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Phoenix Business Journal
ASU running back hosts second annual Cutback Giveback
Small children peeked into the window at the Arizona Barber Academy in Tempe, eagerly waiting for a free haircut on June 30. Arizona State running back DeCarlos Brooks greeted them from the inside with a wide smile, matching their excitement before the 10 a.m. start during his second annual Cutback Giveback Haircut Event.<\p> A local sponsor booth, two bounce houses and games were set up outside the academy as the cloudy and hot day approached the lunch hour and kids stood in line, awaiting their turn to sit in the barber’s chair. The event is part of the Chandler native’s effort to give back to the Valley, where the former Arizona Offensive Player of the Year starred in the Chandler High School backfield and won three 6A state championships.<\p>
Small-business grants you can apply for this month
Small-business owners might be more confident about their future, but they are still worried about inflation.<\p> That’s the big takeaway from the U.S. Chamber of Commerce's Small Business Index, conducted in partnership with MetLife, which hit the highest level of optimism since early 2020, with about 73% of business owners expecting their revenue to grow in the next year. <\p>
Fake job postings add uncertainty to unsettled hiring market
Employers are turning to fake job listings as a means of boosting staff morale in the current unsettled hiring market, but those ghost postings could end up negatively impacting the perception of their companies.<\p> That’s according to a recent Resume Builder survey, which found that 40% of 649 hiring managers surveyed have posted a fake job listing in the past year. Three in 10 responded they have an active fake-job posting. <\p>
Walt Brown Jr. has this Scottsdale developer on a fast growth track
Walt Brown Jr. has a competitive streak.<\p> He started and sold a business when he was in high school; he played college football at the University of New Mexico; and today he's a competitive race car driver in his spare time while running a real estate brokerage and development firm.<\p>
Downtown light rail station named after former Phoenix mayor
A downtown transit station that's part of a 1 million-square-foot development featuring two residential towers with 100,000 square feet of overall retail and office space will be named after former Phoenix Mayor Greg Stanton.<\p> Phoenix City Council voted Wednesday to name the light rail station attached to the Central Station project after the former mayor, who is now a member of the U.S. House of Representatives, representing District 4.<\p>
Historic downtown building set to become thrift store location
A nearly 100-year-old building in downtown Phoenix has been restored and renovated for retail use.<\p> The former Firestone Building located on the northwest corner of Third Avenue and Van Buren Street in downtown Phoenix has been transformed in an adaptive rehabilitation project into a Goodwill store and donation center. Goodwill is set to open on July 5.<\p>
Developer wins state land auction in Phoenix; plus more Valley deals
Orlando, Florida-based ZOM Living was the winning bidder at a Arizona State Land Department auction on June 26.<\p> The only bidder at the auction, ZOM Living scooped up more than 54 acres at the northwest corner of 56th Street and Loop 101.<\p>
Arizona Venture Development Corp. CEO has departed
Andy Lombard is no longer at the helm of Arizona Venture Development Corp., the technology industry executive veteran and the nonprofit venture capital firm both confirmed Wednesday.<\p> Lombard was AVC’s founding president and CEO. He launched AVC in July 2022 to close funding gaps for underrepresented founders, create jobs and promote economic development in Arizona.<\p>
As hopes fade for Coyotes fans, was NHL in the desert just a mirage?
As Florida Panthers owner Vincent Viola hoisted the Stanley Cup for the first time in franchise history on Monday, former Arizona Coyotes owner Alex Meruelo also gave fans a reason to cheer on the opposite side of the Sun Belt.<\p> Meruelo reportedly decided to step away from the franchise Monday, marking the end of an era for professional hockey in Arizona, for now at least, following his sale of the team in April. While hockey fans have often bemoaned the idea of hockey in the desert, the Florida-based franchises show that the heat doesn’t melt NHL hopes in the sunshine.<\p>
City says resort developer no longer wants tax incentives for project
Glendale says it is changing course on incentives and parking for the VAI Resort as the $1 billion development prepares to open in 2025. <\p> VAI Resort is set to include the most hotel rooms in the state and feature big attractions including a party island with a beach, the first-ever Mattel Adventure Park, a tethered balloon and luxury shopping and dining in the West Valley. <\p>
Here are Sky Harbor's most-delayed flights
If you're flying from Phoenix Sky Harbor International Airport on Frontier Airlines and connecting through Chicago O'Hare International Airport, you may want to build in some extra time for your travel plans. <\p> That's the most delayed route at Sky Harbor, according to the latest on-time data from Cirium, an airline analytics company. <\p>
Mesa to consider annexing land for data center, tech campus
A pair of upcoming Mesa City Council cases could result in the annexation of more than 150 acres.<\p> Pacific Proving LLC, a prominent Mesa land owner, through law firm Gammage & Burnham PLC, filed a request for public hearings with the city to annex two parcels in Maricopa County into Mesa. Pacific Proving is looking to develop Pacific Proving Technology Campus — a large data center and employment campus — on this land, located on the northeast corner of Crismon and Pecos roads. The sites, composed of 42 and 130 acres, respectively, are located east of Phoenix-Mesa Gateway Airport and south of State Route 24.<\p>
Phoenix prevailing wage ordinance shut down by Maricopa Court
The city of Phoenix plans to keep fighting to establish a prevailing wage ordinance after it was overturned by the Maricopa County Superior Court. <\p> Phoenix City Council passed the ordinance in January and it would have taken effect on July 1, but the Court stepped in because it went against state law. According to Phoenix Mayor Kate Gallego, the prevailing wage ordinance would have ensured workers on city-funded construction projects worth $4 million or above receive a fair wage.<\p>
My View: Why Venture Madness means business when it comes to startups
A robust startup ecosystem is crucial for driving economic growth, innovation, and job creation within a state. Startups not only introduce new technologies and services but also attract investment, create jobs, and stimulate economic activity. According to a report by Startup Genome, startup ecosystems contribute significantly to the global economy, adding more than $540 billion in value across emerging ecosystems between 2018 and 2020. This impressive growth underscores the importance of fostering a supportive environment for startups to thrive.<\p> In Arizona, the Venture Madness Conference, supported by the Arizona Commerce Authority, has been instrumental in nurturing the state’s vibrant startup ecosystem. The recent Venture Madness conference in April had 340 attendees, nearly half of whom were investors, many from out of state. This significant turnout provided a platform for innovative companies to gain exposure, connect with investors, and access valuable resources. <\p>
Visa, Mastercard 'swipe' fee settlement dealt a big blow
A nearly $30 billion settlement involving U.S. retailers and credit card giants Visa Inc. and Mastercard Inc. has been dealt a blow after a judge said it was unlikely she would approve the deal.<\p> During a June 13 hearing on preliminary approval of the proposed settlement involving “swipe” fees, U.S. District Judge for the Eastern District of New York Margo Brodie said she was unlikely to sign off on the deal. Brodie issued a written order on the case on June 25, and while the order itself was sealed, the accompanying memorandum on the court docket stated that the "court finds that it is not likely to grant final approval to the Settlement and accordingly denies Plaintiffs' motion for preliminary settlement approval."<\p>
‘Lock-in effect’ restricts homeowners despite inventory improvements
A U.S. housing market that continues to see home-price appreciation, paired with higher-for-longer mortgage rates, may prolong the lock-in effect that's stymied inventory the past couple of years.<\p> Many housing economists predicted 2024 would see more relief for homebuyers by way of greater inventory and households more willing to sell their homes after being tethered to record-low mortgage rates obtained during the Covid-19 pandemic.<\p>
Student housing project clears checkpoint in Tempe
A proposal to build student housing for Arizona State University students in place of a hotel has cleared a checkpoint.<\p> Tempe's Development Review Commission considered the proposal for Vale Student Housing — an eight-story, 277-unit project encompassing 578,773 square feet at its June 25 meeting. The 3.88-acre site is currently home to the Moxy Phoenix Tempe/ASU Area hotel and a CVS Pharmacy. The CVS would stay for now, but the Moxy would be replaced by the student housing project.<\p>
HGTV star, Barry Goldwater Jr., team up for huge Valley project
A high-profile development team that includes reality show TV star Tareq El Moussa is planning to open a $32 million RV, boat and self-storage facility under the Storelocal Storage brand in metro Phoenix. <\p> A joint venture between Goldwater Pinckard LLC and Cedar Creek Wealth Inc. is building a 185,889-square foot storage facility at the northwest corner of the Loop 303 and Cactus Road in Surprise. <\p>
Ernst & Young's top Phoenix market exec retires; successor named
There's a changing of the guard at the Phoenix office of global professional services and accounting firm Ernst & Young LLP.<\p> Effective July 1, Ron Butler, who has been in the job for the past 16 years, is set to retire as Phoenix office managing partner. He will be succeeded by longtime EY executive Brooke Westemeier.<\p>
Scottsdale AI firm chosen as Black Founders Fund recipient
A Scottsdale-based artificial intelligence startup is joining a national cohort of companies as part of Google for Startups Black Founders Fund. <\p> Sensagrate announced on June 25 that it's among 10 companies selected by Google to join the fund, which provides each participant with $150,000 in nondilutive cash credits and $100,000 in Google Cloud credits to grow their businesses. <\p>
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