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Phoenix Business Journal
East Valley city to review Dallas data center developer's plans
More than six years after acquiring nearly 70 acres of southeast Mesa land, CyrusOne is set to have its plans for a data center campus considered by the city.<\p> Mesa's design review board will hear a proposal on July 9 for Dallas-based CyrusOne's five-building campus that would bring more than 1.4 million square feet of new data center development online near the intersection of Elliot and Ellsworth roads. Each of the buildings would be two stories apiece and span 290,023 square feet, according to drawings submitted to the city of Mesa. <\p>
My View: Leaving a lasting legacy on the State Bar of Arizona
The State Bar of Arizona made history in June 2023 when unanimously electing me as the first Black president in the 91-year history of the organization. With a one-year term, we had a lot of work to do in a short amount of time and it was my goal to make lasting changes.<\p> The president of the State Bar is tasked with overseeing Arizona attorneys and judges, implementing new initiatives and ensuring the judicial system is honest and fair for everyone.<\p>
Infill project proposed for long-vacant site near airport
Baker Development Corp. is looking to add to its Phoenix portfolio with a business park on a prime infill site. <\p> The developer wants to build an approximately 130,000-square-foot development across three buildings along 24th Street and the Loop 202, just north of the Phoenix Sky Harbor International Airport. The individual buildings comprise 12,000 square feet, 46,260 square feet and 72,200 square feet, respectively. <\p>
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>
Arizona minimum wage increase headed for ballots
Arizona already has one of the highest statewide minimum wages in the United States, but a new ballot measure would bump the minimum to $18 an hour — and eventually require tipped workers to be paid that rate as a base salary.<\p> Raise the Wage AZ, the political group behind the ballot measure called the “One Fair Wage Act,” turned in on July 3 more than the required number of signatures to get the measure on the ballot in November.<\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>
Union musicians tune up new contract with Phoenix Symphony
The Phoenix Symphony has announced a new contract agreement with its musicians.<\p> Professional Musicians of Arizona will continue to perform with the symphony through November 1, 2025. The agreement for the 35-week performance season will increase weekly compensation by 4%, restores two positions, and establish an insurance task force that includes musicians, board members and management. <\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>
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