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Phoenix Business Journal
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>
Developer bullish on spec industrial projects in the right location
A major real estate player is looking to capitalize on the market for industrial buildings at key infill development sites across the Valley.<\p> Minnesota-based Ryan Cos., which has a big presence in the Valley, closed on more than 30 acres on June 17 near Chandler Municipal Airport on the northwest corner of McQueen and Queen Creek roads. There, it will build Schrader Farms Business Park — a three-building, 432,000-square-foot industrial park. The project is being built out as a spec development.<\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>
The Playbook: The disconnect on vacation is getting better
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> While many organizations have embraced hybrid work, there’s a chance it may not be the best option for certain groups of workers. <\p>
Paradise Valley estate is nearly done, listed for $19M
Scottsdale-based Patterson Homes is nearing completion on a 10,095-square-foot home in Paradise Valley that is listed for nearly $19 million.<\p> Boasting a heated pool and spa with swim-up bar and 13-foot TV wall, the property at 6836 E. Hummingbird Lane is expected to be completed in July. Also included in the backyard oasis are two built-in barbecues, a fire pit, a sport court and meandering covered patios. The gated, 1.3-acre estate features a six-car garage with a car carousel.<\p>
Tempe course shines new light on golf with nighttime play
TEMPE – Darkness had always limited play on Arizona’s golf courses until Grass Clippings took on the challenge.<\p> Tired of halting rounds early due to course rules, the founders of the clothing brand united to enable play into the night for all interested golfers.<\p>
Arizona billionaire gifts $5 million to Phoenix Children's
Phoenix Children’s received a $5 million gift from a prominent philanthropist family in the Arizona community.<\p> Jerry and Vickie Moyes, well-known for their numerous business and ownership ventures in the Valley, made the substantial donation to Phoenix Children’s in late 2023. The nonprofit hospital received donations totaling over $82 million in 2023.<\p>
GPEC pitches international tech companies on Phoenix
A group of eight international biomedical and climate technology companies gathered in the Valley this week to learn about potential business expansion opportunities in Arizona.<\p> The Greater Phoenix Economic Council hosted the delegation of executives from Kenya, Mexico, Singapore and the Philippines in a spinoff event associated with the SelectUSA Investment Summit, which takes place June 23-26 in Maryland.<\p>
New Altman-founded housing marketplace makes Valley debut
Phoenix-area homeowners now have a new way to sell their properties.<\p> Well renowned for selling luxury real estate in some of the hottest markets across the globe, “Million Dollar Listing” TV personality Josh Altman adds a new title to his resume: co-founder of Redy, a digital housing marketplace.<\p>
Coyotes land auction canceled
A highly anticipated state land auction has been canceled — throwing into question the future of professional ice hockey in the Valley. <\p> The land Alex Meruelo, the owner of the Arizona Coyotes, wanted to buy to build a new arena for the team is no longer for sale, according to a Friday announcement from the Arizona State Land Department. <\p>
Scottsdale Red Robin to be demolished for Hawaiian Bros
Hawaiian Bros, a quick-serve restaurant focused on Hawaiian comfort food, has plans to open a location in Scottsdale that formerly was home to Red Robin.<\p> The proposed Hawaiian Bros restaurant will offer dine-in, carry-out, drive-through and pick-up service. <\p>
IRS announces when payments on ERC claims will resume
The Internal Revenue Service plans to deny tens of thousands of improper Employee Retention Credit applications even as it promises to renew processing legitimate claims.<\p> The agency in an announcement this week said it had taken the time since its Sept. 14 moratorium on processing new ERC applications to analyze the more than 1 million ERC claims filed in 2023 — and found that between 60% and 70% showed an unacceptable level of risk.<\p>
$100 million business park breaks ground next to future Buc-ee's
Dallas-based Formation Interests has started construction on a 688,000-square-foot business park adjacent to the future Buc-ee's convenience store in Goodyear. <\p> The overall $100 million development, the company's first in metro Phoenix, will be built out across two phases that will bring new industrial, office and commercial space to the area. <\p>
Developers buy Wells Fargo building in Old Town Scottsdale
A week after closing on an Old Town Scottsdale office building primed for a major transformation, a joint venture between George Oliver Cos. and Ascentris bought an adjacent building on the market to bolster its future campus.<\p> The joint venture acquired a former Wells Fargo Bank building at 4167 N. Scottsdale Road for $8 million, according to real estate database Vizzda.<\p>
My View: Can HB 2721 address Arizona's acute middle housing shortage?
Arizona House Bill 2721 has emerged as a significant new land use law aimed at tackling the state's middle housing shortage. As the demand for affordable and diverse housing options continues to outstrip supply, the law addresses this issue through a series of provisions. Gov. Hobbs' recent signing immediately moves forward alternative housing options and municipalities will have to scramble to implement new zoning ordinances, or accept the law as-is.<\p> HB 2721 mandates that cities in Arizona with populations over 75,000 permit the development of duplexes, triplexes, fourplexes and townhomes in single-family residential areas within a mile of central business districts. Additionally, 20% of new single-family housing developments of 10 acres or more may include these "middle housing" types. Municipalities must adopt new zoning code provisions to implement this law by Jan. 1, 2026, or these housing types will be permitted without restriction.<\p>
Popular Tucson bar to debut in Phoenix
Dirtbag's, a longtime haunt in Tucson for University of Arizona students, alumni and locals, is set to open a location in Phoenix.<\p> Dirtbag's Phoenix will be opening at 48th Street and Indian School Road in Phoenix’s Arcadia neighborhood in the space currently occupied by The Spot at Arcadia.<\p>
WNBA fuels fashion frenzy ahead of All-Star weekend in Phoenix
Jocelyn Hu grew up in Arizona, watching basketball games with her dad. Sports was a passion, but so, too, was fashion, and by the time she was a teenager, she was attempting to make her own clothes. Although her design career didn’t begin until the Covid-19 pandemic in 2020, the Corona del Sol High School graduate soon merged her love for sports and apparel by creating sports-related streetwear.<\p> Fast forward to this year, the sports fashion designer partnered with Mitchell & Ness to create handmade puffer jackets for the 2024 NBA All-Star weekend, which may lead to another fashion collaboration with the clothing company for the upcoming WNBA All-Star Game in Phoenix.<\p>
What's next in the NAR commission lawsuit settlement?
Some big deadlines are on the horizon for the class-action lawsuits that swept the residential real estate industry over the past year. <\p> The conclusion of these lawsuits could bring about significant changes to how homes are bought and sold beginning in the later part of 2024.<\p>
Arizona Commerce Authority gets five more years
The Arizona Commerce Authority will continue leading state business incentives and attracting companies to Arizona for another five years. <\p> Gov. Katie Hobbs signed House Bill 2210 on June 18 for the continuation of the ACA through July 2029. The state agency was scheduled to be sunset this year.<\p>
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