Valley Emerges as a Leader in Redeveloping Retail Centers

By Corina Vanek | Phoenix Business Journal When Los Arcos Mall opened more than 50 years ago in Scottsdale, it was one of the Valley’s few indoor shopping centers. The behemoth structure, anchored by Sears and Broadway when it first opened in 1969, quickly became a popular place to shop and gather. But after years …

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N.Y. Developer Buys 124 Acres for Mixed-Use Project in Scottsdale

By Corina Vanek | Phoenix Business Journal Mack Real Estate Group, the New York-based real estate developer that has been aggressively growing its presence in Phoenix, bought 124 acres in north Scottsdale that can accommodate up to 4.3 million square feet of new development. Mack bought the land, located on Bell Road and Loop 101, …

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Sign of the Times: Redeveloping Lucky Plaza to Add 238 Apartments

By Corina Vanek | Phoenix Business Journal The planned redevelopment of a retail center in south Scottsdale to add 238 apartment units and 25,000 square feet of new retail and restaurant space is “a sign of the times,” the project’s zoning attorney said. Artist rendering of pedestrian paseo through the planned Greenbelt 88 project in …

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Experts Say Housing Affordability is a Key Valley Issue

By Corina Vanek | Phoenix Business Journal Housing affordability, the fate of office work and the demand for industrial space in Phoenix were among the themes covered during the IREM CCIM Economic Forecast held January 14. Robert Hicks, executive vice president for Portico Property Group, said the Valley is expected to see another 22,000 apartment …

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Despite Large Maturing Loan, Fashion Square Not in Danger

By Corina Vanek | Phoenix Business Journal Despite a loan worth $423 million coming due in 2023, Scottsdale Fashion Square is not in any financial danger, according to Robert Kline, managing director of debt and structured finance for the Southwest region for Colliers International. “Scottsdale Fashion Square is the crème de la crème of malls …

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Experts Say Demand is High for Smaller Commercial Spaces

By Corina Vanek | Phoenix Business Journal While national companies and larger office users have mostly slowed plans to lease office space, smaller tenants seeking space in Phoenix will still likely face competition. Laurel Lewis, senior vice president at NAI Horizon, said lease rates have continued to go up, even during the pandemic, so tenants …

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Developer Proposes Turning Harkins Theatre Into Apartments

By Corina Vanek | Phoenix Business Journal A plan to redevelop a Harkins Theatres location in north Phoenix could spark yet another new trend — repurposing outdated retail real estate to meet changing market demand. Developer Wolff Co. hopes to raze the North Valley 16 movie theater and redevelop the site into apartments. Jason Morris, …

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Scottsdale Company Converts Hotel Suites Into Affordable Housing

By Corina Vanek | Phoenix Business Journal In the wake of the Covid-19 pandemic, which hit the hospitality industry harder than almost any other, and faced with an affordable housing crisis in Arizona, some real estate firms are looking to transform hotels into apartments. “One of our clients is very entrepreneurial and had the opportunity …

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Phoenix Office Investment Nears Prepandemic Levels

By Corina Vanek | Phoenix Business Journal After office investment plummeted in 2020, the first half of 2021 showed that Phoenix was nearing the volume of office investment the market saw before the pandemic arrived. According to data from the CBRE team of Barry Gabel, Chris Marchildon and Will Mast, in the first six months …

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Phoenix Outpaces Nation in Construction Cost Increases

By Corina Vanek | Phoenix Business Journal The United States experienced the largest quarter-to-quarter increase in construction costs from the first quarter of 2021 to the second, according to Rider Levett Bucknall’s quarterly cost report, which has been studying changes in construction costs for about 20 years. As a whole, the U.S. saw a 2.9% …

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