Steak 44 in Phoenix undergoes renovations to expand its dining room and the December launch of Ocean 44 in Scottsdale fast approaches, to say the Mastros are repeating their previous success. Inside Scottsdale Fashion Square, the team is busy holding a job fair this week to hire 240 people at all levels to staff Ocean 44.
Manhattan-based co-working firm Industrious will occupy the 32,000-plus square feet in the former Barney’s space in the east end of the mall near Scottsdale and Camelback roads. Industrious’ premium co-working and private office suites are expected to open in January.
“Prices spike as newer projects command top dollar”. The Greater Phoenix multifamily market had a mixed second quarter, but the overall trajectory is favorable. Vacancy ticked up in the summer months, but absorption was positive, rents spiked, and the investment market was quite active.
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PHOENIX, ARIZ. – The Terraces at Glassford Hill apartments in Prescott Valley have been sold to California-based Virtú Investments for $47,350,000 which is $209,530 per unit.
“The Terraces is irreplaceable with it’s unique location positioned on top of Glassford Hill. The fantastic views overlooking Prescott Valley combined with Class A quality design provides consistently high occupancy coupled with strong rents. Virtú took the time to truly understand this dynamic asset and submarket,” said Brad Cooke, executive vice president with Colliers International in Greater Phoenix.
Construction on the fifth phase of the Rio2100 office complex in Tempe is scheduled to begin later this year, with an opening expected in December 2019.
The addition will be part of the 60-acre mixed-use development east of Tempe Marketplace along Rio Salado Parkway. The four-story building will be a speculative office development containing 160,000 square feet of space. When completed, the development’s total office space will be 625,000 square feet.
David Weekley Homes is investing millions of dollars for a future project at Union Park at Norterra, a 357-acre master-planned community in north Phoenix.
The Houston-based homebuilder bought 117 lots from San Antonio-based USAA Inc. on land just east of I-17 and Happy Valley Road.
Union Park at Norterra will have 1,200 single-family lots and 1,100 multifamily units.
Weber said his homes will range from 2,300 square feet to 3,900 square feet and will be priced starting in the $400,000s. There will be a combination of single-story and two-story homes on lots 53 feet by 120 feet.
In the Phoenix Business Journal’s Largest Employers list, published Friday, the top 50 on the list currently account for 391,238 full-time jobs.
On a companywide basis, those firms and organizations provide 5.7 million full-time jobs.
The 10 largest employers on this year’s list included three health care specialists, two universities, two governmental organizations, one bank, one defense contractor and one retailer. Together they employ 202,964 full-time employees. For the first time in more than a decade, the state of Arizona was not the largest employer in the state. The state added 1,345 jobs to its 2017 total, while Banner Health added 9,110 jobs and went from second to first in the rankings.
Bank of the West plans to hire nearly 400 workers by the end of the year at its Tempe operations center, keeping with plans to hire 1,000 people in Arizona during 2018.
Last October, the San Francisco-based financial services company announced it would open a Tempe office, which is led by John Thomason, head of the bank’s corporate services division.
A 400,000-square-foot Class A build-to-suit office building is planned for vacant land along Rio Salado Parkway and Vista del Lago Drive east of Rural Road in Tempe. A master plan for the adjacent parcels of land includes hotels, multifamily housing and retail along Rio Salado.
On the west side of Rural Road, a 15-story, 265,000-square-foot Class A office building called Watermark Tempe is under construction and scheduled to be completed in summer 2019.
Lincoln Property and Goldman Sachs are building a 352,000-square-foot spec office building to the east of the Watermark along the lake’s south shore. That project broke ground in April.
265,000 square feet of Class A office and 44,000 square feet of high-end restaurant and retail space slated for Phase I of the 1.9 million-square-foot The Watermark | Tempe mixed-use development, will be built on spec. Fenix Development is scheduled to deliver Phase I of the project in summer 2019. Two levels of subterranean parking and the site’s utilities are already in place.
Once completed, the 15-story office building will feature eight levels of premium office space above a seven-level podium-style parking structure.
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