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.
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.
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.
Work on preliminary construction and underground utility work for the 3-mile, 14-station streetcar system is already underway, but construction will shift into “high gear” this fall. Valley Metro was aiming to enter into a funding agreement for the streetcar project by early 2019. It is scheduled to open in 2021.
The streetcar, according to Valley Metro, will run partially along Apache Boulevard, Mill Avenue and Rio Salado Parkway. It will also have two connections to the Valley Metro light rail.
Iron Mountain Inc. has begun construction on a $430 million, three-story data center in east Phoenix originally planned by IO Data Centers.
The new 48-megawatt, 550,000-square-foot data center will double the size of the flagship Phoenix campus with a 9-acre expansion to support customer demand, said Rick Crutchley, Iron Mountain’s vice president and general manager for the Western region. Crutchley was previously IO’s chief operating officer. “We’re really excited about this project. Iron Mountain has invested more than $2 billion in data centers all over the world.”
American Campus Communities is putting the final touches on the Greek Leadership Village at Arizona State University’s Tempe campus. Total development costs for the 957-bed project stand at $69.6 million. A grand opening for the new housing on the east side of ASU’s campus along Rural Road is planned for September.
The Greek Village Community Center features meeting spaces, council and staff offices and retail space. Fraternity and sorority members worked in partnership with the university to develop the 27-house community. This is the seventh project ACC has built for ASU, Gilbert said. ACC will operate more than 7,700 beds of student housing at ASU when the new Greek project opens.
Arizona is poised to add 1 million new residents between now and 2026 as well as more than 500,000 jobs to continue growing the state’s economy.
The statistics, from the Arizona Office of Economic Opportunity, paint a picture of a state once waylaid by the Great Recession as it continues to find its economic footing, according to a report by the Arizona Republic.
Those numbers would see the biggest growth in Phoenix and Maricopa County, already the state’s most populous region. The population is expected to grow from about 4.9 million to 5.5 million in the metro area during the next eight years.
The state’s population likely would rise to 8.1 million by 2026.
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.
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.
GET THE LATEST NEWS
- Arizona Market News
- Brad Cooke
- Casa Grande
- Cindy Cooke
- Colliers Cooke Team
- Colliers International
- Deer Valley
- East Valley
- Just Listed
- Knowledge Leader
- Las Vegas
- Market Report
- Metro Light Rail
- MF Pipeline
- Multifamily News
- New Developments
- North Phoenix
- Northern Arizona
- Pipeline Report
- Press Releases
- Queen Creek
- Real Estate Market
- SE Valley
- West Valley