Daily News for Commercial Real Estate & Business – August 15, 2011

Here are the news articles you might find interesting today for commercial real estate and business:

Buyer found for abandoned Elevation Chandler A potential buyer has signed a letter of intent to purchase Elevation Chandler, the site near Loops 101 and 202 that was to be a hotel but has become a long-vacant eyesore. Archstone Apartments of Englewood, Colo., is interested in building luxury apartments on the 10.5-acre site that holds a partly built, abandoned structure. The property is on the southern edge of Chandler Fashion Center. The purchase price was not immediately made public. View article...

Vacant land in Phoenix rezoned for homes Vacant land at Tatum Boulevard and Greenway Road now has signs advertising the lot that was recently rezoned for single-family homes. The signs include the property owner's name and number. For some neighborhood residents, the signs are an indication that the land is for sale, but the developer, Michael Lieb, said it is not - he merely wanted to inform passers-by of what is going on. The property is a little more than 17 acres on the northwestern corner. It has always been vacant. It was sold for $18 million in 2007 to a partnership that included an apartment developer, but the group was unable to make payments. Lieb's company, Torino Holdings, bought the property at a trustee's sale in 2009. View article...

Arizona Center loses 3 tenants, expects to gain a bakery Touristy trinkets, art and kitsch are in shrinking supply at the Arizona Center in downtown Phoenix. The shopping and office complex has lost three businesses that target tourists in the past month but is expected to gain a bakery soon. The latest closures include a clothing store, Jayne's Marketplace, and two tourism shops, Oak Creek and Hassayampa Trading Post. View article...

West Valley Loop 303 project's potential excites, but roadwork creates anxiety Work is under way on the next major phase of Loop 303, a project that has spurred grand visions of the future from leaders in the region but anxiety from some residents. Economic experts, transportation and elected officials envision a robust economic corridor when the six-lane freeway connects Grand Avenue in Surprise to Interstate 10 in the Southwest Valley. View article...

Zoning change along Loop 101 moves forward The Scottsdale Planning Commission, at its Wednesday meeting, recommended City Council approval of a rezoning request by the Arizona State Land Department that would allow car dealerships and 935 additional homes on state land along Loop 01. The change would allow retail use, including car sales, on parts of the 1,000 acres of trust land between Scottsdale and Hayden roads from north of Princess Drive to the southern edge of Grayhawk. The vote was 5-1, with Commission Vice Chairman Ed Grant dissenting. View article...

Fewer moving into Arizona for sixth straight year Fewer workers are moving into Arizona than away from the state, according to a new study done by Atlas Van Lines . In addition, Arizona's inbound and outbound traffic declined in 2010 for the sixth year in a row. The Atlas Vans Migration Patterns study, which tracks the numbers of workers transferred into and out of states by national corporations, found that 1,798 workers were transferred to Arizona in 2010, compared to 1,942 who transferred out. View article...

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

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