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Phoenix Business Journal
Scottsdale Hyatt resort's transformation nearly complete
The Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch is expected to wrap up its $115 million property-wide renovation in the coming weeks and will be rebranded as the Grand Hyatt Scottsdale Resort.<\p> The renovated resort’s debut in October will mark the first Grand Hyatt hotel in the state of Arizona.<\p>
OneAZ Credit Union to back fintechs through VC fund
OneAZ Credit Union is now among a growing collective of credit unions investing in fintechs and emerging banking technologies.<\p> OneAZ recently announced it became a limited partner in Curql Fund II, which is operated by the Curql Collective, a group of credit unions and industry partners. Iowa-based venture capital firm Next Level Ventures manages the collective's investments in portfolio companies.<\p>
Officials say Phoenix should copy Paris on bicycling infrastructure
PARIS – The City of Light has become a “gold medal” example of modern bicycle infrastructure, making transportation during the Summer Olympics more accessible than ever.<\p> Improvements to existing infrastructure has allowed the French capital city to also be widely known as the capital city of biking.<\p>
Lucid Group surprises Wall Street pundits with upbeat sales numbers
Lucid Group Inc. saw its shares get a hefty bump in early trading Tuesday after the electric vehicle maker released its second quarter financials, bringing in sales revenue that easily exceeded Wall Street expectations, as well as announcing that it has more funding on the way.<\p> What's more, the company said it would receive another huge investment of as much as $1.5 billion from an affiliate of the Saudi Arabia-based Public Investment Fund, which has been one of Lucid's prime backers since day one, in order to help it prepare for the rollout later this year of its much-anticipated Gravity luxury SUV.<\p>
ASU's business school gets $25M for real estate programs
Arizona State University’s W.P. Carey School of Business has received a $25 million donation from the W.P. Carey Foundation as part of a partnership to expand the school’s real estate program. <\p> Through the new funding, the business school will be able to launch an undergraduate real estate degree program in the fall of 2025. The Carey School will also expand its Center for Real Estate and Finance, and a new experiential learning lab devoted to real estate will be established with dedicated space for bringing in leading faculty on the subject. <\p>
Brokerage firm promotes familiar face to lead market office
Mark Seale eyes bigger days ahead for Avison Young's Phoenix office.<\p> Seale, who joined the firm in 2017, has been promoted to market leader of the commercial real estate agency's local office. <\p>
The Phoenix connection to Buca di Beppo's bankruptcy
Italian-American restaurant chain Buca di Beppo, which recently closed a location in the Phoenix area, has filed for Chapter 11 bankruptcy protection. <\p> A handful of entities connected to the Orlando-based chain filed for the protection Aug. 5 in the U.S. Bankruptcy Court for the Northern District of Texas. Bankruptcy filings for the chain list roughly $10 million to $50 million in assets against $50 million to $100 million in liabilities.<\p>
Developer "refining" vision for mall redevelopment
The team leading the redevelopment of the Metrocenter shopping mall is re-envisioning its plans as they prepare for demolition later this month.<\p> The $850 million redevelopment project — dubbed the Village — is expected to feature 2,600 rental units and 150,000 square feet of commercial space including ground floor retail, hotels, entertainment and more across 65 acres. The mall is one of several major redevelopment efforts for defunct shopping centers across the Valley and could play a major role in the revitalization of the Interstate 17 corridor in north Phoenix. <\p>
Looking back on Intel's summer to forget
One of the Valley's largest employers — Intel Corp. — will cut at least 15% of its workforce as it faces massive losses over the rest of the year, and the news has slammed the company's investors and put the company under a microscope.<\p> Intel (Nasdaq: INTC) has more than 12,000 workers in the Valley centered around the company's Ocotillo campus, which is undergoing a $20 billion expansion and was visited by President Joe Biden earlier this year after the federal government announced $8.5 billion in CHIPS Act money for the company. The company also recently announced a new U.S. registered apprenticeship program in Arizona intended to meet future employment needs for semiconductor technicians. <\p>
Why is the stock market down? Here's what businesses need to know.
Stock markets and indicators globally plummeted substantially in recent days, and experts say a combination of factors are contributing to the widespread selloff. <\p> At one point Monday, the Dow Jones Industrial Average dropped more than 1,500 points, although it has rebounded slightly to about a 1,000-point decline in late afternoon trading. <\p>
Dallas electrical supply company kicks off leasing at Mesa project
A newly built East Valley industrial park has inked its first tenant.<\p> Rexel USA, a Dallas-based electrical supply distributor, signed a 42,084-square-foot lease at Eastmark Center of Industry in southeast Mesa. Katie White, an associate at JLL, announced on LinkedIn that Rexel USA is headed to Building A and will take essentially half of the 84,167-square-foot rentable square feet.<\p>
Suns’ Booker, Durant fuel Team USA hunt for gold in Paris
PARIS – Team USA men’s basketball has assembled what some call one of the country’s best ever for the Paris Olympics, and they needed a heavy contribution from the Phoenix Suns to do it. On a team filled with transcendent NBA All-Stars on a 12-deep roster, having standout contributions can be nearly impossible.<\p> In its first three Olympic group stage games, all wins, Suns' guard Devin Booker was featured in the starting lineup. On Wednesday in a 103-86 win against South Sudan, Suns forward Kevin Durant led the team in scoring with 23 points and logged the second-most minutes played with just under 22. The only player with more game time was Booker with just over 22 minutes. On Aug. 3 during a 104-73 win over Puerto Rico, the pair combined for 20 points.<\p>
Gallagher & Kennedy lures family law practice from another firm
Gallagher & Kennedy has taken its initial foray into family law by luring over a four-person team from another Valley firm.<\p> Melissa Benson joined Phoenix-based G&K from Tempe-based firm Davis Miles McGuire Gardner PLCC. Benson joined G&K as a shareholder to lead its new family law practice. She has 17 years' experience in all aspects of family law and the Arizona criminal justice system, ranging from work as a victim advocate, probation officer, sex crimes and domestic violence prosecutor, mediator and practicing attorney.<\p>
Boston private equity firm buys into Phoenix market
Longpoint Realty Partners has acquired a pair of industrial properties in the East Valley as it expands into Arizona.<\p> The Boston-based private equity firm purchased the three-building Midway Commerce Center in Chandler for $57 million from Phoenix-based Creation Equity. Midway Commerce Center is a newly built industrial park that spans 301,994 square feet on the northeast corner of Germann Road and Hamilton Street. Under the entity LRF3 PHX Midway Commerce Center LLC, Longpoint Realty closed on the sale in late July, according to an affidavit of property value recorded in Maricopa County.<\p>
Mercury center Griner calls U.S.-Russia prisoner swap 'huge win'
PARIS – Twenty months after her own release, Brittany Griner called the past week's historic prisoner exchange between the United States and Russia “a huge win.”<\p> The swap included former U.S. Marine Paul Whelan and journalist Evan Gershkovich in a multicountry deal that freed 24 people.<\p>
Arizona Commerce Authority launches programs to aid startups
The Arizona Commerce Authority is revamping the Arizona Innovation Challenge and launching several new programs to boost resources for startups.<\p> The ACA on Thursday said it will rebrand the Venture Ready Accelerator as Venture Scale, which will connect up to 10 Arizona Innovation Challenge awardees with serial entrepreneurs, high-level executives and subject matter experts, according to an agency announcement.<\p>
Summer special: Valley luxury homes see price drops
During the hot summer months in Phoenix, home sales typically slow down, as buyers, sellers and even agents head out of town for cooler weather.<\p> Many seller's agents advise their clients to wait until fall to list their homes.<\p>
NFL moves closer to private equity team investment
National Football League Commissioner Roger Goodell has asked owners to reserve August 27 for a possible league meeting to act on a much-anticipated policy allowing private equity firms to buy minority stakes in teams.<\p> The tentative meeting will only proceed if the special committee on ownership policy, first appointed 11 months ago, finishes a policy by then. Meaningful work remains before the policy is ready for a vote, sources said, but the save-the-date memo indicates optimism.<\p>
Valley's biggest data center campus proposed
Only a few months after Tract had withdrawn a request for a $14 billion data center campus in the West Valley, city of Buckeye documents show that the Denver-based company is already working on plans for an even larger project nearby. <\p> The data center developer is planning to build out a multiphased, 1,700-acre complex in Buckeye just south of Interstate 10, at a site that was previously set up for a master-planned residential community called Cipriani. <\p>
Shares of Chandler chip company tumble on weak demand
Microchip Technology Inc.’s shares tumbled more than 10% on Friday after the Chandler-based semiconductor company reported weak demand, an ongoing inventory correction and obstacles in navigating the CHIPS Act grant process during its first quarter of fiscal 2025.<\p> Microchip’s (Nasdaq:MCHP) global factories continued to run at lower utilization rates as it sought to control inventory in a challenging macro environment, according to the company.<\p>
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