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Phoenix Business Journal
WNBA All-Star Game has changed since its last Valley appearance
When the WNBA All-Star Game first graced the Valley stage, the year was 2000, the band Santana had two of the biggest music hits in the nation and the WNBA’s average salary was $50,000. Fourteen years later, when Phoenix again hosted the All-Star game, Pharrell Williams’ song “Happy” graced the top of the charts, and the players’ average salary had jumped to $75,000.<\p> The mid-summer showcase of the league’s best players returns to what is now called the Footprint Center this weekend, beginning with Friday night’s skills challenge and 3-point contest, followed by Saturday’s All-Star game. Only Uncasville, Connecticut has hosted more All-Star games (4) than the Valley, while New York and Las Vegas have also hosted the weekend three times each.<\p>
Phoenix clean tech startup taps into growing produce market
A Phoenix-based clean tech startup is planning a series of expansions that will create jobs and fuel the company’s growth in Arizona’s produce market.<\p> Homer Farms Inc. is breaking ground in the coming weeks on a new solar-powered vertical farm on a 1-acre site at 2644 W. Belmont Ave. in north Phoenix.<\p>
East Valley solar company closes, files for bankruptcy
A Chandler-based solar company has ceased operations amid an ongoing bankruptcy case.<\p> Titan Solar Power, which was founded locally in 2013, filed for Chapter 7 bankruptcy protection June 20. The company estimated it has between $1 million and $10 million in assets against $1 million and $10 million in liabilities, according to its petition with the U.S Bankruptcy Court for the District of Arizona. It reported having between 5,001 and 10,000 creditors. The authorized representative of the company is Kyle Beddome, who is listed in the bankruptcy filing as the business owner. <\p>
My View: More competition needed in the credit card marketplace
I love working in the restaurant industry. I love the people, the food and being there for life’s big moments. I’ve been in the industry for nearly 35 years and have done every job there is to do from washing and busing dishes, to serving, then management. Now, I own four restaurants and employ more than 220 people in Tucson across Reforma Modern Mexican, Union Public House, Proof Artisanal Pizza & Pasta and The Maverick. <\p> Running a restaurant isn’t easy. One of our biggest costs –– even more than employee health care –– is credit card fees. I pay more than $300,000 a year in credit card fees and I’m not an anomaly. In fact, the credit card companies make more off U.S. restaurants than many restaurateurs. <\p>
Barrett-Jackson names presenting sponsor for fall Scottsdale auction
Collector car auctioneer Barrett-Jackson’s debut fall event in Scottsdale has a new hometown sponsor. <\p> The auction house named Gila River Resorts & Casinos as the presenting sponsor for the 2024 Scottsdale Fall Auction running October 10-13 at WestWorld of Scottsdale. <\p>
Event schedule set in Phoenix for WNBA All-Star Game
The WNBA and the Phoenix Mercury have planned a full slate of events in downtown Phoenix starting Thursday, July 18 culminating with the WNBA All-Star Game on the evening of Saturday, July 20.<\p> As storylines in the 2024 WNBA season have led to tremendous growth in viewership, attendance, merchandise sales, and social media interaction for the league, organizers are expecting a successful weekend to celebrate the league’s best players.<\p>
NY design firm expands, adds Phoenix office
National design and technology firm Mancini Duffy has expanded with a new regional office in metro Phoenix.<\p> New York City-based Mancini is a full-service firm that specializes in architecture, planning and interior design in various commercial real estate sectors. <\p>
Food, beverage vendor operations in spotlight at WNBA All-Star Game
With Footprint Center in downtown Phoenix hosting the WNBA All-Star Game this week, Denver-based Oak View Group has an opportunity to showcase its food and beverage (F&B) operation to dozens of NBA and WNBA team owners and executives in town for the festivities. <\p> All-star games are important to sports F&B companies for that very reason: they can show off – think tomahawk steaks as big as your forearm branded with a league logo – for a gathering of influential and nationally based decision-makers. This week’s WNBA event is the first all-star game in OVG Hospitality’s two-year existence, and even more important because it’s being held at the company’s first NBA/WNBA venue client. <\p>
11 Arizona ZIP codes make the inaugural Wealthy 1000 list
The plot thickens when it comes to the Valley's wealthiest ZIP code. <\p> A new proprietary ranking from The Business Journals, dubbed the Wealthy 1000, crowns Paradise Valley's vaunted 85253 ZIP code as the Grand Canyon State's wealthiest — and the No. 418 wealthiest ZIP in the country. The findings offer additional context to Phoenix Business Journal's 2024 rankings of Maricopa County's Wealthiest ZIP Codes and calls into question the elevated standing of Scottsdale's 85262 ZIP code, which overtook Paradise Valley as Maricopa County's richest ZIP in our local 2024 rankings.<\p>
USPS plans West Valley distribution center
The United States Postal Service intends to open a new Phoenix Regional Processing and Distribution Center as part of a national play to expand and upgrade its mail network. <\p> The new USPS distribution center in the Valley will be located at the 450,260-square-foot Fairway Commerce Center at 12250 W. Corporative Drive in Avondale, a suburb west of Phoenix. <\p>
Walmart to spend millions to upgrade Valley stores
Walmart is set to start construction later this month at multiple East Valley stores as part of its major remodeling initiative across the United States. <\p> Construction will start the week of July 14 both inside and outside of two Mesa Walmart Supercenters – 1955 S. Stapley Drive and 4505 E. McKelllips – and at a Walmart Neighborhood Market store at 730 E. McKellips in Mesa.<\p>
East Valley spaceship manufacturing facility ready for launch
Two years after choosing Mesa to be the home for its manufacturing facility for next-generation spaceships, Virgin Galactic has completed its buildout. <\p> Final assembly production is right around the corner.<\p>
This exec is the 'glue' of 50-year-old Valley luxury home builder
Julie Hancock not only married into a family, but a family business, too.<\p> An Illinois native, Hancock moved to Arizona in 1977 to attend Arizona State University, where she received a bachelor's degree in marketing and an MBA in finance.<\p>
Carvana got a big jolt on Wall Street. Here's why
Shares of Carvana Co. soared on Wednesday after the Tempe-based company released an electric vehicle tax credit tool and a Wall Street analyst upgraded its stock rating.<\p> Carvana (Nasdaq: CVNA) launched a feature that automatically applies a clean vehicle tax credit worth as much as $4,000 to customers buying eligible electric or hybrid vehicles on the company’s website. Previously, customers of the online vehicle retailer typically claimed the credit on their annual income tax filing.<\p>
My View: Vote TechSmart helps ID pro-tech candidates
It’s not often that more than 4 million people can agree on doing one thing that can actually add to their collective strength at the same time.<\p> I’m referring to the total number of Arizonans who are registered to vote, a fundamental right that allows us to select those who guide our state, as well as our nation, and help make our democracy the envy of the world. With early voting starting for the Arizona primary election capped with in-person voting on July 30, it’s time to show we’re in this together.<\p>
Survey: Clark, Reese storylines drive WNBA fan interest
A new study from National Research Group that looks to dig deeper into the "Caitlin Clark" effect among sports fans found that 64% have heard of Clark – compared to 46% for Chicago Sky forward Angel Reese, who ranked No. 2 among WNBAers – but only 26% of fans said they knew “a lot” about the Indiana Fever rookie. <\p> The NRG study was conducted from June 7-10 among 1,074 self-identified U.S. sports fans (4 or greater on a scale of 0-10) among the age range of 18-64. <\p>
Handful of new hotels planned across West Valley cities
A handful of new hotels have been proposed across the West Valley. <\p> In Tolleson, a LivAway Suites extended stay hotel is planned on a couple of acres at the southeast corner of Interstate 10 and 91st Avenue. <\p>
Why this developer is bullish on conversion of obsolete buildings
While lots of new development is occurring around the outer edges of the Valley, Scottsdale-based CaliberCos Inc. has its eyes set on old buildings and infill sites. <\p> The Phoenix metro has seen a push to convert or redevelop vacant commercial buildings into new housing or other uses, including a key recent move at the state level. Gov. Katie Hobbs passed a law this year that will make it easier for developers to redevelop old properties in Arizona. <\p>
Phoenix residential brokers gaze into their crystal ball
The Valley's residential real estate brokerages are moving billions of dollars worth of homes each year, and if that doesn't keep them busy enough, they now have to deal with changes after the National Association of Realtors agreed to a $418 million settlement over a lawsuit regarding buyer commissions, as well as procedural changes that will take place beginning in mid-August.<\p> There is also the matter of continuing high interest rates on home loans and inventory shortages in some segments of the Valley's available mix of for-sale homes.<\p>
DLR Group taps Phoenix design expert for health care projects
Mark Tiscornia has joined DLR Group as principal and global health care leader.<\p> With nearly 30 years of design and construction experience at firms such as HDR, HGA, Cuningham and Anshen+Allen, Tiscornia has planned, designed and managed a wide range of health care projects.<\p>
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