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Phoenix Business Journal
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>
Retailers line up to be next to this Valley ballpark
Several retailers are planning new stores by the Goodyear Ballpark, including a large family entertainment center. <\p> Scottsdale-based Diversified Partners LLC is developing 27,000 square feet in the suburb west of Phoenix across a handful of retail buildings at the northwest corner of Estrella Parkway and Yuma Road, representing an investment worth $22 million to $25 million. <\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>
How Arizona's Mark Kelly stacks up as possible vice president pick
WASHINGTON – Of the contenders Vice President Kamala Harris is vetting as a possible running mate, Arizona Sen. Mark Kelly is the only one who’s been to space, traveling over 20 million miles for NASA.<\p> But does he have the right stuff to join the Democratic ticket?<\p>
Tempe company wins $400 million CHIPS Act grant
The U.S. will award Amkor Technology Inc. $600 million in CHIPS Act subsidies to support the company’s plans for a semiconductor advanced packaging and testing facility in Peoria.<\p> The U.S. Department of Commerce announced Friday it entered into a nonbinding preliminary agreement with Amkor (Nasdaq: AMKR) for a CHIPS Act award package that consists of $400 million in grants and $200 million in loans.<\p>
Conn's sets plan to close all stores, including in Arizona
Another long-time national retailer is closing stores across the country, including in Phoenix, after filing for Chapter 11 bankruptcy protection. <\p> Texas-based Conn’s Inc. (Nasdaq: CONN) filed for voluntary Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Texas on July 23 after struggling with rising costs and declining sales, the company wrote in a court filing. The company has now outlined plans for a potential "full-chain liquidation" that could impact hundreds of retail locations. <\p>
Cooling systems maker plans manufacturing expansion
Phoenix-based Air2O has surpassed more than $50 million in product orders and is planning an expansion of its north Phoenix manufacturing facility to keep up with demand for its HVAC systems used in mission critical facilities.<\p> Air2O Cooling LLC has shipped over $30 million worth of its desiccant dehumidification systems used in lithium-ion battery facilities in the U.S. and is on track to complete $60 million in orders consisting of its various thermal management products by the end of the year, said Michael Sullivan, CEO and cofounder of Air2O.<\p>
Diamondbacks partner with reusable cup company at Chase Field
The Arizona Diamondbacks have announced a sustainability-focused partnership that will bring reusable cups to Chase Field.<\p> The partnership is with Portland-based Bold Reuse and will introduce reusable cups for all PepsiCo beverages in several sections at Chase Field starting on July 26. As a part of the reusable cup program, designated bins will be placed in the stadium for cups to be returned, which Bold Reuse will collect, clean, and repack for the next event. <\p>
Judge slams brakes on Fry's parent's merger plan
The $24.6 billion plan for Fry's Food Stores parent Kroger Co. to acquire rival Albertsons — and sell off scores of Arizona grocery stores — has run into a major hurdle. <\p> The acquisition was delayed by Denver District Court Judge Andrew Luxen, who during a July 25 hearing granted a preliminary injunction and scheduled a trial that is scheduled to begin September 30 and is expected to last two weeks. In doing so, Luxen canceled a hearing that had been set for Aug. 12. Both companies agreed to the delay.<\p>
Why restaurant inflation could actually benefit Arizona
Arizona is experiencing some of the highest levels of restaurant inflation in the nation, a USA Today report has revealed. <\p> In the study, Arizona was reported to have a 23% increase in average spending at restaurants from Nov. 2022 to June 2023. Average spending jumped from $96.68 to $118.54, the second most in the time span behind Colorado's 24% increase. <\p>
Charles Barkley on Prime? Amazon hints at luring TNT's NBA crew
Amazon.com Inc., which will officially stream NBA games starting in the fall of 2025 on its Prime network, has interest in pursuing members of TNT’s revered "Inside the NBA" studio show, according to Jay Marine, global head of sports for Prime Video.<\p> Marine told Sports Business Journal that Amazon Prime Video used "Inside the NBA" as a model for its Thursday night NFL pregame, halftime and post-game show, and — should the TNT cast of Charles Barkley, Kenny Smith, Shaquille O’Neal and Ernie Johnson become available — said, “Obviously, there’ll be a lot of interest, and we’ll just have to see how that plays out.’’<\p>
My View: Why Phoenix bucks the trend in key economic indicators
Strategic economic development in motion is most evident when outsized impacts on the economy are seen. Greater Phoenix is now bucking national trends in unemployment, in-migration and inflation with all three indicators positively impacting each other, signaling the region’s intentional growth and resilient economy are supporting businesses, the workforce and communities.<\p> Recent unemployment data from May 2024 shows a non-seasonally adjusted unemployment rate of 2.9% in the Phoenix metro, marking three consecutive months with a rate below 3%.<\p>
Mesa hospital sold in $160M package; plus more Valley deals
The 50-bed Arizona General Hospital in Mesa has been acquired by Dignity Health from Medical Properties Trust Inc., a global real estate investment trust. As part of the $160 million transaction, Dignity Health, a California-based nonprofit health care system that has extensive operations in Arizona, also acquired seven freestanding emergency department facilities in the Valley. <\p> Birmingham, Alabama-based Medical Properties Trust (NYSE: MPW) said in a July 24 announcement that the proceeds from the sale would be used to reduce debt and for general corporate purposes.<\p>
Health insurance exec Scott Kelley learned hard work on family farm
Scott H. Kelley, CEO of SolV Independent Insurance Associates, was born on a large cattle ranch in a remote small town in Oregon.<\p> "On the farm, my dad taught me a good work ethic," said Kelley, who moved to California in 1986. "He taught me to work hard and also to enjoy the fruits of my labor."<\p>
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