Alongside its office in Scottsdale, Voya Financial Inc. (NYSE: VOYA) will open a second office in the Phoenix metro area, the company said Thursday. In addition, Voya plans to hire more than 1,000 new employees to fill the new building, which will house a call center, customer and business support, human resources and IT, according to a company announcement. The retirement services, investment and insurance company’s existing office in Arizona is in Scottsdale, at 7337 E. Doubletree Ranch Road. Two hundred employees already work there as part of Voya’s investment management business.
Carter Unger, president of Scottsdale-based Spring Creek Development, submitted plans to the city for SouthBridge 2.0 that would include office space, hotels, retail and restaurants plus residential development, totaling nearly 1.7 million gross square feet. The development would include 282,000 square feet of commercial space, 295 residential units, 333 hotel rooms and 1,528 parking spaces, according to city documents. In total, the project will cost about $700 million to complete, Unger said.
Construction has begun on the first phase of a $57 million mixed-use development in downtown Chandler.
The project, called New Square, will be built in two phases. The first phase will include 50,000 square feet of office space, a 110-room Hilton Garden Inn and 9,000 square feet of restaurant space, said developer Spike Lawrence of Spike Lawrence Ventures. The second phase will include 140,000 square feet of office space. The project will be built at Arizona Avenue and Chicago Street.
Construction has started on a $26 million hotel in downtown Phoenix’s Roosevelt Row Arts District.
The developers of the seven-story, 127-room upscale hotel said the property will include a ground-floor cafe, restaurant and a rooftop pool with cabanas and bar. The project is expected to be completed in late 2019.
Since 2004, downtown Phoenix has been fueled by tremendous economic development activity, including $5.03 billion investment by companies that have redeveloped a 1.7-square-mile area in the heart of central core. Downtown Phoenix currently has 6,121 total units across 101 separate properties. Of those, 2,269 units within 16 properties have either age/affordable/student housing restrictions. As of Sept. 10, there were six properties totaling 1,428 units under construction.
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
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