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Phoenix Business Journal
USDOT grant aids Tempe streetcar expansion to Mesa
The U.S. Department of Transportation will grant nearly $16 million to help with the extension of a popular East Valley transportation service.<\p> As a part of its annual RAISE program giving grants to infrastructure projects across the nation, the USDOT awarded the Valley Metro Regional Public Transportation Authority $15.94 million to improve the Valley Metro Streetcar that runs in Tempe around the Arizona State University campus. <\p>
Phoenix approves downtown ground lease for UArizona biotech hub
Update: As expected, Phoenix City Council on Wednesday approved funding and a ground lease that will allow the University of Arizona to proceed with a downtown biomedical research hub. Council approved an investment in the Center for Advanced Molecular and Immunological Therapies, or CAMI, worth $20 million, composed of various forms of support that will be invested by the city over time, including $16.5 million in payments from the Downtown Community Reinvestment Fund and abatement of ground lease rent for the term of the project.<\p> Original story: Phoenix City Council is expected to vote June 26 on a ground lease that will pave the way for the University of Arizona Health Sciences' proposed biomedical research hub in downtown Phoenix.<\p>
Here are the new hot spots for future Valley home construction
Homebuilders continue to pay millions of dollars in cash to scoop up lots as the Phoenix metro market continues to show strength despite mortgage interest rates hovering near 8%.<\p> "Metro Phoenix homebuilders aren't waiting for lower mortgage rates," according to the latest Phoenix Housing Market Letter by RL Brown Housing Reports, which specializes in housing marketing data and research. <\p>
SRP brings more battery stations online to handle peak demand
Salt River Project is bringing online two new battery storage systems in the Valley that can store enough electricity to dispense to tens of thousands of homes during peak demand times. <\p> The two systems — the 250-megawatt Sierra Estrella Energy Storage facility in Avondale and the 90-megawatt Superstition Energy Storage facility in Gilbert — come as the result of a partnership between SRP and Plus Power LLC. Both are charged from the existing power grid, and together, they have enough storage to power 76,000 residential homes for four hours. <\p>
My View: Parents, don't prevent kids from learning to communicate
With the likely efficiencies coming with artificial intelligence being built into almost everything, I can’t help but think that the conversation also needs to include teaching young adults the art of, well, conversation. <\p> While speaking often about communication, networking, mentorship and emotional intelligence, I’m often raising my hand and shouting from the rooftop that parents, mentors and managers need to teach and practice these topics with young adults.<\p>
Angel investor group aims to grow deal flow with Arizona startups
Bob DeLean is optimistic for the future of Arizona Tech Investors, one of the state’s most prominent angel investment groups.<\p> About 18 months ago, DeLean took over the helm as chairman of ATI and has focused his efforts on growing the group’s membership and inking investment deals with emerging startups. <\p>
Reports: Meruelo abandons NHL plans in Arizona
Alex Meruelo, the owner of the deactivated Arizona Coyotes NHL franchise, has decided to not move forward with bringing a professional hockey team back to the Valley following the cancelation of the Arizona State Land Department auction for land on which he wanted to build an arena, according to a report from PHNX Sports.<\p> The Valley-focused sports publication reported that multiple sources confirmed that Meruelo addressed the remaining staff of the Coyotes on Monday and said he has no plans to further pursue arena options and bring a team back to the Valley.<\p>
NAR settlement means 'summer of uncertainty' for real estate agents
Teresa King Kinney is no stranger to abrupt change in the real estate industry — and the National Association of Realtors' recent settlement is no exception.<\p> She’s been the CEO of the Miami Association of Realtors and its 60,000-plus agents since 1993. In that time, she's navigated several recessions, the Global Financial Crisis and the turbulent, unpredictable Covid-19 pandemic.<\p>
Little Miss BBQ owners want to try something new around Valley
Little Miss BBQ, one of the most praised BBQ joints in the Valley, now has a sister concept and the owners are looking to expand.<\p> In April, Scott and Bekke Holmes opened their newest restaurant concept, Full Speed Chicken and Ribs in downtown Phoenix. But the couple already sees the potential for the restaurant in other parts of the Valley.<\p>
Incentives legislation approved for Mesa-Gateway Airport
Months after the legislation moved through the Arizona Legislature, a resolution that could have a positive impact on development around Phoenix-Mesa Gateway Airport has been signed by Gov. Katie Hobbs.<\p> With Hobbs taking action June 21 on House Joint Resolution 2001, Phoenix-Mesa Gateway Airport's status as a Military Reuse Zone is renewed. That designation allows for tax incentives aimed at aviation and aerospace businesses. Before the resolution was signed into law, the designation was set to expire in October 2026. The renewal of the airport's status will keep that designation through October 19, 2031. <\p>
How Arizona's universities fared on U.S. News' latest global rankings
Arizona’s two largest public institutions both ranked in the top 10% of global universities, according to the latest data from U.S. News & World Report.<\p> In the U.S. News 2024-2025 global ranking released on Tuesday, the University of Arizona came in at No. 115 and Arizona State University came in a tie with three other schools slightly lower in the ranking at No. 179. The ranking consisted of 2,250 schools from 104 countries across the world.<\p>
Roadrunners will not play in Tempe after land auction canceled
The Tucson Roadrunners, the minor league hockey team owned by Alex Meruelo that is still affiliated with the former Arizona Coyotes NHL franchise now in Utah, has rescinded its plans to play games in the Valley next season.<\p> The decision comes after the Arizona State Land Department last week canceled a June 27 land auction for a parcel in north Phoenix where Meruelo had hoped to build an arena and entertainment district — while reviving professional hockey in the Valley. <\p>
Phoenix online marketing firm CEO departs, successor named
Phoenix-based Televerde LLC promoted from within to replace CEO Chris McGugan, who has unexpectedly departed the company. <\p> Televerde has promoted chief strategy and growth officer Vince Barsolo to fill the open position, effective immediately. Barsolo has been with the company since 1997.<\p>
My View: This was one battle I wouldn't let my inner curmudgeon win
Let me start by being totally honest. I’m at an age and a point in my life where I contemplated letting this whole AI revolution pass me by. I figured I should embrace the growing inner curmudgeon inside and just criticize it from the sidelines.<\p> Who am I kidding?<\p>
Hobbs signs bill that could help Coyotes finance arena development
In an ironic twist, the same day the Arizona State Land Department canceled an auction for a chunk of property on which the former owner of the Arizona Coyotes wanted to build a new NHL arena, Arizona Gov. Katie Hobbs signed a law that could have helped him fund the arena project.<\p> On June 21, Hobbs announced she signed House Bill 2274, which modifies the requirements to form a “theme park district.” These districts are allowed to borrow money with more favorable terms by issuing government bonds and then paying them back by taxing specific items within the district. The law also makes theme park districts exempt to state and local income and property taxation. <\p>
Federal grant to fund safety tech along Valley roads
Maricopa County’s Department of Transportation was awarded $19.6 million in federal money last week to deploy safety technology along the county’s roadways and become a model for the rest of the nation. <\p> The money comes as part of the Federal Highway Administration’s Saving Lives with Connectivity: Accelerating V2X Deployment program, which disbursed $60 million in U.S. Department of Transportation money in Arizona, Texas and Utah for connected and interoperable vehicle technologies. <\p>
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