Overall, more than $11 billion has been invested in development along the Valley’s light-rail line during its first decade, creating 50 million square feet of housing, office, shopping, hotel, school and government space, according to light rail’s manager Valley Metro.
While Scottsdale is ranked as the top spot to find a new job, it’s not the only employment hot spot in the Valley, according to WalletHub.
Two other East Valley cities — Chandler (No. 10) and Tempe (No. 14) — ranked in the top 25 best cities for jobs. Additional Valley cities also fared in the upper echelon of the 182-city rankings with Gilbert (No. 39), Peoria (No. 41), Phoenix (No. 53), Mesa (No. 65) and Glendale (No. 68) scoring well.
The 200,000-square-foot Wexford Science and Technology building is an important step in ASU’s expansion of its research footprint in downtown Phoenix and facilitating the growth of private sector investment in bioscience and health technology, said Morgan Olsen, executive vice president, treasurer and CFO of ASU.
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.
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.
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.
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.
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