Good News from the Neighborhood
April 8, 2010 by Dan Klocke
The Economic Development Department at the Downtown Phoenix Partnership wants to get the word out about the good news from the neighborhood. While the country endures continued economic uncertainty, Downtown is still growing with more success right around the corner. Downtown has seen an influx of coffee shops in recent months and the 200,000-square-foot retail portion of CityScape is set for a rolling open this summer and fall.
Downtown Phoenix’s restaurants and bars have some positive news, reporting a 16% increase in revenue in the last quarter of 2009 when compared with the same period of 2008. This is in contrast to the -7.6% drop in restaurant and bar revenues citywide over the same period. The 4th Quarter of 2009 also represented the 1-year anniversary of the Sheraton Downtown Phoenix and hotel & motel receipts are up 25% when compared with 4Q 2008 numbers. Keep in mind the Sheraton opened in 2008 with some of the highest booking numbers in the history of the industry and the continued growth is a testament to the success of the Phoenix Convention Center in drawing visitors Downtown.
We will be checking in regularly to give you the latest updates on Downtown Phoenix economic development. For more information, we invite you to visit the Business Development portion of the Downtown Phoenix Web site here. If you are interested in receiving Dateline Downtown Phoenix, our monthly economic development newsletter, you can sign up here.