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​The first public-private partnership on the Phoenix Biomedical Campus, Downtown, will be the $77 million, 200,000-square-foot Wextord Science+Technology Phoenix campus. The development marks the kickoff of bioscience and healthcare projects in city of Phoenix alone totaling more than $3.5 billion in capital investment resulting in 4.2 million square feet of new facilities and over 7,000 jobs within the next 24 months.



STC team adores the old door company it adapted to modern tech in Phoenix Warehouse District496STC team adores the old door company it adapted to modern tech in Phoenix Warehouse District<div class="ExternalClass43020EEB61FE4CE6A02CDC38CFE50AA3">​ <figure> <img src="/econdevsite/MediaAssets/EconomyUpdate/UPDATE-20190715-STC-Entrance.jpg" alt="A 1920s brick warehouse building seen today as it was adapted for technology use" /> <center> <figcaption><em>A 1920's warehouse along the railroad is now a thriving business for a science technology company. This is one of several historic buildings in the warehouse district that have been adapted for a new use. Learn more about the history and how the Planning and Development’s Historic Preservation Office helps preserve history and businesses succeed.</em> Image: City of Phoenix</figcaption></center> </figure> <center> <em>Phoenix Historic Preservation Office</em></center><p> <span style="font-size:15px;">"As soon as we walked into the building, we felt the energy and felt like this is the place we have to be," said Michelle Bonjour, consumer engagement manager of Science Technologies, Corporation.</span></p><p> <span style="font-size:15px;">STC took over an abandoned warehouse formerly used by Phoenix Sash and Door. The building, 411 S. 1st St., Phoenix, Arizona, was neglected, abandoned and kept its dignity. That, according to architect Martin Ball, architect, CCBG Architects. The building had been stuccoed over the original brick, and on the surface looked as if its character was long gone. Ball said that the building showed signs of maintaining materials and design components normally lost in a structure that old.</span></p><p> <span style="font-size:15px;">Ball said that he worked with​​ Community and Economic Development, Historic Preservation and other Phoenix team members to overcome obstacles of working with a building of this type.</span></p><p> <span style="font-size:15px;">"My guess is that the people really enjoy working in this space now," said Michelle Dodds, historic preservation officer, in Phoenix Planning and Development Department. "This place is just special."</span></p> ​ <iframe width="560" height="315" src="" frameborder="0"></iframe></div>7/15/2019 6:00:00 PM
Texas investor buys downtown land, plans high-rise tower493Texas investor buys downtown land, plans high-rise tower<div class="ExternalClassDE93FA3ABAD0430684EC13FAEDB10FBC"><figure> <img src="/econdevsite/MediaAssets/EconomyUpdate/UPDATE-20190712-Rastegar-Property-Group-4th-Ave.jpg" alt="Aerial view Downtown Phoenix with site on 4th Avenue highlighted " /> <center><figcaption><em>Yellow highlight shows the 0.61-acre parcel purchased by Rastegar Property Group.</em> Image: City of Phoenix</figcaption></center> </figure> <center><em>By Corina Vanek for Phoenix Business Journal</em></center><p><span style="font-size:15px;">Rastegar Property Group, an Austin-based real estate investment firm, bought a 0.61-acre parcel at Fourth Avenue and Van Buren Street with plans to build a high-rise that has potential to be the state's tallest building.</span></p><p><span style="font-size:15px;">“We had been looking in the market for a long time,” said Ari Rastegar, CEO of Rastegar. “We have been bullish on Phoenix.”</span></p><p><span style="font-size:15px;">The firm spent $2.31 million on the parcel, according to real estate database Vizzda. Potential asset types for the property are still up in the air, Rastegar said, but it will be a mixed-use building.</span>​</p></div>7/12/2019 8:00:00 PM
Grocery stores in for big future changes, report says494Grocery stores in for big future changes, report says<div class="ExternalClassAA8C2E137AA94A678677C674BF741235"><figure> <img src="/econdevsite/MediaAssets/EconomyUpdate/UPDATE-20190620-Sprouts-Produce-Dept.jpg" alt="Photo of the typical produce department at a Sprouts Farmers Market" style="margin:5px;" /> <center><figcaption><em>Phoenix-headquartered Sprouts Farmers Market is opening a new store in the Laveen Village, Phoenix, Arizona.</em> Image: Sprouts Farmers Market</figcaption></center> </figure> <center><em>By Brandon Brown for Phoenix Business Journal</em></center><p><span style="font-size:15px;">Grocery stores have always played a significant role in the retail sector, but the industry is evolving. A new analysis on supermarkets by real estate firm CBRE suggests significant changes are coming to grocery stores in the next decade.</span></p><p><span style="font-size:15px;">These predictions by CBRE’s retail and research experts — which include fully automated checkout processes, adoption of more technology, proliferation of smaller stores and more nontraditional partnerships — will impact a range of industries outside of retail.</span></p><p><span style="font-size:15px;">Grocery stores are the favorite shopping center anchor for many landlords and real estate investors, but supermarket operators are facing pressure to adapt to changing consumer preferences as well as automation and delivery demands.</span>​</p></div>7/12/2019 5:00:00 PM



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