In addition to the long-anticipated grocery store, Block 23 will boast a 17-story apartment tower called the Ryan. It will feature 332 units, and pre-leasing will begin this summer with the first move-ins in the fall, said Tom Bakewell, president of Dallas-based StreetLights Residential, which is behind the residential component of Block 23.
Along with Phoenix’s $150 million, the Suns are putting in $80 million, plus any overrun costs. The team is also being required to build a practice facility within Phoenix city limits that could cost up to $50 million. The city is not helping the team front any of those costs.
The renovations will be conducted over the next three summers. This summer will not see major renovations to the arena, Rowley told the Phoenix Business Journal. Instead, the team will start building the practice facility. Most arena construction will happen during the summers of 2020 and 2021. During construction, the Phoenix Mercury and the Arizona Rattlers will have to find another facility in which to play.
Caesars Entertainment Corp. (Nasdaq: CZR), one of the world’s largest casino and resort companies, is looking to open its first non-gaming hotel in the United States in Scottsdale next to Macerich Co.’s Scottsdale Fashion Square.
The 11-story, glass-hotel – to be known as Caesars Republic Scottsdale – will feature 266 rooms and is planned to be built at the intersection of Goldwater Boulevard and Highland Avenue right next to the mall and across the street from the new Ocean 44 restaurant on Macerich property.
Construction is expected to begin in the second half of 2019, with an opening scheduled for 2021. Total development costs were not disclosed.
After a big bump late in the year, Phoenix joined Las Vegas as the nation’s leader for apartment rent growth in 2018, according to RealPage, Inc. In the last 12 months, apartment rents have climbed 7.4% in Phoenix, matching the increase in Las Vegas.
By comparison, apartment rents rose an average of 3.3% across the nation in 2018.
Despite the fast-rising rents, Phoenix renters are still filling up apartments at healthy rates. Occupancy across the market is 95.4%. Even considering the high growth rate, Phoenix rents are still affordable at an average of $1,075 compared to the national rate of $1,353.
Roosevelt Row’s largest office building will get a new life as a creative office and mixed-use project.
True North Studio, which is based in the Roosevelt Row arts district, bought the 1001 North Central building for $15.25 million, according to real estate database Vizzda. The building formerly housed the Maricopa County Environmental Services and Air Quality Departments, Cavco Homes and other tenants.
Phoenix, Ariz. – Argenta, a 396-unit apartment community at 4104 E. Broadway Rd. in Mesa, has been sold to a California investor for $50,275,000.00. The development offered opportunity for future value appreciation with extensive renovation and modernization.
Argenta was sold by Millburn Company of Salt Lake City. The buyer was 29th Street Management III, based in San Francisco. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix handle the sale transaction.
“We were honored to be involved in the disposition of Argenta for Millburn Company. They did a great job stabilizing and positioning Argenta for the next buyer. 29th Street Capital’s strong local knowledge made them the perfect buyer to take Argenta to the next level.”
Sunbelt Investment Holdings Inc. is planning to build two business parks totaling 1.8 million square feet on some prime chunks of land in Phoenix.
The two developments will cost about $240 million to build, and the San Diego developer will pay those costs in cash.
The company is so active in metro Phoenix that it intends to open a satellite office in midtown Phoenix next year, said Todd Holzer, president of Sunbelt Investment, who splits his time between California and Arizona.
A 15-acre mixed-use project on tribal land near Scottsdale has received $11.5 million in equity investment to fund development. The project, dubbed The Edge, is planned for Loop 101 and 90th Street on the Salt River Pima-Maricopa Indian Community.
Dan Lupien, principal of Palmer Development Group, the developer of the project, said the project, which will include a four-story office building totaling 210,000 square feet, plus 35,000 square feet of freestanding restaurant and retail space, will cost about $70 million to develop.
Nationwide Realty Investors, the real estate arm of Nationwide Mutual Insurance Cos., unveiled the name and preliminary plans for its new 134-acre mixed-use development in Scottsdale, which will also serve as the company’s regional headquarters.
The development, called Cavasson, will break ground on its first phase next year. It will include several commercial office buildings as well as the new 460,000-square-foot regional headquarters building for Nationwide, multifamily apartments, a six-story parking structure, retail and restaurants, two hotel sites, and significant infrastructure improvements near Loop 101 and Hayden Road.
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