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Phoenix Business Journal
Valley chip company shares soar on strong Q2 earnings
Shares of Onsemi soared by double digits Monday after the Scottsdale-based company's second-quarter financial results exceeded Wall Street expectations. <\p> Onsemi (Nasdaq: ON), which designs semiconductor products and sensors, reported adjusted earnings of 96 cents a share on revenue of $1.74 billion in the second quarter, ahead of the FactSet consensus revenue estimate of 92 cents a share on revenue of $1.73 billion.<\p>
Former Coyotes owner unveils new details on big arena complex
With the NHL and the Valley no longer on his radar screen, Alex Meruelo, the former owner of the Arizona Coyotes, revealed new details for his $1 billion privately funded arena and entertainment complex in Nevada.<\p> On July 25, Meruelo and the Grand Sierra Resort in Reno, Nevada, which he owns, unveiled his latest plans to transform the resort by adding a 10,000-seat arena, a separate ice rink, a dedicated parking garage, a fan zone, and more.<\p>
Future set for former Phoenix Fry's Electronics store
The shuttered Fry's Electronics in Phoenix, known for its resemblance to an Aztec temple, will be sold to a new owner. <\p> Phoenix City Council moved forward in June with the process to acquire the building and 12.5-acre site for a new Cactus Park police precinct and future fire station at 3035 W. Thunderbird Road. <\p>
Phoenix luxury tower faces lawsuits, project's future cloudy
The general contractor of the second phase of the X Phoenix luxury residential tower, along with several subcontractors, have filed lawsuits alleging tens of millions of dollars is owed for completed work on the stalled construction project.<\p> These lawsuits follow a series of mechanic's liens filed in connection to the project last year after work came to a screeching halt in September 2023. The project is being developed by The X Company, which has already completed and stabilized the first phase of X Phoenix but has since faced construction issues related to projects in the Valley and other cities. <\p>
Mortgage rates are set to fall. Buyers should adjust their hopes.
Homebuyers frustrated by high mortgage rates may soon get some relief if the Federal Reserve begins to lower interest rates but they should temper their expectations, experts say.<\p> Although the Fed has signaled it could start lowering rates as soon as its July 31 meeting, industry experts believe rates will never go back to the historic lows seen during the Covid-19 pandemic, when some buyers snagged rates below 3%.<\p>
Shake Shack founder leads huge funding round for Valley company
Oats Overnight has closed on a $35 million Series B round of financing.<\p> This latest infusion of capital for the Valley maker of packaged oats follows its first $20 million raise in March 2023 that was used to expand retail sales and build out an 86,000-square-foot production and fulfillment center at the Cotton Center in Phoenix, where the company has been based for the past two months. It also adds to a $2 million round of seed funding in 2021.<\p>
Chemical warehouse proposed in West Valley
A 168,000-square-foot chemical warehouse has been proposed in the city of Surprise's industrial corridor, northwest of Phoenix. <\p> The Surprise planning commission is scheduled to vote on a conditional use permit at its Aug. 1 meeting to allow for petroleum products, packaging and storage, including butane distributors in the facility, a city staff report said. <\p>
‘One For All’ Olympics campaign hopes to unite US athletes, fans
PARIS – In front of the Team USA House at Palais Brongniart, red white and blue clad visitors make their way in and out of the historic site at the 16th Arrondissement with no shortage of enthusiasm. The overcast skies with waiting rain had little effect on the excitement and anticipation of the night’s opening ceremony, as fans prepared to brave the elements and greet their nation’s top athletes at the Seine River and watch parties across Paris.<\p> While one can combat some raindrops with an umbrella, staying dry beneath the political downpour stateside isn’t so achievable. In an age of turmoil and division in U.S. politics, the ever-growing rifts seen in the U.S. today have arguably reached an all-time high. Even in an election year, for the next two weeks, the drama of U.S. politics at least has a headline competitor with the Olympics, where whom you’re voting for takes a backseat to simply being an American, whether competing for or cheering on the Stars and Stripes.<\p>
Valley's French bakeries feel community connection amid Paris Olympics
In the heart of Scottsdale, La Belle Vie Bakery is creating more than pastries; it’s creating a cultural connection as the world focuses on the Paris Olympics. At the Uptown Farmers Market, this vendor stands out, drawing in Arizona locals with the promise of authentic French cuisine.<\p> The bakery’s commitment to French culinary tradition is evident in every product on the counter. From the flaky brioche croissants to traditionally crafted baguettes, each item is made to transport customers back to France. It is one of approximately a dozen French-influenced bakeries in the Phoenix area.<\p>
Casual dress is just the start of Gen Z making offices less formal
The post-pandemic workplace has undergone a lot of change, with hybrid work and the implementation of more-casual dress codes among the biggest shifts.<\p> Newly available research spotlights how both business owners and employees have younger workers to thank — or blame — for an ongoing casual revolution in the workplace that extends beyond dress codes.<\p>
Newly built Scottsdale estate sold for record $17 million
A Modern Mediterranean estate within the exclusive gated Silverleaf community in north Scottsdale has closed for a record $17 million — the highest priced home to sell in Arizona so far in 2024.<\p> Salcito Custom Homes Ltd. completed construction earlier this month, with certificate of occupancy granted about two weeks ago. Dale Gardon was architect and Salcito Design Group provided interior design for the 9,686-square-foot estate.<\p>
Why these Valley real estate firms traveled to Taiwan
A delegation of Phoenix leaders has traveled to Taiwan to pitch Arizona as an ideal state for expansion opportunities as they work on plans to develop a science and technology park in Arizona. <\p> The trip was held July 21-26 and included representatives from the City of Phoenix, Arizona Commerce Authority and Greater Phoenix Economic Council, as well as businesses such as Mack Real Estate Group and McCourt Partners. <\p>
Phoenix launches new program to reduce food waste
Phoenix-based nonprofit Kitchen on the Street is launching a food waste management pilot program with Alberta, Canada-based Knead Technologies to help Phoenix's Office of Environmental Programs reduce food waste in the Valley.<\p> The pilot project, announced July 22, will involve collecting surplus food and compostable waste from local farms, grocery stores, restaurants, and cafes. Kitchen on the Street will leverage Knead Technologies’ logistics software and the city’s circular system to give back the excess foods to those in need in Arizona. <\p>
Mesa startup rolls out gigantic metal 3D printing system
An East Valley startup is launching what it describes as the “largest commercial metal 3D printer in the world," targeting customers in the aerospace, naval and defense industries.<\p> Rather than a typical laser used in metal 3D printing, the Halo system developed by Mesa-based Rosotics uses an electromagnetic process the company has developed over years of research and development. <\p>
Engineering firm is first tenant of East Valley office complex
A month after unveiling a new amenity package, Lincoln Property Co. has secured a tenant for the first building of a master-planned office park in Mesa.<\p> Engineering firm Kimley-Horn & Associates Inc. signed a 34,771-square-foot lease at Union Building One, representing the company's fifth Arizona office, according to Lincoln Property. Kimley-Horn is based in North Carolina, but is a major player on several large Valley development projects and is the metro's second-largest engineering firm with 113 engineers and 400 employees locally, according to Phoenix Business Journal research. <\p>
Arizona Rattlers prepare for yet another indoor football playoff run
As the Arizona Rattlers prepare for yet another postseason in the Indoor Football League, it’s impossible not to marvel at the organization’s steady success inside the padded dasher boards, along with its stability off the field.<\p> When the Rattlers face the Vegas Knight Hawks July 27 on the road in the IFL’s first round, they will be playing a team making its playoff debut, while Arizona has appeared in 27 indoor football playoffs (including the Arena Football League). And while the Knight Hawks beat the Rattlers twice this year – both teams finished the regular season 11-5 – Arizona coach Kevin Guy heads into his 25th playoff game with the team, hoping his 17-7 postseason record gives the Rattlers an advantage.<\p>
Former ASU swimmer looks to dominate Paris Olympics
PARIS – Nearly 400 miles south of Paris, in a city known for its foie gras but also its booming aerospace industry, several swimming coaches are quietly fine-tuning their not-so-secret weapon.<\p> Former Arizona State swimmer Léon Marchand has returned home to Toulouse to prepare for the biggest stage in the world, the Paris Olympics<\p>
Raytheon in Arizona wins $2 billion missile contract
Tucson-based missiles and defense products manufacturer Raytheon has won a nearly $2 billion contract that will supply the Japanese military as well as U.S. forces. <\p> The contract with the U.S. Missile Defense Agency for $1,944,082,765 call for the manufacture and assembly of Standard Missile-3 (SM-3) Block IIA All-Up Rounds, with work to be performed in Tucson and Alabama and completed by February 2031. <\p>
Two more East Valley data centers move forward
Proposals for a pair of large data center campuses in the East Valley have cleared a big checkpoint.<\p> Mesa's Planning and Zoning Commission, in separate actions, voted on July 24 in favor of a general plan amendment and rezoning for the Pacific Proving Technology Campus and CyrusOne's data center campus. While the former was passed unanimously, the latter won narrow approval following a robust debate.<\p>
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