Daily News for Commercial Real Estate & Business – February 8, 2010

Here are the news stories you might find interesting today regarding commercial real estate and business:

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MAX at Kierland LEEDs the Way in Scottsdale

MAX at Kierland has become the first multitenant office building to achieve LEED Certification in North Scottsdale, AZ. The six-story office building at 16220 N. Scottsdale Rd. totals 258,000 square feet. View article...

Has East Valley lost the power of the perk?

East Valley cities have lost one of their most powerful tools to use taxpayer money to lure shopping centers, auto malls and other developments to their communities, city leaders and real estate experts agree. View article...

Cactus League chief: No stance yet on Cubs stadium plan

Cactus League president Robert Brinton is supportive of efforts to keep the Chicago Cubs spring training, but he stressed Saturday that he's not yet taken stance on a plan being put crafted at the Arizona Legislature to finance an $84 million stadium for the Cubs in Mesa. View article...

Goldwater Institute sues Phoenix to produce info on hotel deal

The Goldwater Institute, an Arizona watchdog group, filed documents in Maricopa County Superior Court on Friday asking that a judge force the city of Phoenix to turn over documents in connection with the rebranding of the Wyndham Phoenix as a Marriott Renaissance property. View article...

CityNorth case ignites debate over incentives in Scottsdale

The Arizona Supreme Court's recent ruling in the CityNorth case has reignited debate in Scottsdale over whether public subsidies and tax incentives truly benefit the community. Some say the more than $220 million the city has committed in subsidies has only wasted taxpayer money by lining the pockets of developers. View article...

Litchfield Park accepting arguments on property-tax plan

Litchfield Park will hold a general election May 18 to determine whether the city will institute a primary property tax to raise $1 million its first year. The city is accepting arguments for and against the tax until 5 p.m. Feb. 17 at the City Clerk's Office, 214 W. Wigwam Blvd. Arguments can't exceed 300 words, and there is a $25 charge for each submission. View article...

Public's ideas wanted to improve 21 miles of I-17 freeway in Phoenix

State transportation officials want to hear from you about what type of face lift a stretch of Interstate 17 in Phoenix should receive. The Arizona Department of Transportation is looking into how 21 miles of freeway, between the Maricopa Interchange and Loop 101, can be improved. The agency is inviting Valley residents to three meetings this month where they hope drivers of the freeway will offer specific ideas, which will be folded into a future plan. View article...

Records suggest Glendale slow to police unsafe buildings

Shoppers continued to stream through the doors of a Glendale furniture store seven months after a city building-safety inspector ordered the business shut down because the structure was deemed imminently unsafe. View article...

Effects of U.S. stimulus are debated

Later this month, the federal stimulus will turn a year old. Don't expect a large celebration. The biggest government spending plan since the New Deal seems to have slowed the hemorrhaging of jobs in Arizona and the United States as a whole and calmed the worst consumer fears. Yet as the stimulus heads into the final months of its greatest spending, it is evident that the plan, now pegged at $862 billion, isn't a miracle cure. View article...

Jobless Rate Drops But Losses Still Hurt Commercial Real Estate

The nation's jobless rate dipped to 9.7% in January from 10% the month before, catching many economists by surprise, as predictions were for unemployment to actually rise to 10.1%. But analysts warn that trends within the government's new report indicate a rough road ahead for commercial real estate, particularly for apartment and office properties. 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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