Ed Zito began his financial career with the United States Treasure Department. As president of Alliance Bank of Arizona, a subsidiary of Western Alliance Bancorporation, Zito helped the financial institution cross the $10 billion mark in June, obtain a $2 billion market cap for its stock and grow into the 67th-largest publicly traded bank-holding company in the country. Az Business sat down with Zito after Alliance celebrated record earnings in the second quarter to talk about the state of the banking industry.
Az Business: What is Alliance doing right?
Ed Zito: We had a record second quarter and we are very proud of that. We are just a commercial bank, so we focus on commercial business lending, commercial real estate, public finance and nonprofit organizations. As the largest headquartered bank in Arizona, we work very hard pitch local first, buy local and bank local. It’s a lot more blood, sweat and tears since the marketplace is much more competitive now, but we’re hitting on just about all eight cylinders. We’ve had great deposit growth, which in turn funds our loan growth, which has been strong, albeit competitive.
AB: What sectors are driving your loan growth?
EZ: Everybody knows the Great Recession is over. The economy may not have recovered as strongly as everyone had liked, so there is some owner fatigue out there that is driving some merger and acquisition activity. Virtually all asset types or product types and our commercial real estate sector are all very strong. RED Development is one of our biggest clients and we are fortunate to be financing their Town & Country Shopping Center overhaul. Two other notable projects we are working on is we are financing Building 3 at SkySong and we are financing the acquisition of MetroCenter by the Carlisle Group out of New York City. We feel that economic development is truly within our DNA, so the kinds of projects we are seeing in our commercial real estate area fit within our organization’s makeup.
AB: Both of those projects are revitalizing neighborhoods. How important is that to Alliance?
EZ: That is huge. Western Alliance has more than $10 billion in total assets. We see the importance or reinvesting the deposit dollars we take it back into our local communities to spur job growth, re-employment and economic development. A multitude of our executive team are involved in organizations across the state promoting economic growth and development. We look at it as investing forward, as opposed to giving back. We feel very strongly in taking a leadership role in economic development because that underscores our role as the largest headquartered bank in Arizona, but we also feel that it’s just the right thing to do.
AB: How has the commercial real estate space changed over the last four years?
EZ: It’s dramatically different. Everybody who was in commercial real estate back in 2007 got a cold shower in 2008 and 2009. We saw dramatic unemployment, basically no construction and negative absorption. Slowly, but surely, that’s coming back. The beauty of the difference now is that it was a fairly narrow commercial real estate environment before the Recession. The environment now is much more broad based. It’s underscoring the point that everyone’s economic development efforts are starting to pay off because we have a much more diversified economy. So we are seeing a lot of activity in hospitality, healthcare, education, industrial development, land acquisition for future homebuilding and construction, and multi-family.
AB: Does your record quarter signify anything regarding the economic recovery?
EZ: The banking industry in general has enjoyed the better part of three years of gradual recovery. Banking profitability is nearly at an all-time high. Bank capital is setting record level almost on a quarter-by-quarter basis because profitability is good and earnings are being retained. Fundamentally, the cooperation with the regulatory community in building a more stable and sustainable banking environment has been successful. I do think we are seeing banks marching to the beat of the regulatory drum, but also realizing that the capital base that is needed given the risks and challenges that we face daily are important to be sound, stable, prudent, enabling, but also mindful of the risks that are involved. So there is a good balance being struck right now and the earnings are reflective of that.
AB: Will the increase in the use of mobile banking mean the end for brick-and-mortar banks?
EZ: Not really. As a commercial bank, it’s important to be close to our customers. I have a saying: When someone asks, “Where is your office?” I answer, “Wherever my customer or prospect needs it to be.” We just opened a new office at Loop 101 and Ray Road to serve the rapidly growing Southeast Valley and we are hoping to purchase a piece of land in Gilbert to build more offices. We are trying to go where the business community is growing. We already have a number of offices in Phoenix and Tucson and we will always go where our customers need us.
AB: What are your goals for Alliance over the next five years?
EZ: We are a growth-oriented and goal-oriented organization. Alliance Bank of Arizona opened in 2003 and will celebrate our 12th anniversary in February. Western Alliance, currently a $10 billion bank, will likely grow into a $15 billion or $20 billion bank over the next five years because of organic growth and acquisitions.
RED Development today announced that its Flagstaff, Ariz. Development, Aspen Place at the Sawmill, recently broke ground on its housing component, Village at Aspen Place. The apartments’ ground breaking follows several high profile openings, lease signings and the announcement of a major transition for one of the development’s main anchor’s, New Frontiers.
New Retail and Expansions for Flagstaff
· REI opened April 25, 2014 in a 24,000 separate square-foot space on the west side of the property
· Alliance Bank opened a full-service banking office in June 2014 in a 6,000 square foot space north of REI on the west side of the development
· Francesca’s will occupy a 1,200 square-foot space and plans to open spring 2015 near Flagstaff Jean Company. Francesca’s is one of the fastest growing specialty retailers and specializes in whimsical and eclectic collections of clothes, handbags, shoes, jewelry and gifts.
· Eddie Bauer is set to open October 9, 2014 in a 4,700 square foot space. The specialty retailer sells sportswear, outerwear, footwear, gear and accessories for the active outdoor lifestyle.
· Whole Foods Market (formerly New Frontiers) is ready to serve the needs of the community of Flagstaff with the highest quality natural and organic foods available. Open daily from 8am to 9pm.
· Wildflower Bread Company is expanding by an additional 500 square feet bringing their total footprint to more than 4,600 square feet. Increased demand for its artisan breads – baked fresh daily – as well as its healthy options for breakfast, lunch and dinner prompted the growth. The additional square footage allows increased operational opportunities and expanded catering options for the neighborhood-style restaurant and bakery that serves as the only location in Flagstaff.
“RED continues to demonstrate its commitment to Flagstaff and long-term development vision as it brings retail, restaurants and service providers that meet the needs of our community,” said Kevin Burke, city manager for the City of Flagstaff. “It is truly amazing how they have converted an unproductive piece of land in the middle of Flagstaff into a vibrant, live, shop, play development.”
Village at Aspen Place
The luxury apartments are being built just south of the existing Aspen Place retail and will be situated above and adjacent to a new 32,634 square-feet retail section. The one- and two- bedroom apartments are co-developed by VanTrust Real Estate, LLC and EPC Real Estate Group, LLC (formerly known as Land Development Strategies, LLC and ePartment Communities). Wespac Construction, Inc. with a full-service Northern Arizona office in Flagstaff, is the project’s general contractor.
The apartments feature upgraded kitchens, bathrooms and appliances, as well as numerous amenities including a courtyard with heated pool, gourmet barbeque grill with outdoor seating, fire pit with flat screen television, on-site services and a resident clubhouse featuring a 24-hour fitness center, personal trainer, massage therapists and more. A five-level garage with 344 structured parking spaces plus an additional 101 surface spaces will offer convenient resident and guest parking.
“These luxury apartments create a new rental opportunity in Flagstaff with unparalleled retail amenities,” said Brett Heron, Executive Vice President, Finance for RED Development. “Residents will appreciate being within walking distance of Aspen Place at the Sawmill’s grocery shopping, exciting new retail, restaurants and service providers.”
Alliance Bank of Arizona, the state’s largest locally owned and headquartered bank, broke ground Friday on a new multimillion-dollar Flagstaff banking center. Alliance Bank of Arizona President Ed Zito hosted the groundbreaking event with Executive Vice President Sherri Slayton. The event was also attended by Flagstaff Mayor Jerry Nabours and President and CEO of the Flagstaff Chamber of Commerce, Julie Pastrick.
“Since we opened our first branch in Flagstaff eight years ago, we have been committed to fueling our local economy,” said Sherri Slayton, EVP and Regional Manager of the bank’s Northern Arizona division. “As a long-time resident and banker in this area, I am especially excited to see Flagstaff businesses rebound and flourish. Our Flagstaff team, with experienced local bankers who know this region, is proud to serve the people who make Flagstaff the extraordinary community we call home.”
“Today’s groundbreaking is testimony to the strength of the Flagstaff Alliance Bank team,” said Julie Pastrick, President and CEO of the Flagstaff Chamber of Commerce. “Under the leadership of Sherri Slayton, they have consistently demonstrated a high level of financial acumen and community outreach that allows for this large investment in our local Flagstaff community.”
The 6,000-square-foot center marks the bank’s significant expansion in the area and the region. The facility is an extension of Alliance Bank’s growth in key business markets as home to a large number of commercial and industrial businesses, enabling the bank to better serve Flagstaff customers. It is scheduled to open in the summer of 2014.
Alliance Bank, which started with a single office and 20 employees in 2003, is now the largest locally owned and headquartered bank in the state with $3.3 billion in assets. A leading business lender, it has built a reputation for its responsiveness, local expertise and reliability as a lending resource.
Alliance Bank of Arizona is a division of Phoenix-based Western Alliance Bank.
Alliance Bank of Arizona, the largest locally owned and headquartered bank in the state, announced groundbreaking this morning for its new Chandler office which will be located on Ray Road and the Loop 101 Price Freeway. Victor Napolitano, Senior Vice President of Alliance Bank, hosted the event and introduced Chandler Mayor Jay Tibshraeny and Jim Lundy, Alliance Bank CEO, for comments.
This will mark the 12th location for Alliance Bank, which was started just over a decade ago. The bank also broke ground for a new facility in Flagstaff today which will expand its existing Northern Arizona regional office space by three times.
The Chandler facility is scheduled to open in the Summer 2014 and is an extension of Alliance Bank’s growth in key business markets, including Chandler, where it already banks a large number of commercial, industrial and professional businesses. The new, two story 28,000 square foot office will house commercial and retail banking facilities as well as a number of support functions and will enable the bank to better serve its growing southeast valley customer base.
“Since we began over 10 years ago, we have been dedicated to being a strong lending resource for local businesses. We are excited about the prospect of working with the rapidly growing number of commercial and industrial businesses that call Chandler home. We are committed to being a thoughtful and consistent financial resource to help businesses grow. That commitment allows both the bank and its customers to succeed and in turn give back to the community,” said Jim Lundy, CEO, Alliance Bank of Arizona.
Alliance Bank of Arizona’s focus is to deliver a broader product array and larger credit capacity than a traditional community bank, and to offer relationship-based, personalized service, and lending capabilities to meet the needs of virtually any Arizona business. It is a division of Phoenix-based Western Alliance Bank.
John Eldean, Senior Vice President of Commercial Real Estate at Alliance Bank of Arizona, Sentari Minor, Arizona Humane Society Development Officer, and Paul Mulligan, CEO of Catholic Education Arizona, have been elected to three-year terms on the Boys Hope Girls Hope Board of Directors.
Boys Hope Girls Hope helps academically capable and motivated children-in-need to meet their full potential by providing value-centered, family-like homes, opportunities and education through college. Since 1991, 100 percent of Boys Hope Girls Hope graduates have gone on to post-secondary education and have maintained a college-retention rate between 89 and 94 percent. The national average is 66 percent.
Eldean has ten years experience in commercial real estate banking with Alliance Bank and JP Morgan Chase. He also served a two-year term on the Kingman City Council, a community where he also coached youth hockey and soccer teams.
Sentari oversees fund development initiatives and programs at the Arizona Humane Society. Previously, he was a program specialist at the Rodel Foundation of Arizona. He currently serves on the boards of Social Venture Partners, the Welcome to America Project, Phoenix Collegiate Academy, Young Nonprofit Professionals Network and handles communications and marketing for Seattle-based nonprofit Community Arts Create.
Mulligan, a Phoenix native and Brophy Prep alum, earned a Master’s in Theological Studies from John Paul II Institute for Studies on Marriage and Family in Washington, D.C. Since 2007, he has directed Catholic Education Arizona, the state’s largest school tuition organization. Since its inception, Catholic Education Arizona has provided more than $110 million in needs-based funding to low-income families at 40 Diocese of Phoenix Catholic schools and to Boys Hope Girls Hope scholars.
For more information about Boys Hope Girls Hope, visit www.bhghaz.org.
As the business environment in commercial real estate is changing, so is the mission and vision of AZCREW, the Valley group comprised of professional women in the industry.
Leadership development, education, networking and business development are but a few of the organization’s building blocks. Building a strong member base, embracing social media and branding are important as well.
Ericka LeMaster, senior vice president of Commercial Real Estate Finance at Alliance Bank of Arizona, been an active member for four years and is chair of the Programs Committee. AZCREW provides the platform, she says, “Where I can (with our very talented committee) exercise my passion for selecting educational tropics and arrange the high-quality luncheon speakers.
“Through being an active participant, I have had the pleasure to provide lending services to some of our members’ customers as well as refer new business to our title and legal membership base,” she adds. “Aside from new business opportunities I have made friendships that will survive my career in commercial real estate finance. AZCREW is driven by passionate professionals and I am proud to be a part of this organization.”
Since becoming involved with AZCREW, says Krystal Dill, marketing manager at Lincoln Property Company, she has experienced countless opportunities to grow professionally, make new connections and build great relationships.
“As a member of the (national) Crew Network, AZCREW is a wonderful resource for women in commercial real estate that offers access to local and national networks to cover every aspect of a transaction,” Dill says. “The organization encourages leadership and fosters success among its members. This is especially true of our committees where team members work together at a common mission to achieve specific goals.”
Upon membership, Dill signed on to the PR/Outreach Committee and was asked to serve as co-chair with Jackie Orcutt of Cushman & Wakefield. The committee is charged with overseeing community outreach, attracting new members, preparing quarterly newsletters and promoting AZCREW.
“Last year we were asked to plan the inaugural fundraiser event for scholarships to benefit the MRED program at Arizona State University,” Dill says. “We partnered with the AZCREW Special Events Committee to create a festive, elaborate and successful Black and White Affair. The event exceeded all expectations, enhanced brand awareness, built a partnership with ASU and benefitted terrific students.”
Programs offered by both the local and national organizations provide excellent education opportunities, says Cathy Teeter, acting market leader for Cushman & Wakefield of Arizona. AZCREW advocates a closing of the industry’s gender gap through quality leadership and respected professionalism. “AZCREW provides an invaluable resource and platform for not just women in the marketplace, but for the industry as a whole,” Teeter says.
“This organization improves the commercial real estate field by encouraging diversity and providing career development opportunities for dynamic women.
“Personally, I have found the networking system of AZCREW to be very important,” she says. “The monthly luncheons are informative and the subject matter is always timely. The social components, such as the annual charitable golf tournament and mixers, provide wonderful avenues to build relationships. The group encourages positive, professional relationships with all members of the real estate community.”
AZCREW is unique in that it brings people together from all sectors of the real estate industry. At any given luncheon, Teeter says, “you can sit at the table with your banker, attorney, broker or property manager.
“AZCREW has been very successful over the years, as demonstrated by the impressive number of females serving in leadership roles throughout the Metro Phoenix real estate market,” Teeter adds.
Little did she know years ago when Edythe Higgins of Wells Fargo encouraged her to join did Melinda Hinkson, business development, Sigma Contracting, that she would find AZCREW — and CREW — to be so fulfilling on so many levels.
“As a business owner and industry participant, I have benefitted not only from the networking but also the educational opportunities that CREW provides,” Hinkson says. “Even so, I am only in my infancy with the CREW Network, because there is much more opportunity and support through the national network that I have yet to avail myself of. There are annual conventions, leadership meetings, a deal database, professional development training, speaking, writing and leadership opportunities and awards programs, in which I have yet to participate.
“All of that provides me with many additional tools and opportunities for both personal and professional growth as I go forward within the CREW organization.”
Locally, Hinkson participates on the membership committee helping AZCREW grow its membership. She is also on the Golf Committee, which plans and runs the organization’s annual charity golf tournament, held at Gainey Ranch.
“AZCREW not only has provided me with the camaraderie of like-minded ambitious women, but has also afforded Sigma many opportunities to partner with other members on local building projects, and opened doors of opportunities with brokers, developers, and property management teams,” Hinkson says. “AZCREW has been a significant lifeline for both myself and my company throughout these trying economic times. Its support has transcended basic networking, and I knew I’d found a valuable resource when several of us that hiked the Havasupai continue to look forward additional outings, including an upcoming canoe trip. This is the group that will continue to challenge me to better myself and my relationships, whether personal or professional.”
In an industry where things are happening rapidly — changing ownerships, competition, social media and technology — no one can afford to sit back and be complacent, says Lisa Bentley, director of marketing, McCarthy Nordburg.
“You must know your market inside and out, be sharp and truly connected,” Bentley says. “That means constantly listening, reading and building relationships. The importance of AZCREW to me as a professional woman in commercial real estate is about knowledge, information and support being the crux of why I rejoined after many years. I received information about a couple of the programs and went as a non-member. I found them to be so interesting, as it relates to our interior architectural design business, either because a broker or client was speaking.
“The programs were informative and relative to our local economy and I ran into so many nice folks I had worked with previously, that was my ‘aha’ moment. The plus with AZCREW is that the women not only speak the mission, they live it.”
Val Marciano, partner, Jaburg | Wilk, says AZCREW is an organization that “continues to shape my career.”
“While my practice of real estate litigation for 30 years has provided its own exposure to fascinating and unforeseen experiences — it is true that life is better than fiction — my membership in AZCREW has brought a new facet to my professional life,” Marciano says. “The splendor of AZCREW is that it unites distinct professions in a symmetry that expands its members’ business while, at the same time, promotes personal growth. The term ‘networking’ has become a mundane term, leading one to glaze over with the thought of perfunctory ‘meet and greet’ sessions that do nothing more than take time from other more interesting prospects.
“AZCREW has found a way to allow its members to connect, become associates, and form professional friendships that enrich one’s professional life. It is the formation of those meaningful professional friendships and associations that transcend ordinary networking, leaving AZCREW in a league of its own.”
Seldom will you find a Member of Congress spending his or her few days out of session at a community bank. That’s just where freshman U.S. Representative Kyrsten Sinema spent Wednesday afternoon. “It’s our job in Congress to strike the appropriate balance between a secure banking industry and adequate access to capital for families and small businesses,” said Sinema. “In order to fortify the banking community –a core component of Arizona’s economy – we must strengthen access to capital for middle class families as well as review the impacts of regulatory burdens.”
The Arizona Bankers Association brought Representative Sinema to Arizona Bank & Trust in Phoenix on Wednesday. Bank President and CEO, Jerry Schwallier, said “[t]his was a great opportunity to demonstrate to Arizona’s only banking committee Member how the decisions made in Congress impact the people we serve in Arizona. I wish more public officials would take the time to do what Ms. Sinema did today.”
Community bank presidents Gail Grace, Sunrise Bank; Mike Thorell, Pinnacle Bank; and Ed Zito, Alliance Bank, all attended the briefing along with Paul Hickman, CEO of the Arizona Bankers Association. Hickman commented, “[t]he community banking industry in Arizona today is facing increased pressure on all fronts. Our association’s highest priority is to help both banks and entire communities by acting as their liaison to the government.”
The industry is working to grow the economy in the wake of the 2008 recession while also responding to the most comprehensive banking reform law of modern times. The Dodd Frank Wall Street Reform and Consumer Protection Act of 2010 is 2,319 pages long. By comparison, the last major banking industry reform law – Gramm Leach Bliley – was 144 pages. The Dodd Frank Act directs 398 separate rulemakings, of which 148 have been finalized, 121 are in some form of promulgation and 129 have yet to be even proposed.
Wednesday marked the official announcement of the expansion into Arizona of Direct Energy, a multibillion-dollar energy company which promises to create about 500 new jobs by the end of this year.
Based in Houston and specializing in upstream production and downstream delivery, Direct Energy is one of North America’s largest energy services providers with approximately 6,000 employees.
The company worked with the Arizona Commerce Authority and Greater Phoenix Economic Council to open a new call center in Tempe, which is expected to bring $7 million of capital investment to the region and create 250 to 300 new jobs when it’s open.
“I can’t tell you how easy they have made it for us to expand and invest in Arizona,” said Steven Murray, president of Direct Energy. “It’s an easy, pleasant experience.”
Expected to be fully functional by the end of the first quarter year of 2013, the new call center will be tasked with call taking for the residential energy business, which will enable Direct Energy to “offer a wide range of products and services in one location,” according to the company’s news release.
Working with the ACA and GPEC gave Direct Energy an understanding of and access to a quality workforce that attracted Direct Energy in the first place, Murray said.
“Beyond the ease, I mean the quality workforce, you can have an entirely educated, motivated, hardworking people, and it really makes it easy,” he said.
“I think this commitment just illustrates that we do have a quality workforce in addition to the quality, smart economics policies that GPEC and ACA, the governor’s office, the state Legislature have been working behind the scenes just to get this economy going again,” said Jim Lundy, chairman of GPEC’s board of directors and CEO of Alliance Bank of Arizona.
Direct Energy is on a mission to make a difference to its customers through the provision of choice, which will help families with tight budgets.
“In a world of constraint household economics, people on tight budgets need to have products that meet their needs and give them control of how they are actually consuming and spending money,” Murray said.
Murray said Direct Energy has grown quickly over the years, and with each step in growth, the company is doing its best to invest and create jobs in communities where it started.
Direct Energy is accepting job applications online at www.directyourenergy.com, and at the Nation Career Fair at Phoenix Airport Marriott, 1101 N. 44thSt., from 11 a.m. to 2 p.m. on January 21.
When Arizona became a state 100 years ago, it was easy to identify its economic engines, those industries, innovators and locations that drove the state’s economy and employment.
They all started with C — copper, cotton, citrus, cattle and climate.
A decade later, it’s not so easy.
“We must find ways to diversify our economy, including investing in bioscience and technology, health science and innovation,” Phoenix Mayor Greg Stanton says. “We are coming out of the recession, and we need to move forward in a strategic way.”
Today’s economic engines are doing just that. They innovate, they collaborate, and the only one that starts with C is CityScape, and the only copper you’ll find there is Copper Blues Rock Pub and Kitchen and the cotton is at Urban Outfitters.
But today’s economic engines have to clear vision and direction for driving Arizona’s economy during its second century.
The Biodesign Institute at ASU
What it is: The Biodesign Institute at ASU addresses today’s critical global challenges in healthcare, sustainability and security by developing solutions inspired from natural systems and translating those solutions into commercially viable products and clinical practices.
Economic impact: The Biodesign Institute has met or exceeded all of the business goals set in mid-2003 by attracting more than $300 million in external funding since inception, and generating more than $200 million in proposals advanced in 2011 alone.
Companies it has helped grow: Licensed next-generation respiratory sensor technology to a European medical device developer; executed an exclusive license agreement for DNA sequencing technology to Roche, which includes a sponsored research agreement to develop devices in collaboration with Roche and IBM; and launched two Biodesign Commercial Translation companies.
Latest news: Led by electrical engineer, Nongjian Tao, ASU researchers have formulated a new sensor technology that will allow them to design and create a handheld sensor that can contribute to better diagnosis of asthma.
Michael Birt, director of the Center for Sustainable Health at the Biodesign Institute at ASU: “By establishing biosignatures centers, we hope to build a global network that will provide the scale necessary to overcome scientific limitations while creating a global platform to share methods, results and experiences.”
What it is: A highrise mixed-use development in Downtown Phoenix consisting of residential, retail, office, and hotel components. The project covers three downtown Phoenix city blocks and is located between First Avenue and First Street, and between Washington and Jefferson streets.
Economic impact: Officials credit the evolution of Downtown Phoenix — led by CityScape — with helping the Valley land the 2015 Super Bowl, which will bring an economic impact of an estimated $500 million.
Companies it has helped grow: In addition to entertainment venues and top-notch restaurants, business leaders calling CityScape home include Alliance Bank, Cantor Law Group, Fidelity Title, Gordon Silver, Gust Rosenfeld, Jennings, Strouss and Salmon, PLC, Polsinelli Shughart, RED Development, Squire Sanders and UnitedHealthcare.
Latest news: The 250-room boutique hotel, Hotel Palomar Phoenix by Kimpton, opened in June.
Jeff Moloznik, general manager, CityScape: “The most progressive and entrepreneurial talent in the Valley have convened at CityScape. The impact our tenants’ businesses have brought to Downtown Phoenix is noticeable and significant. In an area that once lacked a central core, there is now energy, creativity, enterprise and excitement all day, every day in once central location.”
What it is: Intel is a world leader in computing innovation. The company designs and builds the essential technologies that serve as the foundation for the world’s computing devices.
Economic impact: Since 1996, Intel has invested more than $12 billion in high-tech manufacturing capability in Arizona and spent more than $450 million each year in research and development. Intel is investing another $5 billion in its Chandler site to manufacture its industry-leading, next-generation 14 nanometer technology.
Companies it has helped grow: Intel has been a catalyst for helping to create Chandler’s “tech corridor,” which includes Freescale, Microchip Technology, Orbital Sciences, Avnet, Amkor, and Marvell Technologies.
Latest news: Intel and ASU’s College of Technology and Innovation (CTI) are developing a customized engineering degree for some of the chip maker’s Arizona-based employees. The program is based on CTI’s modular, project-based curriculum and upon completion will provide a Bachelor’s of Science in Engineering degree from ASU, with a focus in materials science.
Chandler Mayor Jay Tibshraeny: Intel likes the partnership it has with Chandler, likes doing business in Arizona, and they’re a very good corporate citizen.”
Phoenix Mesa-Gateway Airport
What it is: Formerly Williams Gateway Airport (1994–2008) and Williams Air Force Base (1941–1993), it is a commercial airport located in the southeastern area of Mesa.
Economic impact: The airport helped generate $685 million in economic benefits last year, and the airport supports more than 4,000 jobs in the region.
Companies it has helped grow: Able Engineering & Component Services, Cessna, Hawker Beechcraft, Embraer, CMC Steel, TRW Vehicle Safety Systems Inc..
Latest news: The Airport Authority’s Board of Directors announced Monday the airport will undergo a $1.4 billion expansion. There is also an effort to privately raise $385 million to build two hotels and office and retail space near the airport.
Mesa Mayor Scott Smith: “Phoenix-Mesa Gateway Airport has gone through tremendous growth and expansion and has truly arrived as a major transportation center in the Valley.”
What it is: A 1.2-million-square-feet mixed use space that gives entrepreneurs and innovators the resources they need to grow and thrive, and provide them an exceptional home for when their businesses begin to take off.
Economic impact: Projected to generate more than $9.3 billion in economic growth over the next 30 years, according to an updated study by the Greater Phoenix Economic Council.
Companies it has helped grow: Emerge.MD, Channel Intelligence, Adaptive Curriculum, Alaris, Jobing.com/Blogic, webFilings.
Latest news: Jobing, an online company that connects employers and job seekers nationally, relocated its corporate headquarters from Phoenix to SkySong.
Scottsdale Mayor Jim Lane: “It is hard to think of a business attraction initiative the city has recently used that has not mentioned SkySong as a major attribute. SkySong has a national reputation and as it grows it will continue to elevate Scottsdale’s standing.”
What it is: This economic engine encompasses a complex that includes the 497-room Talking Stick Resort, Courtyard Marriott Scottsdale Salt River, Casino Arizona at Talking Stick Resort, Talking Stick Golf Club, and Salt River Fields at Talking Stick, the spring training home of the Colorado Rockies and Arizona Diamondbacks.
Economic impact: Salt Rivers Fields аt Talking Stick accounted fоr 22 percent оf the the attendance for Cactus League baseball, which generates more thаn $300 million а yeаr іn economic impact tо the greater Phoenix metropolitan area economy.
Companies it has helped grow: In 2011, nearby Scottsdale Pavilions — which features 1.1 million square feet of select retail and mixed-use properties — became The Pavilions at Talking Stick. Pavilions has added Hobby Lobby, Mountainside Fitness, Buffalo Wild Wings and Hooters.
Latest news: Salt River Fields at Talking Stick will be one of the ballparks selected to host the first round of the 2013 World Baseball Classic in the spring.
David Hielscher, advertising manager, Casino Arizona and Talking Stick Resort: “Our property’s diverse, entertainment-driven culture and convenient locations allow us limitless opportunities for future expansion and development.”
Translational Genomics Research Institute
What it is: TGen is a non-profit genomics research institute that seeks to employ genetic discoveries to improve disease outcomes by developing smarter diagnostics and targeted therapeutics.
Economic impact: TGen provides Arizona with a total annual economic impact of $137.7 million, according to the results of an independent analysis done by Tripp Umbach, a national leader in economic forecasting.
Companies it has helped grow: TGen researchers have collaborated with Scottsdale Healthcare, Virginia G. Piper Cancer Center, Mayo Clinic, Ascalon International Inc., MCS Biotech Resources LLC, Semafore Pharmaceuticals Inc., Silamed Inc., Stromaceutics Inc., SynDevRx Inc., and Translational Accelerator LLC (TRAC). and many others.
Latest news: When TGen-generated business spin-offs and commercialization are included, Tripp Umbach predicts that in 2012 TGen will produce $47.06 for every $1 of state investment, support 3,723 jobs, result in $21.1 million in state tax revenues, and have a total annual economic impact of $258.8 million.
Michael Bidwill, president of the Arizona Cardinals: “TGen is one of this state’s premier medical research and economic assets, and is a standard-bearer for promoting everything that is positive and forward-looking about Arizona.”
University of Arizona’s Tech Park
What it is: The University of Arizona Science and Technology Park (UA Tech Park) sits on 1,345 acres in Southeast Tucson. Almost 2 million square feet of space has been developed featuring high tech office, R&D and laboratory facilities.
Economic impact: In 2009, the businesses that call Tech Park home had an economic impact of $2.67 billion in Pima County. This included $1.81 billion in direct economic impacts such as wages paid and supplies and services purchased and $861 million in indirect and induced dollar impacts. In total, the Tech Park and its companies generated 14,322 jobs (direct, indirect, and induced).
Companies it has helped grow: IBM, Raytheon, Canon USA, Citigroup, NP Photonics, and DILAS Diode Laser.
Latest news: A 38.5-acre photovoltaic array is the latest addition to the Solar Zone technology demonstration area at Tech Park. Power generated from the facility will be sold to Tucson Electric Power Co., providing power for about 1,000 homes.
Bruce Wright, associate vice president for University Research Parks: “By 2011, the park had recaptured this lost employment (resulting from the recession) with total employment increasing to 6,944. In addition, the number of tenants had expanded from 50 to 52 reflecting the addition of new companies in the Arizona Center for Innovation and the development of the Solar Zone at the Tech Park.”
In celebration of the Arizona Centennial, a 50-photo exhibit will be on display presented by Alliance Bank in downtown Phoenix at CityScape.
Running from now through the end of March 2012, the exhibit entitled “At Work in Arizona” will mark the 100th year since admitted to the Union when it achieved its statehood as the “Grand Canyon State” on February 14, 1912. The photographic exhibit will display the growth in technology through the years as Arizona become one of the fastest-growing regions in the country.
From the rugged mining days of the young state, to the modern urban city spaces we now know and love, the two-level lobby exhibit will, through the eyes of the camera lens, depict the people, landscapes and spirit of America’s 48th state and its past 100 years with photographs and descriptions.
The pictures within the gallery are part of Alliance Bank’s permanent collection, created by Arizona based photographer and historian Marilyn Szabo.
“We are very proud to be a part of the Arizona Centennial with the presentation of our historic photographic exhibit celebrating the first 100 years of Arizona’s economic achievements,” stated Jim Lundy, chief executive officer on Alliance Bank.
“As Arizona’s largest locally-owned bank, we are especially pleased to be able to provide an opportunity for the public to see the diversity of Arizona’s commerce and the entrepreneurial spirit of those who work today to promote Arizona’s growth and quality of life for generations to come,” he added.
The exhibit will be open to the public Monday through Friday through March 31st, from 9:00 a.m. to 5:00 p.m. at Alliance Bank’s headquarters at CitsyScape in downtown Phoenix.
For more information on the Alliance Bank and the Arizona Centennial exhibit, visit alliancebankofarizona.com.
With the opening of CityScape at One E. Washington St., Downtown Phoenix now has an urban-style, mixed-use development where people can eat, shop, meet friends after work, relax at a boutique hotel, and even blow off some steam at the gym or roll a few frames at a bowling center.
Developers of CityScape envision retail and restaurants as being key to the project’s success. Some of the new downtown businesses include Gold’s Gym, CVS pharmacy, Charming Charlie, Urban Outfitters, Stand Up Live, Five Guys Burger and Fries, and The Arrogant Butcher. Scheduled to open in March 2012 is the 4-star Kimpton Palomar Hotel.
“If you have a comedy club, a couple of bars, a fine dining place, a yogurt shop, a burger place and a taco shop, it gives people more of an incentive to check (CityScape) out,” says Peder Bondhus, manager of Vitamin T, an already established Aaron May restaurant at CityScape.
Part of what CityScape has accomplished is due to its relationship with the Greater Phoenix Convention and Visitors Bureau (GPCVB) and the Downtown Phoenix Partnership.
“The Greater Phoenix CVB has been a relentless touring campaign,” says Jeff Moloznik, RED’s development manager. “We spend a lot of time with them touring prospective delegates to the downtown market and CityScape. They also help us with discussing what amenities are available for those who are considering coming to Phoenix for a convention.”
Moloznik says he believes that the success of downtown as a whole hinges on the collaboration of all of downtown’s stakeholders.
“ASU, the (Phoenix) symphony, Comerica, the sporting arenas, CityScape — we all contribute to what is good about Downtown Phoenix,” he says.
Adding to the mix of retail and restaurants are the Phoenix offices of several major law firms including Polsinelli Shughart, Squire Sanders & Dempsey, and Ballard Spahr. The building also houses Alliance Bank, Fidelity Title and RED Development.
And by the end of the year, UnitedHealthcare of Arizona plans to move 600 of its Valley employees to CityScape.
Restaurants scheduled to open later this year offer diverse meal selections, such as American-style breakfast or lunch at The Breakfast Club, Italian cuisine at The Strand, French favorites at La Crepe Nanou, and Japanese options at Silk Sushi.
“We have the utmost confidence in CityScape and the synergy it’s brought to Downtown Phoenix,” says Kyle Shivers, owner of The Breakfast Club. “We’re a breakfast and lunch venue, and the density and daytime market (in Phoenix) is exactly what we’re looking for.”
The only stumbling block CityScape has experienced so far occurred early this year, when LGO Public House pulled out of the project due to zoning and code restrictions relevant to a wood furnace burner.