Mesa is seeing “explosive growth” in population and new development as the city — already Arizona’s third-largest and No. 38 in the nation — approaches half a million residents, Mesa Mayor John Giles said Tuesday during his annual State of the City address.
Irgens completed the $17 million acquisition of four acres of land for an upcoming Gilbert medical campus that is already 65 percent pre-leased.
Phoenix tends to run hot and cold, and currently it’s in hot mode. Arizona is among the top handful of U.S. states for economic and population growth, creating strong demand for multifamily.
Construction on the Loop 202 South Mountain Freeway started on Sept. 19 with improvements at the Interstate 10/Loop 202 Santan Freeway/Pecos Road interchange between Phoenix and Chandler, according to Arizona Department of Transportation. Shoulders are being widened, and the Loop 202 high-occupancy vehicle lanes will be extended over I-10 to 48th Street.
Arizona has won another round in court to allow development of the Loop 202 South Mountain Freeway. The ruling lets Arizona Department of Transportation stay on schedule for beginning mainline freeway construction early in 2017.
After a delay of a few months, initial work on the segment began in October, most of it involving preparation work along the road, including some demolition and relocation of lighting, said Jodi Sorrel, Mesa’s transit director. Completion of the project is expected in about two years.
The ASU Research Park has a $1.4 billion economic impact and the companies at the R&D and business park generate more than 16,100 jobs. That is according to a new economic impact report by Arizona State University’sW.P. Carey School of Business.
The 320-acre research park has 51 tenants including Amazon, Avnet, GoDaddy, Iridium and Amkor Technology. There are also ASU electronics and solar research groups at the park located at the Loop 101 freeway and Warner Road in Tempe. Tenants at the park employ 6,000 workers.
Multifamily construction in Greater Phoenix returned to record level highs for completed number of units, rental rates and investment activity for the first time in over a decade.
This year marks one of the highest rates of completion of multifamily developments since 2000. It also exceeds investment activity levels not seen since 2007. In turn, rental rates rose for a seventh consecutive year, which marks a 30 percent rise since 2009.
FEATURED:
Scottsdale Airpark “Edge City”
Why It Will Be Hot: Two words: robot valets
You pull into the garage at the Sterling Collection at Silverleaf, a stunning community of Euro-condos with views of the McDowell Sonoran Preserve. You ease your Lexus hybrid onto a steel tray and stroll to your private elevator that opens into your penthouse, leaving omni-directional, battery-powered robots to park your car for you. When you require it again, just press a button, and your vehicle manifests in minutes. We present: robotic valet.
We invite you to view the Cooke Multifamily Pipeline Report, a comprehensive look at the 2016 multifamily market in an exploration of top sub-markets of Arizona. The report touches on multifamily and development trends including Phoenix multifamily vacancy, population overview and employment overview trends.. Click to view the full report or contact us at gerda.kauks@colliers.com for a complimentary printed copy.
A massive supermarket offering global foods is opening in the East Valley on Wednesday.
The supermarket will hire 80 to 100 people. AZ International Marketplace cost $10 million to put together and is roughly the size of two football fields.
