Commercial Real Estate & Business News – November 22, 2016

The commercial real-estate industry remains in an expansion cycle, helped by a steady economy and few signs of overbuilding. Rising interest rates are a concern, but few other signs are flashing warnings, said Calvin Schnure, senior economist for the National Association of Real Estate Investment Trusts during a talk in Phoenix last week...»

After spending tens of millions of dollars on new streetscapes and other Fiesta District infrastructure, the city made its boldest move yet when the City Council unanimously declared in September that business districts in southwest Mesa are blighted to the degree that government intervention is necessary...»

Maricopa County is considering selling the downtown ballpark - and Arizona Diamondbacks home field - to a private group called Stadium Real Estate Partners LLC. But sources familiar with the deal as well as reports by The Arizona Republic cast doubts on whether a sale will happen...»

The Arizona Coyotes hope to become the next professional sports team to make the East Valley their full-time home after announcing ambitious plans to build a $400 million arena and a separate practice facility in Tempe. The new arena would serve as the centerpiece of the new Arizona State University Athletic Facilities District. It would be on the northwest corner of East Rio Salado Parkway and McClintock Drive, the present location of the back nine holes of ASU's Karsten Golf Course and across from Tempe Marketplace...»

Scottsdale City Council has accepted a proposal for the rezoning of a highway commercial zone in order to make way for a new housing development during its Monday, Nov. 14 city council meeting. Additionally, the city council decided to enter into a development agreement with CRP/WP Scottsdale Owner, LLC to move forward with the proposed housing the development...»

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