Daily News for Commercial Real Estate & Business – January 29, 2010

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

Trilogy tees up glitzy golf club

Trilogy, a division of Shea Homes Inc., is ready to unveil a glitzy country club at its Encanterra community in the far reaches of the southeast suburbs. La Casa, the 60,000-square-feet, $30 million clubhouse and recreational facility designed by architect Bing Hu, will open officially Feb. 13. View article...

Gilbert Town Council rejects plans for luxury condos

Gilbert Town Council Tuesday rejected a developer's proposal for luxury condos in northeast Gilbert after two dozen citizens spoke out in opposition. Scottsdale-based Continental Group's proposal to rezone 13 acres southwest of Power and Guadalupe roads was not recommended by town planning officials or the Planning Commission and was ultimately voted down unanimously by the council. View article...

Will Mesa voters buy into 'Wrigleyville' dream?

Waveyard, Gaylord - and now Wrigleyville. For the third time in recent years, Mesa voters will be asked in November to approve a visionary hospitality and entertainment venue aimed at turning the city into an international tourist destination. View article...

ASU president: Polytechnic campus here to stay

Jittery East Valley leaders Wednesday seemed relieved to hear Arizona State University President Michael Crow assure them that the centerpiece of their development dreams - the Polytechnic campus - was likely to be around for a long time to come. View article...

Tax-cutting proposal passes Arizona House

Legislation that would cut taxes and beef up job training passed the state House of Representatives Thursday amid Democratic complaints that the measure was rushed and will only worsen the state's budget deficit. View article...

Deal may end fight over zoning near Luke Air Force Base

A dispute between the state and Maricopa County over residential construction near Luke Air Force Base may soon be over if a negotiated agreement makes it to the county Board of Supervisors. View article...

Valley 8th nationally for 2009 foreclosures

While 2009 was an awful year in terms of foreclosure activity across the Valley, the fourth quarter showed some glimmer of hope for improvement, according to the latest foreclosure market report from RealtyTrac, an online marketplace for foreclosure properties. View article...

Capitol Bancorp reports $168M annual loss

A poor fourth quarter compounded ongoing losses for Capitol Bancorp Ltd., which reported a $168 million net loss for the year, the company announced Thursday. The bank holding company, which maintains executive offices in Phoenix and Michigan, lost $50.2 million, or $2.88 per share, in the fourth quarter. View article...

Outlook for Distress

All signs point to distress as the big opportunity area in 2010. Cash is stacked high awaiting multifamily deal flow, but finding a way to the right transactions - and avoiding the other active players looking to strike it rich - will make the coming year more of a gamble than a sure bet. 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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