Commercial Real Estate & Business News – March 20, 2017

In recent years, surging development along the McDowell Road corridor has been in the process of replacing vacant commercial lots with mixed-use properties and multifamily residences. In 2016, the Scottsdale City Council approved rezoning for Aire on McDowell and Phase 2 of Skye on McDowell, new residential subdivisions that together will add 159 townhouses to the northeast and southeast corners of McDowell Road and North 68th Street...»

Minnesota-based Mortenson Co., who officially broke ground today on the 11-story, 210-room Hampton Inn & Suites hotel at Central Avenue and Polk Street in downtown Phoenix, has proposed plans to build a 20-story apartment next to the new hotel...»

The Valley has a long history of some of the country's best hotels, premier shopping malls and multi-million-dollar homes. Much of it is thanks to one family...»

The proposed plan calls for 300 guest rooms, 10 times the existing 32, with construction to take place in three phases over a maximum 10-year timeline...»

Phoenix isn't just hot, it's sizzling when it comes to residential real estate. Realtor.com named Metro Phoenix the No. 1 residential real estate market in the country, predicting Valley home prices will jump 5.9 percent and the number of sales will jump by 7.2 percent this year. And while the luxury market - those homes priced over $750,000 - picked up substantially in the second half of 2016, it's the lower-priced homes that experts say will drive a healthy housing industry over the next year...»

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