🏙️ 2024 in Review: New Businesses That Shaped Arizona This Year

This year, Arizona welcomed an exciting mix of new restaurants, entertainment spots, and family-friendly venues that brought fresh energy to the Valley. Here’s a look back at some standout openings:

Randy’s Donuts
The iconic donut shop made its Arizona debut on April 25th with locations in Phoenix, Gilbert, and Scottsdale. Known for its oversized donuts and iconic branding, Randy’s quickly became a local favorite.

Slick City
Billed as the world's first indoor waterless slide park, Slick City opened in Peoria in May and later launched a second location in Chandler this September. It’s been a hit with families and thrill-seekers alike.

Pecan Lake Entertainment
This multi-attraction destination in Queen Creek opened with features like a 21-hole putting course, axe-throwing, escape rooms, and a SkyTime Rope Course. A wave pool is expected to debut in 2025.

Andretti Indoor Karting & Games
Chandler became home to Andretti Indoor Karting & Games in February. Known for its electric superkarts and family entertainment options, the company is already planning a second location in Glendale set to open in 2025.

Better Buzz Coffee
This California-based coffee shop opened its first Arizona store in Phoenix on February 16th, followed by locations in Tempe, Scottsdale, and soon, Surprise.

Carry On
This 1970s airplane-inspired cocktail bar landed in Downtown Phoenix in November, offering a unique 90-minute cocktail experience that quickly became a hit.

Salt & Straw
Known for its quirky and innovative ice cream flavors, Salt & Straw opened its first Arizona storefront in Gilbert at the Epicenter at Agritopia in July.

Dirtbag's Phoenix
The Tucson favorite, Dirtbag's, opened its Valley location in August, bringing its laid-back atmosphere and signature playlist to Indian School Road in Phoenix.

Tell Your Friends
This underground speakeasy-style cocktail lounge opened beneath The Americano in Scottsdale, offering an intimate atmosphere, live music, and expertly crafted drinks.

From iconic donut shops to waterless slide parks and hidden cocktail lounges, 2024 was a year of growth and excitement for Arizona’s local scene. Here’s to discovering even more in 2025!

🚧 2024 in Review: Major Developments Across Arizona

As 2024 comes to a close, Arizona has seen remarkable growth through transformative developments. From massive master-planned communities to innovative manufacturing hubs and luxury living spaces, these projects are shaping the future of the Valley. Here are some of the standout developments from this year:

🌟 Halo Vista: A $7 Billion ‘City Within a City’
Set to become a transformative hub, Halo Vista is a $7 billion mega-development surrounding the Taiwan Semiconductor Manufacturing Company (TSMC) facility in North Phoenix. The project will feature residential spaces, hotels, educational facilities, and two specialized sub-areas: The Forge (a manufacturing zone) and The Sonoran Oasis Research and Technology Park. This ambitious community aims to blend science, innovation, and everyday living into one interconnected ecosystem.
👉 Read More

🏢 Wood Partners Expands with Alta Dove Valley and Alta 87
National developer Wood Partners launched two major multifamily communities this year:

• Alta Dove Valley in North Phoenix, located near the TSMC facility, features 380 luxury apartments with state-of-the-art amenities, coworking spaces, and a sky deck. Completion is expected in 2026.

• Alta 87 in Gilbert, a 257-unit community, broke ground in early 2024 and will include amenities such as pickleball courts, coworking spaces, and a luxurious two-story clubhouse.
  👉 Read More

🏗️ Amkor’s $2 Billion Semiconductor Facility in Peoria
Peoria welcomed Amkor Technology’s advanced packaging and test semiconductor facility this year. This $2 billion investment is set to create over 2,000 jobs and solidify Peoria’s position as a hub for cutting-edge technology and manufacturing innovation.
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🏘️ Village at Bronco Trail by Empire Group of Companies
In North Phoenix, the 354-unit Village at Bronco Trail broke ground, marking Empire Group’s largest build-to-rent project in Arizona. Spanning 30 acres, the development aims to address the increasing demand for affordable and flexible housing options.
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🌆 Google’s $600 Million Data Center in Mesa
Google officially broke ground on a $600 million data center in Mesa, employing advanced air-cooling technology. This facility will play a critical role in supporting Google Cloud, Search, Maps, and Gmail operations while bringing sustainable innovation to the region.
👉 Read More

🛤️ Valley Metro’s Northwest Extension Phase II Complete
In Phoenix, the 1.6-mile Northwest Light Rail Extension Phase II was completed two years ahead of schedule. This expansion enhances public transit options, connecting more neighborhoods to the city’s growing transportation network.
👉 Read More

🚧Newest Developments

Arizona continues to grow with exciting projects that are reshaping communities. Here’s what’s on the horizon:

🏡Mattamy Homes Announces Rosewood Heights in San Tan Valley
Mattamy Homes has unveiled plans for Rosewood Heights, a new planned community in San Tan Valley. This development will feature a mix of single-family homes, parks, and community spaces, catering to the growing demand for suburban living. _{Learn More}

🌴Pemberton 2.0 Brings Fresh Energy to Downtown Phoenix
The beloved Pemberton in Downtown Phoenix is undergoing a reinvention. Known for its community-driven space, the new Pemberton 2.0 will offer updated amenities while retaining its charm as a gathering spot for locals. _Details

🚜7 Billion Development Project Clears First Hurdle
A massive $7 billion development project, aimed at transforming a large tract of land into a mixed-use hub, has cleared its first major approval. The project will include residential, commercial, and industrial spaces, setting the stage for long-term economic growth. _{Read More}

🍲Shiv Supper Club Coming to Scottsdale in 2025
Fine dining takes a new turn with the announcement of Shiv Supper Club, a luxury restaurant set to open in Scottsdale in 2025. Offering an elevated culinary experience, this addition promises to enhance Scottsdale’s reputation as a foodie destination. _{Explore More}

📊 Real Estate Trends: A Look at 2025 and Beyond

As we head into 2025, experts are cautiously optimistic about the housing market, predicting a year of stability, modest growth, and gradual improvements in affordability. Here's a breakdown of key insights:

• 🏠 Home Sales Expected to Rise: The National Association of Realtors (NAR) forecasts a 9% increase in existing home sales and an 11% jump in new home sales in 2025, signaling a return of confidence to the market.

• 📉 Mortgage Rates May Ease: While mortgage rates are expected to remain volatile, experts anticipate an average rate of around 6.3% to 6.8% throughout 2025. The Federal Reserve's anticipated rate cuts could provide temporary dips, offering strategic buying opportunities for prepared homebuyers.

• 💰 Slow and Steady Home Price Growth: Predictions suggest a 2% to 4% increase in home prices, indicating more modest appreciation compared to the sharp spikes seen in previous years.

• 🏙️ Changing Buyer Profiles: The housing market is witnessing a shift:

  • All-cash buyers now make up 26% of transactions, a historic high.

  • First-time buyers are older, with a median age of 38, and are saving larger down payments.

  • Multigenerational homes are becoming more common, driven by cost-sharing and family care needs.

• 📈 Buyers’ Markets Expanding: Zillow predicts more Southwest metro areas could become buyer-friendly markets, as inventory levels increase and sellers face greater competition.

• 🐾 Lifestyle Trends Shaping Rentals: With 58% of renters owning pets, pet-friendly policies are becoming a non-negotiable requirement for rental properties.

🏁 The Big Picture: While 2025 isn't predicted to be a breakout year, it could mark the beginning of a more balanced and predictable housing market, offering opportunities for both buyers and sellers.

📝 The Final Newsletter of 2024

As we wrap up 2024, I want to thank you for being a part of The Desert Real community. This year has been filled with exciting growth, major developments, and evolving trends that are shaping the future of Arizona.

Looking ahead to next week, we'll kick off the New Year with a deep dive into the 2024 real estate market report. We'll break down the stats, trends, and key insights from the past year to help you stay informed and ahead of the curve as we step into 2025.

Until then, I wish you a Happy New Year filled with growth, new opportunities, and plenty of Arizona sunshine.

See you in 2025!

– Brad Armstrong
The Desert Real