail offerings.
The light rail has been a boon for development, despite the issues it creates for business owners during construction. According to Valley Metro, the initial 26-mile segment through Phoenix and into Mesa has resulted in $10.1 billion in public and private capital investments, and another $807 million is on the way.
Developers have followed light rail’s extensions and made plans accordingly. The latest northern leg — the second phase of the northwest extension that is adding about 2 miles of track that will cross over Interstate 17 and cost about $318 million — is being counted on for Metrocenter’s redevelopment. The project is expected to be completed by 2023.
The Phoenix area is on track to see 17 office buildings totaling 1.69 million square feet of office space complete construction during 2018.
Phoenix ranked 16th out of the top 40 U.S. markets for office deliveries during 2018, according to a study from Commercial Café. San Francisico topped the list, with 11.09 million square feet of office space on track to complete construction this year.
Tempe was one of the top 50 destinations for office deliveries this year, ranking 26th on the list. The city had 656,331 square feet of office space expected to be constructed in 2018, a 4 percent increase from the 17,288,997 square feet of space existing in the city.
Source: Phoenix Business Journal
A New York-based luxury co-working company that calls itself “co-working for grownups” is the first tenant moving into the Biltmore area’s Camelback Collective. Serendipity Labs Inc. is taking 31,000 square feet of the entire second floor as its first move into the Phoenix area.
With 15 co-working spaces open across the country, and 29 total committed, Serendipity Labs plans to open up to eight more spaces during the next three to four years in the Phoenix area, said John Arenas, chairman and CEO.
Siena on Baseline, an apartment community at 4520 E. Baseline Rd., has been sold to a Dallas investor for $49,000,000.
“This property offered a very attractive ‘value-add’ opportunity for the buyer,” said Cindy Cooke, senior executive vice president of Colliers International in Greater Phoenix. “The community is located in one of the best employment and transportation accessible areas of the city which creates a strong tenant demand for renovated units.”
The first phase of a four-phase industrial development near Loop 202 and Phoenix-Mesa Gateway Airport has begun construction and is expected to be completed by the end of the first quarter of next year.
Landing at PMG’s first phase will consist of six buildings totaling 280,000 square feet and cost $30 million to develop.
Buildings in the first phase will contain between 5,000 and 100,000 square feet of rentable space. The development will be Class A industrial space on 20 acres of land.
A San Francisco-based tech company has chosen Scottsdale as its first expansion city, with plans to hire up to 300 people.
Sender Inc., which does business as Sendoso, opened its 6,000-square-foot office at the Quad earlier this month at 64th Street and Thomas Road.
The store, which sells Apple Inc. (Nasdaq: AAPL) products, is on the first floor of the east side of the Scottsdale mall. It takes up some of the space formerly occupied by Barney’s along Scottsdale Road on the east side of the mall.
The Apple Store is expected to open on Sept. 28, according to a source familiar with the store.
Queen Creek Unified School District is breaking ground on a $28.8 million elementary school, making it the seventh school in the district in the rapidly growing area of the Southeast Valley.
The district, which currently has 7,900 students ranging from pre-kindergarten through 12th grade, hired DLR Group to design the school and Chasse Building Team to serve as general contractor.
The new school will be built on 15 acres in the Cadence at Gateway community near Ellsworth and Ray roads, which is in the northern part of the district’s boundaries. Of the $28.8 million total development costs, $20.5 million will go toward construction of the school, while soft costs are $3.9 million and $4.4 million is for the land.
GET THE LATEST NEWS
- Arizona Market News
- Brad Cooke
- Casa Grande
- Cindy Cooke
- Colliers Cooke Team
- Colliers International
- Deer Valley
- East Valley
- Just Listed
- Knowledge Leader
- Las Vegas
- Market Report
- Metro Light Rail
- MF Pipeline
- Multifamily News
- New Developments
- North Phoenix
- Northern Arizona
- Pipeline Report
- Press Releases
- Queen Creek
- Real Estate Market
- SE Valley
- West Valley