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Phoenix Business Journal
Arizona laser company's expansion includes a 'Battle Lab'
A Tucson-based company that develops laser and optical technology is expanding at the University of Arizona’s UA Tech Park, where it plans to create a new lab and expand its manufacturing capacity.<\p> Applied Energetics (OTCQB:AERG) leased 5,000 square feet of additional space at the UA of Tech Park to establish a "Battle Lab," allowing the company to conduct laser system testing and demonstrations. The facility will also provide more capacity to manufacture advanced lasers, according to a company release.<\p>
New details emerge in termination of Arizona Venture CEO Andy Lombard
New details have emerged in the termination of Andy Lombard as CEO of Arizona Venture Development Corp., with documents reviewed by the Phoenix Business Journal illustrating a frayed relationship between the firm’s former leader, its board and the state agency that oversees its contract to disburse millions in federal funds to startups with underrepresented founders.<\p> Phoenix-based attorney Stephen Montoya — on behalf of Lombard — served a notice of claim on June 19 to Sandra Watson, president and CEO of the Arizona Commerce Authority, which has oversight over Arizona Venture Development Corp. (AVC), and to Arizona Attorney General Kris Mayes following Lombard’s termination earlier that month. <\p>
FTC noncompete ban suffers setback
The Federal Trade Commission’s broad noncompete ban suffered a legal setback after a federal judge in Texas ruled against the agency on July 3.<\p> U.S. District Judge Ada E. Brown of the Northern District of Texas, said in a ruling that the agency “lacks substantive rulemaking authority” on the matter and granted a preliminary injunction on the controversial rule that could affect employers in a broad range of industries. <\p>
The National Observer: America's most-on-time airports
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today, we're looking at a big change to federal rulemaking that could affect businesses, the hidden costs of owning a home, and federal grants for 12 tech hubs across the U.S. But first, you may want to pack your patience for these routes — they're the most delayed flights in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Data-center debate: Booming CRE sector grapples with big questions
The proliferation of data centers across America is helping to power the nation's increasingly digital economy — but for some, it's coming at too high, or too unknown, of a cost.<\p> The data-center boom isn't new, but the rate at which these projects are being planned, proposed and built is quickly escalating. And while data centers once were concentrated in a few key markets, they're now fanning out to metro areas all over the country.<\p>
International athletes on sidelines as US peers cash in on NIL deals
Beth Coulter was born and raised in Northern Ireland before moving to Arizona to play for Arizona State University’s women’s golf team. As one of her requirements on the Tempe campus as a Sun Devil athlete, Coulter had to attend mandatory name, image and likeness workshops to learn more about the ways young competitors like herself can market their personal brands to the public.<\p> But there was just one problem – international college athletes like Coulter cannot receive money from NIL deals because of visa restrictions. Students choosing to study in the U.S. require F-1 visas, which allow them to study and live abroad but prevent them from participating in NIL deals.<\p>
Here's how construction cost increases stack up in Phoenix
Phoenix has seen a second consecutive quarter with construction cost increases of less than 1%. <\p> A report from Phoenix-based Rider Levett Bucknall, a construction advisory, cost and project management firm, found Phoenix came in below national averages for cost increases, experiencing a 0.94% spike from the first quarter. The national average increase in construction costs was 1.12% over the previous quarter.<\p>
More Phoenix renters are staying put, report finds
Despite the thousands of new apartment units opening for lease across metro Phoenix each quarter, a RentCafe study shows 57.9% of renters aren't budging and instead are renewing their leases.<\p> Phoenix's occupancy rate dropped to 92.4% at the start of the summer rental season, down from 93.5% last year, according to the report on the nation's hottest rental markets. The Phoenix metro saw its apartment unit supply grow by 1.18% at the start of the rental season, RentCafe found.<\p>
Flagstaff coffee company opens Phoenix roastery
Flagstaff-based Firecreek Coffee Co. has opened a new roasting facility and cafe in Phoenix that will help grow the company’s business in the Valley.<\p> The roastery opened in June at 1618 E. McDowell Road in Phoenix. This is the company’s second roastery, with the Phoenix location expected to complement the roastery in Flagstaff. It will also serve food and act as a training center for restaurants and cafes.<\p>
Got kids? Arcadia luxury home with huge backyard just dropped in price
A completely remodeled home in the Arcadia neighborhood of Scottsdale has dropped in price by $400,000, to list at just under $8 million.<\p> The 6,750-square-foot home at 4350 N. Jokake Drive is now listed for just under $7.9 million.<\p>
PitchBook data shows uptick in national VC deals
Inflation, elevated interest rates and economic uncertainty continue to dampen venture capital deals globally, but the U.S. is showing positive signs of dealmaking activity in the second quarter, according to initial data from PitchBook and the National Venture Capital Association.<\p> In data released July 3, PitchBook's lead U.S. venture capital analyst Kyle Sanford and Nalin Patel, the market research firm's lead private capital analyst for the EMEA region, provided a sneak peek into second quarter venture capital activity.<\p>
Executive director selected for Arizona-Mexico Commission
Eva Masadiego has been hired as the new executive director for the Arizona-Mexico Commission, a public/private nonprofit organization that was formed to help further relationships and collaboration between Arizona and Mexico. <\p> "I'm honored to have been appointed executive director," Masadiego said in a LinkedIn post in June. "The AMC celebrates 65 years of strengthening our cross-border relations, and I'm proud to lead such a uniquely valuable organization for the state of Arizona." <\p>
A popular job-posting strategy can backfire
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> The hiring process sparks plenty of questions for employers and candidates alike. <\p>
Residents oppose 4,300-acre Valley regional rail complex
A date has been set for the next approvals BNSF needs to move forward with its massive regional complex in the Valley — and nearby residents are continuing a years-long fight against the project. <\p> Texas-based BNSF Railway Co. wants to develop a 4,300-acre intermodal for freight transportation and an industrial center with 18 million square feet of warehouses in partnership with real estate heavyweights CRG and The Kroenke Group.<\p>
Canadian real estate lender sets up Phoenix office
International commercial real estate lender Trez Capital has relocated its Seattle office to metro Phoenix in support of its efforts in the western United States. <\p> The Vancouver, Canada-based investment manager has been operating in Phoenix since 2006 and has financed more than $1.1 billion in commitments across 50 loans in the Valley. <\p>
NY investor acquires newly developed Valley fitness facilities
EoS Fitness is continuing its aggressive expansion strategy in the Phoenix area and the gym locations are hot assets for real estate investors.<\p> In the second quarter of 2024, Dallas-based EoS opened five new gyms around the country, with two of them being in Arizona – in Laveen at the Loop 202 and Baseline Road and east Mesa near Signal Butte Road and US-60. Both of those newly constructed gyms were recently acquired by W. P. Carey Inc. (NYSE: WPC), a net lease-focused real estate investment trust headquartered in New York City.<\p>
Chandler law firm faces cease-and-desist order
The Attorneys for Freedom Law Firm in the Valley has been accused of selling insurance without a license for a national program it offers to gun owners. <\p> The Connecticut Insurance Department issued a cease-and-desist order against the Chandler-based law firm, alleging its Attorneys On Retailer Self Protection Plan is an insurance policy and not a law firm agreement as the company advertises to protect gun owners involved in a self-defense incident.<\p>
How the founder of a popular Valley taqueria made his dream a reality
Suny Santana is always willing to go the extra mile to get where he wants to be.<\p> After attending class at the culinary arts program at Phoenix College, he would stop at the grocery store and buy a loaf of sliced bread. Then he would take it home and practice flipping the bread in a sauté pan over and over, making sure he could do it with both hands.<\p>
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