Don’t be so humble, you’re not that great”.
– Golda Meir
Arizona’s economy, as schoolchildren once were taught, was tied to cotton, cattle, citrus, copper and climate. Phoenix’s transition from agricultural mecca to the Southwest’s business giant over the past 125 has been followed in the pages of The Arizona Republic.
Arizona’s economy, as schoolchildren once were taught, was tied to cotton, cattle, citrus, copper and climate. Phoenix’s transition from agricultural mecca to the Southwest’s business giant over the past 125 has been followed in the pages of The Arizona Republic.
Here are 10 key business events from those years:
1896: Castle Hot Springs opens
The resort in the Bradshaw Mountains opened its doors in 1896. It was heavily advertised to winter-weary Easterners, attracting prominent U.S. families including the Roosevelts, Vanderbilts, Carnegies, Wrigleys and the Astors. In 1913, the San Marcos resort opened in Chandler. Many other resorts followed to build the state’s tourism industry, including the Frank Lloyd Wright-designed Arizona Biltmore in 1929.
1900s: Water, power system created
Phoenix-area farmers in 1903 formed the Salt River Valley Water Users’ Association, precursor to Salt River Project, following federal enabling legislation the prior year. Completion of Roosevelt Dam in 1911 and other dams and canals ensured a steady supply of water for agriculture and hydroelectricity to power the growing community while reducing the risks of devastating floods. The area’s water supply was further guaranteed by 1994 completion of the Central Arizona Project, which delivers Colorado River water into central and Southern Arizona.
1917: Bisbee miners deported
Copper mining has been a major industry in southeastern Arizona since territorial days. Among the headline-grabbing events during this era was the deportation by railroad of more than 1,000 striking miners and suspected union activists from Bisbee in 1917. Phelps Dodge, a leading mining company purchased by Freeport-McMoran Inc. in 2007, orchestrated the deportation.
1926: Route 66 opens
The unveiling of the Chicago-to-Los Angeles highway in 1926 marked a major turning point in Western expansion and economic development. The fabled road traversed 400 miles in northern Arizona and helped usher the state into the automotive age. Other transportation milestones, including the completion of Interstate 10 and Loops 101 and 202, furthered the region’s economic expansion.
1939: Climate control
In 1939, Adam and Gust Goettl opened a business specializing in evaporative cooling. Refrigeration for large buildings such as movie theaters had become available in the 1920s, but these pioneers in air-conditioning helped make the desert climate more appealing with affordable refrigerated cooling. Arizona’s population has grown five-fold since then.
1949: Motorola sets up shop
The post-World War II years brought new technology industries to Arizona, including a Phoenix research and development site run by Motorola, the former Galvin Manufacturing Co. Motorola initially made transistors, the forerunners to modern semiconductors, and grew into a major employer.
1960: Sun City founded
The new concept of a senior-living community and Arizona’s reputation as a retirement haven were spurred by the opening of Sun City by the Del Webb Corp. in 1960. The new community was a hit from the start, as thousands thronged to tour model homes in a community with a host of recreational amenities.
1983: America West takes flight
This start-up low-fare airline founded after industry deregulation began flights in 1983 with three aircraft, but its expansion was derailed by a 1991 bankruptcy. It was the first airline to apply for and receive a federal loan after the Sept 11 terrorist attacks. America West purchased carrier US Airways out of bankruptcy in 2005. The renamed US Airways completed a long-sought merger with American Airlines and moved its headquarters to Fort Worth in 2013.
1989: Savings and loans collapse
A recession, real-estate downturn and loose investment practices led to the demise of hundreds of S&Ls. The most notorious failure was that of Charles Keating’s Phoenix-based American Continental Corp. and Lincoln Savings & Loan in 1989. When Lincoln failed, it cost the federal government over $3 billion and about 23,000 customers were left with worthless bonds. Keating served 41/2 years in prison, but his convictions for fraud, racketeering and conspiracy were overturned in 1996. In 1999, he pleaded guilty to a more limited set of wire-fraud and bankruptcy-fraud counts.
2007: Real-estate crash
Overbuilding, the subprime mortgage scandal and other problems precipitated a severe slump in Arizona real estate. Beginning in 2007, tens of thousands of Arizonans lost their homes, values fell by half in many cases, construction jobs dried up and local banks failed.
Other notable Ariz. businesses
Founded
1885: Fennemore Craig PC law firm
1912: Landis Cyclery
1922: Shamrock Foods, dairy
1932: Bashas’ grocers
1933: Harkins Theatres
1950: Durant’s restaurant and bar
1951: Earnhardt Ford
1956: Park Central, Arizona’s first mall
1983: America West Airlines, precursor to US Airways
1999: Banner Health created after merger of Samaritan Health System of Phoenix and Lutheran Health Systems of North Dakota
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I am actively looking to build relationships with Real Estate Investors and Owner / Users for Phoenix – Scottsdale – Tucson – Maricopa County – Pima County – Pinal County – Cochise County – Santa Cruz County –Yavapai County – Gila County – Arizona , USA
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WHY PHOENIX ARIZONA : ???
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1
Timeline of Phoenix, Arizona history
http://en.wikipedia.org/wiki/Timeline_of_Phoenix,_Arizona_history
2
http://en.wikipedia.org/wiki/Phoenix,_Arizona
3
Facts of Arizona – year 1848 to 2013
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Investors and owner/users need to really know the market before making a move in commercial investment properties as the market has a lot of moving parts today. What’s going on socio-economically, what’s going on demographically, what’s going on with location, with competing businesses, with public policy in general — all of these things affect the quality of your commercial properties/investment properties. Therefore, you need a broker who understands commercial properties. Please go to my web-site and get all the newsflashes and updates in Commercial Real Estate.
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. I am also a commercial land specialist in Phoenix and a Landspecialist in Arizona. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
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Walter Unger CCIM
Associate Broker, Kasten Long Commercial Group
2821 E. Camelback Rd.
Phoenix, AZ 85016
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