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
A New York-based luxury co-working company that calls itself “co-working for grownups” is the first tenant moving into the Biltmore area’s Camelback Collective. Serendipity Labs Inc. is taking 31,000 square feet of the entire second floor as its first move into the Phoenix area.
With 15 co-working spaces open across the country, and 29 total committed, Serendipity Labs plans to open up to eight more spaces during the next three to four years in the Phoenix area, said John Arenas, chairman and CEO.
Siena on Baseline, an apartment community at 4520 E. Baseline Rd., has been sold to a Dallas investor for $49,000,000.
“This property offered a very attractive ‘value-add’ opportunity for the buyer,” said Cindy Cooke, senior executive vice president of Colliers International in Greater Phoenix. “The community is located in one of the best employment and transportation accessible areas of the city which creates a strong tenant demand for renovated units.”
Creighton University plans to build a $150 million medical school at Park Central Mall next to St. Joseph’s Hospital and Medical Center in Phoenix.
Plans call for training 700 medical students in what will be two buildings totaling 300,000 square feet on the southeast corner of the mall property at Central Avenue and Catalina Drive.
Phase I will be a 150,000-square-foot building that will cost between $75 million and $100 million to develop, followed by a mirror image of a second 150,000-square-foot building at a later time as the school grows.
Country Brook Apartments located in the highly sought after Southeast Valley of Great Phoenix was purchased by a California-based investor for $74,000,000. MG Properties Group of San Diego acquired the 396-unit community located at 4909 W. Joshua Blvd in Chandler. Cindy Cooke and Brad Cooke of Colliers International in Greater Phoenix handled the marketing and sale transaction.
Mayo Clinic is embarking on a $648 million expansion that will nearly double the size of its Phoenix campus — paving the way for 2,000 more high-paying health care jobs. The expansion project, dubbed the Arizona Forward Project, will add 1.4 million square feet of building space to the existing 1.7 million square feet at the hospital campus at 56th Street just south of Loop 101. Plans call for breaking ground within the next 10 to 12 months.
American Express soon will begin construction on a fourth building at its north Desert Ridge campus that will house 3,000 employees.
The more than 300,000-square-foot, four-story building will join three buildings existing on a 90-acre campus at 56th Street and Mayo Boulevard. The building will have four wings, an outdoor common area and a collaborative work environment. The new building will be on the campus’s north side closest to Mayo Boulevard.
The new office building and the second parking garage are scheduled for completion in late 2019.
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