THE ICONIC SLS HOTEL BRAND LAUNCHES ITS FIRST ONLINE RETAIL COLLECTION BRINGING ONE-OF-A-KIND ITEMS TO ITS GUESTS THROUGH THE SLS SHOP

SLS is part of Ennismore, the fastest-growing lifestyle hospitality company with a global collective of entrepreneurial and founder-built brands with purpose at their heart.

Michele Caniato, Chief Partnerships Officer & EVP of Brand Marketing, Ennismore said, “We are thrilled to see The SLS Shop come to fruition and to be able to share the SLS lifestyle experience beyond our hotels and into our guests’ homes from linens and mattresses to the newly launched MALIN+GOETZ for Ciel Spa collection. This is the beginning of a strong extension of our hotel brands into the retail space.”

Offerings at The SLS Shop include KASSATEX bed linen and terry comprised of Made in Green by OEKO-TEX certified materials, ultra-luxe bathrobes, hypoallergenic down chamber pillows and down duvets featuring European white goose down treated with environmentally friendly bluesign soap, and the SLS mattress in king and queen sizes. 

The SLS Shop will also feature staples including the brand’s iconic SLS pool towels, SLS branded hats, beach bags, and slippers, as well as products from SLS’s much-coveted brand partners including the newly launched collection from Goldsheep. The new line features bespoke SLS inspired athleisure wear including SLS branded leggings, jackets and sports bras, commemorating Goldsheep’s first partnership with a hotel brand on a line of branded apparel. Also available for the very first time exclusively on The SLS Shop will be SLS’s recently launched MALIN+GOETZ for Ciel Spa bath amenities, including a 400ml large format collection for shampoo, conditioner & body wash, 50ml body lotion, and 50g bar soap. The MALIN+GOETZ for Ciel Spa environmentally sustainable aluminum gift sets will be available on the SLS Shop this fall, which will include 50ml shampoo, conditioner, body wash, body lotion and 50g bar soap, all available for purchase. 

The SLS Shop is currently only accepting and shipping orders within the United States but will begin shipping to more countries in near future. The launch of the SLS Shop is just the beginning for Ennismore in the online retail realm, with additional brands due to unveil similar plans later this year.

Ennismore continues to expand its strategic partnerships with international brands – including Fortune 500 – across automotive, communications, beverage and financial services to deliver innovative and bespoke benefits, products, and experiences. This new partnership builds on existing collaborations with Barilla, Danone, Chase Sapphire, Lincoln Motor Company, Tidal, Therabody, Lavazza, Redbull, DOGPOUND, Goldsheep, GLOSSLAB, Y7 Studio, MALIN + GEOTZ and Som Sleep.

Shop now at ShopatSLS.com.

ABOUT SLS HOTELS & RESIDENCES

SLS is the home of an extraordinary experience coupled with a playful ambiance. Culinary artistry, theatrical interiors, subversive design touches and unexpected indulgences are at the heart of every SLS property. Collaborations with leading developers, architects, designers and chefs allow SLS to continue anticipating, innovating and shaping the future of luxury lifestyle living. With seven properties in Beverly Hills, Miami, Bahamas, Cancun, Dubai, and Buenos Aires, SLS is set to open two additional properties in Scottsdale and Saudi Arabia by 2024. Learn more at SLSHotels.com.

Press Contacts:
Emily Venugopal / Cara Chapman / Jennifer Isicoff: [email protected]

SOURCE Ennismore

Painful remedy: Fed’s interest rate hikes look to slow workers’ wage gains, cool real estate markets | National

Higher interest rates are slowing the housing market as the Federal Reserve focuses on stunting workers’ wage gains in the battle against high inflation.

Higher rates make mortgages more expensive and could propel a teetering U.S. economy into a recession after first quarter GDP growth was -1.4%. They also come as apartment and rental home tenants face significant increases in rents as well as persistent inflation across other spending areas such as groceries and gasoline.

“The housing market is slowing down because you are seeing high rates have an effect. That should have an effect on housing prices, perhaps even fairly quickly so that prices will not necessarily come down but price increases will flatten out. We are seeing lower home sales, lower starts. We are seeing a slowing,” said Fed Chairman Jerome Powell during a Senate Banking Committee Hearing Wednesday, June 27.






Federal Reserve Chairman Jerome Powell prepares his documents as he arrives present to the Senate Banking, Housing and Urban Affairs Committee, the Monetary Policy Report on Capitol Hill, Wednesday, June 22, 2022, in Washington. (AP Photo/Manuel Balce Ceneta)




After dismissing last year’s inflation rise as transitory, the Fed has raised interest rates three time so far this year by a combined 150 basis points.

Powell, whose background is in private equity, has stressed the need to constrain workers wage gains even though inflation’s current 8.6% is outpacing wage gains came in at 4.5% to end 2021. Employers have struggled to hire and retain workers throughout the pandemic. The central bank’s inflation focus is on slowing wage growth. That worries lawmakers from both parties that the rate hikes will lead to job cuts and a recession without cutting into high prices driven by other factors.

“I know higher interest rates are painful but that is the tool we have to moderate demand and get demand and supply back in balance” said Powell of the U.S. economy facing high inflation, a potential recession and the central bank’s push against wage gains.

The Fed hopes to get inflation down to the 2% range from its current 8.6% rate — the highest since 1981.

Fiscal conservatives also pressed Powell on the large monetary and bipartisan fiscal infusions into the economy during the pandemic. U.S. Sen. John Kennedy, R-Louisiana, said the federal government has spent an additional $7 trillion on pandemic relief and the Fed’s balance sheet of assets and liabilities went from $1.5 trillion to $9 trillion, Kennedy said.

“We’ve injected all of this money into the economy,” Kennedy said during the June 22 hearing.

End of the housing frenzy

Rate hikes from the U.S. central bank have sent mortgage interest rates from the 3% range up to the 6%. That is cooling a housing market that posted robust and sometimes record sales levels and prices gains during the early stages of the coronavirus pandemic.

It was one of the many dichotomies during the pandemic with real estate investors and wealthy property owners building even more equity and profits while lower-wage restaurant, bar and other service workers lost jobs and pay.

Now, the real estate market is cooling with mortgage costs up with higher rates from the U.S. central bank

“The average monthly mortgage payment is up over 40% since the end of last year driven by higher mortgage rates and higher home prices. This affordability shock is pushing many potential homebuyers out of the market as qualifying for a mortgage has become increasingly difficult,” said Ali Wolf, chief economist for California-based real estate research firm Zonda.







Mortgage Rates

A sign indicating a reduced selling price for a house sits atop a realtor’s sign in Jackson, Miss., Wednesday, Sept. 25, 2019. (AP Photo/Rogelio V. Solis)




Higher mortgage costs are combining with continued big increases in rents for apartments and rental homes impacting many U.S. households.

Land sales — especially in growth markets — are slowing with builders and developers putting the brakes on purchases. Banks, title companies, builders and real estate developers are also starting to lay off workers as the housing market slows.

The California Association of Realtors reported June 16 that May home sales were down 9.8% from April and 15.2% from a year ago. The real estate group said home sales volumes are at their lowest since June 2020.

Slower sales also result in more homes staying on the market longer. The Florida Realtors group reports a 31.5% increase in homes for sale inventories compared to last May.

“We actually started seeing a shift about the end of the first week of May,” said Jennifer Calenda, broker-owner of Calenda Real Estate Group in Punta Gorda. “We went from a frenzy into a little more of a normal pace here.”

Sharon Neuhofer, president of Realtors of Punta Gorda-Port Charlotte-North Port-DeSoto, said prices have “definitely been stabilizing, but it’s still a seller’s market.”

She attributed the softening in prices to the higher interest rates.

“But if a home is priced right, it will sell,” Neuhofer said, adding that if the market is not “boiling hot, it is simmering.”

High-end sales down

Luxury home sales are also slowing with higher interest rates and down U.S. stock markets taking their toll on wealthy buyers.

Real estate firm Redfin reports luxury home sales were down 17.8% between February and April 2022 compared to a year ago. Those are the most expensive 5% of homes in a given real estate market.

That includes a 27% drop in luxury home sales in Phoenix, a 33% decline in Austin, a 24% sales slowdown in Portland. New York City was the only major U.S. real estate market to see luxury sales growth (30%), according to Seattle-based Redfin.

“The pool of people qualified to purchase luxury properties is shrinking because the stock market is falling and mortgage rates are rising,” said Elena Fleck, a Redfin real estate agent in West Palm Beach, Florida. “The good news for buyers is the market is becoming more balanced and competition is easing up. Of course, that doesn’t help the scores of Americans who have been priced out altogether.”

The median price for a luxury home stands at $1.15 million nationally, according to Redfin. Those median prices include $5.5 million in San Francisco and $4 million in New York, $2.6 million in Miami, $1 million in Baltimore and $656,000 in Cleveland.

Recession looming?

While Powell and U.S. Treasury Secretary Janet Yellen hope for a soft landing for the economy, the current situation and monetary path could have consumers potentially facing high interest rates impacting housing, car loans and other financing combined with continued high inflation (including record-high gas prices and expensive grocery stores prices).

The combination could result in a slower economy but persistently high prices — the opposite of a soft landing.

A survey by California-based Freedom Financial Network found 50% of U.S. consumers would have to use credit cards or borrow money from family and friends if they are faced with an unexpected expense of $1,000 or more.

A central bank policy of stunting wage growth won’t help those consumers concerned about gasoline prices of $5 per gallon or more and double-digit prices increases for groceries and other staples.

That also includes double-digit increases in apartment rents and a shortage of affordable housing options in expensive coastal cities, rural areas and growth markets. The biggest rental increases are in Florida markets, according to CoStar Group and its Apartments.com affiliate.

“More people are living paycheck to paycheck now,” Calenda said.







Federal Reserve Powell

Sen. John Kennedy, R-La., questions Federal Reserve Chairman Jerome Powell during Senate Banking, Housing and Urban Affairs Committee hearing as he Powell presents the Monetary Policy Report to the committee on Capitol Hill, Wednesday, June 22, 2022, in Washington. (AP Photo/Manuel Balce Ceneta)




An analysis by TransUnion found apartments rents were up 14% between 2020 and 2021 but tenants median incomes are up 6%. The median income for an apartment tenant is $37,232, according to the credit agency. Those income brackets feels inflation the most and could also be most impacted by higher interest rates.

The median income of apartment renters in 2020 before the COVID pandemic was $35,000, according to TransUnion.

U.S. Sen. Elizabeth Warren, D-Massachusetts, worries those households are going to feel the brunt of interest rate hikes while other drivers of inflation such as industry consolidations and the impact of Russia’s war in Ukraine and U.S sanctions will persist.

“The reason I raise this and the reason I’m so concerned about this is rate increases make it more likely that companies will fire people and slash hours to shrink wage costs. Rate increases also make it more expensive for families to do things like borrow money for a house — and so far this year, the cost of a mortgage has already doubled,” Warren told Powell during the June 22 hearing.

Warren worries the Fed could “tip this economy into a recession.”

AZ Big Media Gilbert ranks No. 1 in nation for luxury apartment construction

The past decade saw an uptick in apartment construction, with over 3.1 million new apartments added to the national inventory, according to a recent StorageCafe study. An interesting feature of those new apartments is that 86% of them can be classified as luxury dwellings, boasting amenities such as rooftop sky decks, gyms, club houses and pools. An even more interesting fact is that Gilbert ranks No. 1 in the nation for luxury apartment construction, according to the study.


READ ALSO: Ranking Arizona: Top 10 multifamily builders for 2022


The study analyzed the country’s 100 biggest cities and ranked them based on the percentage of the apartments delivered between 2012 and 2021 that were premier apartments – and Arizonan cities are leading the country, having built mostly high-end apartments over the past decade.

Top 10 Cities for New High-End Apartments

New apartment stock in Gilbert, Chandler and Scottsdale almost fully high end

Gilbert ranks first nationally for luxury apartment construction, with all  4,000-plus new apartments built during the past 10 years qualifying as high-end units. These units have an average size of over 1,000 square feet, which is around 250 square feet more than the non-luxury apartments in the city. And, if renters’ space at home is still not enough, Gilbert’s self storage market is perfectly equipped to compensate, with an inventory of over eight square feet of storage space per capita. Renting a 10’x10’ self storage unit in Gilbert costs around $125 per month and offers tenants enough space to store a variety of stuff, including hobby equipment, seasonal items and household goods.

Chandler ranks second for new high-end apartments, with 99% of the almost 6,800 new units built over the past decade falling into this category. The third Arizonan city in this list, Scottsdale, lands in fourth place, with 98.5% of its 8,600 new apartments being luxury dwellings. In both cases, the premier apartments hover slightly under 1,000 square feet in terms of size, which makes them, on average, about 200 square feet larger than the non-luxury apartments in each city.

Texan cities also go big for luxury apartments

Texas is another state with several cities among the most interested in high-end apartment living. Plano, Texas, makes it to the podium, ranking third with over 98% of its 8,300 apartments built over the past decade considered top-drawer.

Irving and Dallas also make it into the top ten cities nationally, ranking 6th and 7th. In Irving’s case, the past decade saw over 5,600 new apartments built, and 97% of them provide premier living conditions. Dallas, on the other hand, managed to build no less than 55K new apartments over the past decade, of which 96% are located in top-notch complexes boasting great amenities for renters.

Other cities that rank well for luxury apartment construction are Orlando, Florida, and two of Virginia’s most popular tourist destinations, Virginia Beach and Chesapeake.

Looking at sheer volumes of apartment construction, Houston comes out on top

When looking at US cities in terms of the total number of new units built over the past decade, Houston comes out on top, with an impressive 77K units. New York City lands a close second place, having built around 73K new apartments between 2012 and 2021. The third spot nationally goes to another Texan city, Austin, which managed to add 65K new units to the local apartment inventory.

Painful remedy: Fed’s interest rate hikes look to slow workers’ wage gains, cool real estate markets

Higher interest rates are slowing the housing market as the Federal Reserve focuses on stunting workers’ wage gains in the battle against high inflation.

Higher rates make mortgages more expensive and could propel a teetering U.S. economy into a recession after first quarter GDP growth was -1.4%. They also come as apartment and rental home tenants face significant increases in rents as well as persistent inflation across other spending areas such as groceries and gasoline.

“The housing market is slowing down because you are seeing high rates have an effect. That should have an effect on housing prices, perhaps even fairly quickly so that prices will not necessarily come down but price increases will flatten out. We are seeing lower home sales, lower starts. We are seeing a slowing,” said Fed Chairman Jerome Powell during a Senate Banking Committee Hearing Wednesday, June 27.

After dismissing last year’s inflation rise as transitory, the Fed has raised interest rates three time so far this year by a combined 150 basis points.

Powell, whose background is in private equity, has stressed the need to constrain workers wage gains even though inflation’s current 8.6% is outpacing wage gains came in at 4.5% to end 2021. Employers have struggled to hire and retain workers throughout the pandemic. The central bank’s inflation focus is on slowing wage growth. That worries lawmakers from both parties that the rate hikes will lead to job cuts and a recession without cutting into high prices driven by other factors.

“I know higher interest rates are painful but that is the tool we have to moderate demand and get demand and supply back in balance” said Powell of the U.S. economy facing high inflation, a potential recession and the central bank’s push against wage gains.

The Fed hopes to get inflation down to the 2% range from its current 8.6% rate — the highest since 1981.

Fiscal conservatives also pressed Powell on the large monetary and bipartisan fiscal infusions into the economy during the pandemic. U.S. Sen. John Kennedy, R-Louisiana, said the federal government has spent an additional $7 trillion on pandemic relief and the Fed’s balance sheet of assets and liabilities went from $1.5 trillion to $9 trillion, Kennedy said.

“We’ve injected all of this money into the economy,” Kennedy said during the June 22 hearing.

End of the housing frenzy

Rate hikes from the U.S. central bank have sent mortgage interest rates from the 3% range up to the 6%. That is cooling a housing market that posted robust and sometimes record sales levels and prices gains during the early stages of the coronavirus pandemic.

It was one of the many dichotomies during the pandemic with real estate investors and wealthy property owners building even more equity and profits while lower-wage restaurant, bar and other service workers lost jobs and pay.

Now, the real estate market is cooling with mortgage costs up with higher rates from the U.S. central bank

“The average monthly mortgage payment is up over 40% since the end of last year driven by higher mortgage rates and higher home prices. This affordability shock is pushing many potential homebuyers out of the market as qualifying for a mortgage has become increasingly difficult,” said Ali Wolf, chief economist for California-based real estate research firm Zonda.

Higher mortgage costs are combining with continued big increases in rents for apartments and rental homes impacting many U.S. households.

Land sales — especially in growth markets — are slowing with builders and developers putting the brakes on purchases. Banks, title companies, builders and real estate developers are also starting to lay off workers as the housing market slows.

The California Association of Realtors reported June 16 that May home sales were down 9.8% from April and 15.2% from a year ago. The real estate group said home sales volumes are at their lowest since June 2020.

Slower sales also result in more homes staying on the market longer. The Florida Realtors group reports a 31.5% increase in homes for sale inventories compared to last May.

“We actually started seeing a shift about the end of the first week of May,” said Jennifer Calenda, broker-owner of Calenda Real Estate Group in Punta Gorda. “We went from a frenzy into a little more of a normal pace here.”

Sharon Neuhofer, president of Realtors of Punta Gorda-Port Charlotte-North Port-DeSoto, said prices have “definitely been stabilizing, but it’s still a seller’s market.”

She attributed the softening in prices to the higher interest rates.

“But if a home is priced right, it will sell,” Neuhofer said, adding that if the market is not “boiling hot, it is simmering.”

High-end sales down

Luxury home sales are also slowing with higher interest rates and down U.S. stock markets taking their toll on wealthy buyers.

Real estate firm Redfin reports luxury home sales were down 17.8% between February and April 2022 compared to a year ago. Those are the most expensive 5% of homes in a given real estate market.

That includes a 27% drop in luxury home sales in Phoenix, a 33% decline in Austin, a 24% sales slowdown in Portland. New York City was the only major U.S. real estate market to see luxury sales growth (30%), according to Seattle-based Redfin.

“The pool of people qualified to purchase luxury properties is shrinking because the stock market is falling and mortgage rates are rising,” said Elena Fleck, a Redfin real estate agent in West Palm Beach, Florida. “The good news for buyers is the market is becoming more balanced and competition is easing up. Of course, that doesn’t help the scores of Americans who have been priced out altogether.”

The median price for a luxury home stands at $1.15 million nationally, according to Redfin. Those median prices include $5.5 million in San Francisco and $4 million in New York, $2.6 million in Miami, $1 million in Baltimore and $656,000 in Cleveland.

Recession looming?

While Powell and U.S. Treasury Secretary Janet Yellen hope for a soft landing for the economy, the current situation and monetary path could have consumers potentially facing high interest rates impacting housing, car loans and other financing combined with continued high inflation (including record-high gas prices and expensive grocery stores prices).

The combination could result in a slower economy but persistently high prices — the opposite of a soft landing.

A survey by California-based Freedom Financial Network found 50% of U.S. consumers would have to use credit cards or borrow money from family and friends if they are faced with an unexpected expense of $1,000 or more.

A central bank policy of stunting wage growth won’t help those consumers concerned about gasoline prices of $5 per gallon or more and double-digit prices increases for groceries and other staples.

That also includes double-digit increases in apartment rents and a shortage of affordable housing options in expensive coastal cities, rural areas and growth markets. The biggest rental increases are in Florida markets, according to CoStar Group and its Apartments.com affiliate.

“More people are living paycheck to paycheck now,” Calenda said.

An analysis by TransUnion found apartments rents were up 14% between 2020 and 2021 but tenants median incomes are up 6%. The median income for an apartment tenant is $37,232, according to the credit agency. Those income brackets feels inflation the most and could also be most impacted by higher interest rates.

The median income of apartment renters in 2020 before the COVID pandemic was $35,000, according to TransUnion.

U.S. Sen. Elizabeth Warren, D-Massachusetts, worries those households are going to feel the brunt of interest rate hikes while other drivers of inflation such as industry consolidations and the impact of Russia’s war in Ukraine and U.S sanctions will persist.

“The reason I raise this and the reason I’m so concerned about this is rate increases make it more likely that companies will fire people and slash hours to shrink wage costs. Rate increases also make it more expensive for families to do things like borrow money for a house — and so far this year, the cost of a mortgage has already doubled,” Warren told Powell during the June 22 hearing.

Warren worries the Fed could “tip this economy into a recession.”

 

FOX28 Spokane©

Reports renew apartment development debate here | City News

They say the three most important factors in real estate are location, location and location and if that location is Scottsdale, it’s going to cost money, money, money.

Forget about owning a home, even renting in Scottsdale can break the bank.

According to the website Zumper.com, Scottsdale has the 14th highest median price for a one-bedroom apartment in the nation at $1,810 per month. Some places where it’s cheaper to rent a one-bedroom apartment than Scottsdale include, Chicago, Denver and Honolulu, it said.

One reason for Scottsdale’s rental prices is insufficient supply. Opponents of development in Scottsdale claim the city has 10,000 apartments in the metaphorical pipeline, but that may not be as overwhelming than it sounds for a couple of reasons.

For one thing, that number isn’t really 10,000. In an email to City Council members dated May 2, Assistant City Manager Brent Stockwell stated the number of multifamily units “in the pipeline” is actually 7,879.

And of those, 1,489 are considered “prospective” units meaning, “zoning entitlements are still being sought – or the cases are so old, it’s unknown as to whether or not the project will be built.”

Second, according to the website Construction Coverage, Scottsdale saw a 56% decline in multi-family home construction – a decrease of 1,457 units – between 2020 and 2021.

That bucks both state and national trends for multifamily unit permits being granted.

Statewide, there was a 3.9% increase in multifamily home construction between 2020 and 2021. Nationally, that increase was even greater at 26.4%, according to Construction Coverage.

That 56% decrease in Scottsdale multifamily permits can be a bit misleading, though, when you look at raw number, according to Mike Stromberg, lead data analyst at Construction Coverage.

He suggests 2020 was an abnormally busy year for multifamily housing construction in Scottsdale, making the shift to 2021 look more dramatic.

In 2019, 669 multifamily permits were issued. In 2020, that number was 2,604 but dropped down to 1,1,47 in 2021.

“I think it’s a bit of a combination of ramping up in 2020 and also some head winds” such as recession fears and supply chain shortages in 2021, Stromberg said.

But the numbers are disconcerting to Councilwoman Linda Milhaven.

“If we grow any more slowly, we’re going to be going backwards, which threatens our local economy and tax revenue,” Milhaven said.

She wasn’t surprised the median cost of a one-bedroom apartment in Scottsdale is so high.

“We’ve always paid a premium to live in Scottsdale because it’s a wonderful community, but the supply and demand are completely out of whack,” Milhaven said.

A report from the Census Bureau shows Scottsdale has the smallest percentage of rental units to homes as any city in the Valley, Milhaven said.

But Mayor David Ortega vehemently disagrees, declaring, “The multi-housing sector is hell- bent on turning Scottsdale into a ‘for-rent-only city.’ Flight from Chicago and costal urban cities is surging to Arizona, putting excessive pressure on Scottsdale.”

He charged, “Speculators have rotated hundreds of billions of dollars out of office and retail and piled into apartments, thinking it is easy money. Apartment resales and flippers have jacked up rents and forced evictions.”

“Mega drought and wastewater infrastructure are over-arching municipal concerns,” Ortega said, “and I have repeated my concern that massive apartments are replacing limited commercial land uses.”

He accused multifamily developers of “trying to sink our community vision including Old Town, parks, environment, bike paths, economic vitality and land use plan” and said, “As Mayor, I will not allow Scottsdale to be stampeded.”

Councilwoman Solange Whitehead said Scottsdale was saturated with apartment construction a few years ago and that it only makes sense things are slowing down a bit.

“The fastest way to solve the housing shortage is to get these developers with their entitlements to build their projects,” she said.

A 56% decline in multifamily housing in Scottsdale was not a surprise to Councilman Tom Durham.

“I think the number is 82% of Scottsdale employees live outside of Scottsdale and that’s because they can’t afford to live in Scottsdale,” he added, noting that the apartments that are being built in Scottsdale are luxury units that won’t drive down prices.

“I think we do need to supply enough multifamily housing to meet the demand, particularly for police, fire, teachers,” he said.

Councilwoman Kathy Littlefield, who has been conservative in her votes allowing additional multifamily housing, said water has to be taken into account where future growth is concerned.

Even more important is the location of the proposed multifamily complexes, she said.

“To me it’s more a case of where does it fit in the neighborhood,” she said.

“I’ve heard some developers want 100,000 apartments in Scottsdale … All of those developers who want to build all these apartments don’t want to hear from residents already there,” Littlefield said. “Don’t they have a right to enjoy what they paid for?”

Littlefield said short-term rentals also are driving up rents in traditional apartments.

There were 5,404 short-term rentals in the city in December 2021 listed by Air-bnb and Vrbo. If those homes were available as long-term rentals, that would go a long way toward lowering rents, Littlefield said.

New Book Identifies the Critical Elements Needed to be Fabulously Happy

Author aims to make every generation happier than the last

MERRITT ISLAND, Fla., July 4, 2022 /PRNewswire-PRWeb/ — In “An Engineer’s Guide to Happiness,” author and engineer David Andrew shares the critical elements to achieving happiness and an amazing life. Andrew applied engineering principles to “happiness.” He thought if he was going to try to be an expert at something isn’t striving to be an expert in “happiness” a laudable goal? Andrew provides an in-depth analysis of each critical element and a roadmap that encourages readers to further examine their own lives.

Andrew has been an inspirational speaker for over 15 years and applied engineering principles to the concept of happiness. Building a bridge is complex, but Andrew teaches that “happiness” is much more complex than a bridge. When building a bridge, an engineer will model and test the bridge to find its weakest links. Then an engineer with eliminate those weakest links to make the bridge that much stronger. What are the weakest links to happiness?

Rather than approaching the topic of happiness subjectively, Andrew approaches it objectively. The book acts as a comprehensive guide including many examples and analogies. Andrew provides an in-depth analysis of each element that is critical to our happiness and a roadmap that encourages readers to apply specific techniques in their own lives.

Instead of spending time trying to figure out what the root of unhappiness is, Andrew encourages readers to be forward-focused. He says that “life is in front of us, not behind us.”

“I feel incredibly fortunate and happy with my life,” Andrew said “not because I have had an easy life. That is far from the truth. As an engineer, I have searched for deeper knowledge to define happiness, and that is how I have succeeded in that aspect of my life.”

“An Engineer’s Guide to Happiness: Establishing the Critical Elements of Happiness for a Fabulous Life”
By David Andrew
ISBN: 978-1-6657-1808-0 (softcover); 978-1-6657-1809-7 (e-book)
Available through Archway Publishing, Barnes & Noble and Amazon

About the author
David Andrew is a passionate speaker and an expert in building luxury homes and real estate. He earned his degree in engineering from the University of Iowa College of Engineering, Iowa City, Iowa. Andrew is private pilot, advanced open water scuba diver, and a slalom water-skier. Additionally, he holds her family record for most consecutive roller coaster rides. Andrew currently resides in Merritt Island, Fla. For more information, please visit http://www.thecriticalelements.com.

General Inquiries, Review Copies & Interview Requests:
LAVIDGE – Phoenix
Haylee Elmore
helmore@lavidge.com

Media Contact

Haylee Elmore, LAVIDGE, 480-998-2600, helmore@lavidge.com

SOURCE LAVIDGE

Russ Lyon Sotheby’s International Realty closes most expensive home in state history at $28.1M in Scottsdale | Real Estate

Russ Lyon Sotheby’s International Realty has long been synonymous with gorgeous, bespoke homes, with an extended and storied history of life-changing transactions to show for it. None are as big as this one, however; Russ Lyon Sotheby’s International Realty is incredibly proud to announce that is has closed on the most expensive home in Arizona history. The property located at 21264 N. 113th Place in Scottsdale’s Silverleaf community closed for a record-breaking $28.1 million.

Russ Lyon Sotheby’s International Realty Luxury Agent Laura Briggs represented the buyer in this extraordinary transaction, which went under contract in less than a month after being listed; a truly impressive feat given the sales price.

“Silverleaf is continuing to attract the most discerning buyers in the world. Scottsdale has gained a reputation for being a mecca of international buyers looking for a place to invest in legacy properties. This particular sale involved an international buyer of mine who has transacted multiple transactions with me over the past several years. It’s an honor to be a part of the largest residential transaction in Arizona history and one of the smoothest transactions of my career,” said Briggs.

Having sold many high-end properties in Silverleaf over the years, Briggs attributes the Silverleaf Country Club, of which she is a member, and its discreet lifestyle as one attraction for buyers in the community. The private club features a Tom Weiskopf designed, 18-hole champion golf course, along with other award-winning amenities.

“While this may be a record-breaking sale for Arizona, it once again puts Scottsdale on the map as an international destination for our weather, golf courses, quality of life and a safe harbor for taxes,” she said. “As my peers and I are actively engaging with buyers and sellers in this spectrum from across the world, we realize it’s only a matter of time before we see even more record-breaking sales just like this one in Silverleaf.”

For that kind of price tag, one would reasonably expect unimaginable luxury, but even then, the details of this intersection of desert beauty and modern opulence still manage to surprise and delight. At 21,150 square feet, eight bedrooms and 15 bathrooms, the possibilities are endless. Constructed by Mast Luxury Homes and designed by Dale Gardon in 2021, it is located on the most prominent peak in the prestigious Summit at Silverleaf community, with some of the best mountain and McDowell Sonoran Preserve views in all of Scottsdale to match.

“I feel very blessed to have been involved in making history with the most significant sales price in residential real estate in Arizona,” Briggs said. “Our luxury market continues to thrive with national and international buyers moving into the area every day and this is really good for the entire real estate market as a whole.”

And we would be remiss if we didn’t talk about Silverleaf’s location in Scottsdale. Beyond the private gates of this estate are some of the best opportunities for dining, shopping and taking in scenic views within only a few miles. Situated approximately 20 minutes from the exclusive Scottsdale Airpark and just a quick drive down the 101 freeway to the art galleries and designer shops in Old Town Scottsdale making it an ideal location.

Sweltering Summer Primaries in Arizona Exclude Vulnerable Voters

Editor’s note: The deadline to register to vote is July 5.

Arizona’s primary elections are primarily forgotten.

This year’s content is just a month away, after 12 years of policies that discourage and suppress voter participation.

Since 2010, August primaries have hindered poor, minority, and elderly voters from participating in the democratic process, experts say.

“Arizona has always made it difficult for people of color and people of low-income stature to vote,” Joseph Garcia, executive director at Phoenix-based human rights group Chicanos Por La Causa, told Phoenix New Times on Wednesday.

And in a state where pollsters consider 24 of 30 legislative districts “safe,” meaning noncompetitive in a general election, the primary is the arena in which most elected officials are chosen.

“Calling it a primary is a mistake,” Garcia said. “In most cases, it quite literally is the general election.”

But voters are nowhere to be found, and that, researchers and critics say, is by design.

Arizona’s last primary election was on August 4, 2020. That same week included the hottest day of the year in Phoenix, where temperatures climbed to 118 degrees on July 30.

It was the first primary election since the Arizona Legislature voted to move up the date to the first Tuesday in August, or about three weeks earlier than before.

The average temperature on primary day since 2019 in Phoenix is over 115 degrees, according to the National Weather Service.

In 1960, Arizona held its primary election in April. Temperatures were mild and locals weren’t yet scrambling to evade the summer heat.

By 1980, primaries were moved to the fall. Candidates were offered more time to campaign while the electorate was still around to cast ballots on temperate September mornings.

That’s the way it remained until 2010, according to the Arizona Secretary of State, when the state adopted the midsummer primary that we all know and very few love.

Turnout has stalled at around 30 percent ever since.

Then, in 2019, state lawmakers, enacting Senate Bill 1154, inched the election even closer to the hottest day of the year.

The bill narrowly passed both the state House Elections Committee, then the Arizona House of Representatives along party-line votes.

“If we move up the primary three weeks, voting would start in the hottest month of the year,” Representative Athena Salman, a Phoenix Democrat, said in a 2019 House Elections Committee meeting. “I have some concerns about the impact on the older population in my district. They travel to much cooler places during the summer. This would negatively impact their ability to vote in the primary election.”

Representative David Gowan, a Sierra Vista Republican who sponsored the bill, countered that moving the election up would give more time for election officials to set the stage for the imminent general election, and catch errors and process votes from the primary.

So far, it’s not doing much.

FairVote, a nonpartisan electoral reform group, used United States Elections Project data to rank states voting turnout, based on a combination of how many eligible adults register and turn out. Arizona ranked 43rd.

That’s no surprise to Garcia, who authored a pair of state-sponsored research studies in 2018 for Arizona State University’s Morrison Institute for Public Policy, outlining the “voter crisis” that centered around the poor timing of Arizona’s primary elections.

“Our primary election system is broken,” he said. “It’s held in the dead of summer when most people are out of town. It’s not a very good time to hold a primary.”

For example, nearly half of Sun City West’s 26,000 residents have already left the state this summer, town spokesperson Rodney Bertram told New Times on Thursday.

In the heat of an August primary, mail-in voting is the preferred method of 90 percent of voters in Arizona. But for how long?  
THEPALMER / E+ / Getty Images” class=”uk-display-block uk-position-relative uk-visible-toggle”> click to enlarge Arizona. But for how long? – THEPALMER / E+ / GETTY IMAGES” width=”760″ height=”520″/>

In the heat of an August primary, mail-in voting is the preferred method of 90 percent of voters in Arizona. But for how long?

THEPALMER / E+ / Getty Images

On top of that, many independent voters don’t know that they, too, can cast ballots in primary elections, according to Garcia. Until 2018, only registered voters with partisan affiliations were eligible to participate.

Independent voters represent the second-largest voting group in the state, behind only Republicans. At 34 percent of the registered voter population as of April, there are more independents than Democrats (31 percent) in Arizona, according to the Secretary of State.

“If you ask 100 independents, 95 think they cannot vote in the primary even though they can,” Garcia said. “It’s a broken system that the two main parties fight tooth and nail to preserve.”

In 2016, Maricopa County Recorder Helen Purcell took the blame for infuriating hours-long lines at the polls during the primary election. Independents mistakenly showed up to vote, leading to a surge in provisional ballots, none of which were counted. Purcell blamed the long lines on ill-informed independents.

In 2020, just over 100,000 registered independents in Maricopa County returned one of the party’s primary ballots. There are 1.3 million registered independents in the state.

Registered Democrats and Republicans will automatically receive a ballot-by mail ahead of this year’s primary. Independent voters can request a Republican, Democrat, or Green ballot from their county recorder’s office. The Libertarian Party has a closed primary.

The state is working on getting independent voters back in poll booths and praises the 2019 law moving primaries from the last Tuesday in August to the first Tuesday of the month.

“Having the date move up is helpful for us to prepare our voter education guide and candidate debates,” Gina Roberts, voter education director at the Citizens Clean Elections Commission, told New Times on Wednesday. “When the primary was later in the month, we had a very short turnaround time in regard to producing our voter guide and coordinating our debates before early voting started.”

Whether you accept the motives are well-intentioned or cynical, the effects are the same.

Voter suppression is nothing new in the Grand Canyon State. Just this year, state Republicans mulled imposing even more voter restrictions that would negatively affect minority and low-income voters.

State Senator Wendy Rogers, a Flagstaff Republican, introduced a bill this year that would eliminate mail-in voting in Arizona — the preferred method of 90 percent of voters in 2020, including most Republicans.

It failed, but voting rights advocates like Garcia are still worried.

“The one good thing we ever did is in jeopardy,” he said. “Mail-in voting is the great equalizer. You don’t have to stand in line in the heat. You don’t have to worry about mobility issues.”

In 2020, Illinois held its primary election in March. This year, Louisiana is holding its primary in November. Other states like Delaware, Massachusetts, New Hampshire, and Rhode Island will hold theirs in the fall.

According to the Federal Voting Assistance Program, most of the other states with August primaries this year are not sweltering, desertic states like Arizona, but rather cooler northern states like Alaska, Michigan, Minnesota, New York, and Washington.

“We could do that if we wanted to,” Garcia said, referring to moving the primary election to either the spring or fall.

But state leaders have other ideas.

If you’re looking to vote in the Arizona primary on August 2, you’ll need to register to vote by July 5.

As Garcia said, “Celebrate the 4th, but circle the 5th.” It’s the only way to engage the 70 percent of Arizona voters who typically skip the primary election.

As other politicos have often said: “Voters don’t decide elections. Nonvoters do.”


Phoenix Mills : Transcript of Analysts/Institutional Investor Meet/Con. Call

Phoenix-MILLS-LIMITED-6498526/news/Phoenix-Mills-Transcript-of-Analysts-Institutional-Investor-Meet-Con-Call-40881893/” data-source=”noodls” style=”text-align:justify;vertical-align:top;font-size: 16px;line-height:26px;”>

Corp. Office: Shree Laxmi Woolen Mills Estate, 2nd Floor,

R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai – 400 011

Tel: (022) 3001 6600 Fax : (022) 3001 6601

CIN No. : L17100MH1905PLC000200

July 02, 2022

To,

BSE Limited

National Stock Exchange of India Limited

Phiroze Jeejeebhoy Towers

Exchange Plaza,

Dalal Street, Fort,

Bandra-Kurla Complex, Bandra East,

Mumbai- 400 001

Mumbai- 400051

Security code: 503100

Symbol: PHOENIXLTD

Dear Sir/Madam,

Sub: Transcript of Investor Interaction

This is further to our letter dated June 30, 2022, wherein we had informed the exchange about the conclusion of our Investor Interaction at India Real Estate Forum organized by Kotak Securities on said date, please find attached herewith the Transcript of the said interaction.

The enclosed Transcript is also available on the Company’s website and can be accessed at

You are requested to take the same on record.

Yours faithfully,

For The Phoenix Mills Limited

Digitally signed by GAJENDRA MEWARA DN: c=IN, o=PERSONAL, title=8111, pseudonym=c42d4d0db269bd9fbd3456ea9 ace42f82ff80f2bde400c4844b971c2fccf4d38, postalCode=400103, st=Maharashtra, serialNumber=49378de56da0d80fb5c142ce8 99a699091a435361972864adc8efef4f782311 f, cn=GAJENDRA MEWARA

Date: 2022.07.02 14:02:51 +05’30’

Gajendra Mewara

Company Secretary

Encl.: As enclosed

Regd. Office : The Phoenix Mills Ltd., 462 Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Tel : (022) 2496 4307 / 8 / 9

Fax : (022) 2493 8388 E-mail : info@thephoenixmills.com Ÿ www.thephoenixmills.com

The Phoenix Mills Limited

Interaction at Kotak Real Estate Forum hosted by Kotak Securities

June 30th, 2022

Murtuza Arsiwalla: Hello everyone and welcome to the final day of our real estate forum. As most of you know, I am Murtuza Arsiwalla your host and moderator for this event. I’m backed by my colleague Pratik Barsagade. Before I introduce our opening speaker this afternoon a quick word on the format – delegates please ensure that your display name includes your first name, surname and your company name, else this system will shut your access. I will be happy to take your questions and invite you to post them in our chat box or raise your hand over the next 40 minutes. I will try and take as many as I can. The Phoenix Mills story is one that I know all of you are familiar with and are keen to know more about, so I am delighted to introduce to you Anuraag Srivastava, CFO of Phoenix Mills. Anuraag has over 25 years of experience in various sectors and geographies and at Phoenix Mills he is responsible for driving the company’s overall financial strategy, deployment of capital, unlocking shareholder value, deciding future fundraise strategies, mergers and acquisitions, and digital transformation. Anuraag, welcome to our forum today. I would offer you the floor to put out certain opening remarks on Phoenix Mills in particular and the retail landscape in general before we get on to further questions, over to you Anuraag.

Anuraag Srivastava: Thank you Murtuza. It’s a great pleasure to be here and interacting with the forum. I think retail is back with the bang and we are seeing phenomenal growth in all our formats i.e. our retail outlets as well as hotels, commercial offices, leasing space, etc. So clearly India has put Covid in the back burner and all of them are now trying to get back to the normal way of living and some amount of wealth which is accumulated over the past 24 months of staying at home or working from home is now available for spending or for getting back on track with the light. So we are quite hopeful that this will continue as a trend and we are in a good space to monetize that.

Murtuza Arsiwalla: Thank you Anuraag, I understand you’ve joined Phoenix Mills more recently, but if you could share the experiences of the organization at large coming out of the last two years of the pandemic. What have been the key learnings from these past two years and what gives you confidence that the retail business is here for the long haul.

Anuraag Srivastava: Yes, a good question. You rightly said that I have been on board for about seven months, but there was a continuous interaction with both Atul and Shishir and some members of the management team over the last almost six or seven months before joining and this was my main question that we are in a consumer facing business and the business has literally stopped right now; so what is Phoenix doing as well as, my own observations of coming on board. I

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think “trying 24 months” is putting it very lightly. I think we went through situations which nobody had envisaged. There were no precedents, there was no playbook to what to do in these sort of situations. There was a lot of noise on what to do, what not to do, the government coming up with regular updates, circulars, and as you know with some of the states where we have a large presence, the government itself was very slow in opening of the malls. But I think the company and the management team decided to do what we know how to do well, which is looking for heads down. We look at things which we control rather than the external factors, and then get on with our business. I think we evaluated the entire business model. We had a significant retail construction portfolio underway and substantial office expansion that was planned pre Covid. We were clear that this part of portfolio should continue and we will see to it that it goes undisturbed. So this was what was internal. Externally, we looked at opening trends in the other parts of the world specifically what was happening in China etc. and realized that this is not the end of humanity as we call it. Things may not even change that drastically; this is a temporary blip, and we strongly believe that, sure, some parts of consumption will disappear, some part will go online for the time being, but that’s a natural progression of business, and it happens over a passage of time in any case. The other thing is that as compared to some of the other developed nations, organized retail in India is very low penetrated even as we speak. This is a clear opportunity for companies like Phoenix Mills. This is the thing to go ahead with; organized retail and modern retail is going to catch up, and this opportunity was evident for us; and we decided to capitalize on the opportunity. In fact, we decided that we’ll double down our model of creating the malls. As you know, our malls; whichever mall which we look at, are the center of the town where a lot of activity takes place. We have seen it across all our developments, but quickly, sort of recapitulating the key characteristics of this model- we believe in creating large destination malls in city center location. Each of our malls has great connectivity to multiple public transports and that gives us an inherent advantage. The retailer mix in our malls -straddles convenience, luxury and bridge to luxury. On top of that, there is a huge space is allocated to entertainment and experiences etc. We look at places where the market is unpenetrated, where there is limited or no competition or alternatives to a mall coming up at that size and scale. We take pride in managing our assets well, which reduces operational headache for retailers. They just need to open their place of business and do business. A dense, relevant and rich catchment surrounded by premium luxury residential projects grade A offices; I think if we put all this together, this is another incentive for people to come and open places of business in our malls. As you know we strongly believe in multi-use, mixed use, development of a project site. So I think that densification further increases consumption, so these are few of the items which are part of our strategy and we said we are going to develop further on that. Just on the malls itself, I think we decided that we are going to push our boundaries and since we are creating city centers, we said, why not make them grander or larger. If we create a place like that, people will come to shop, people will come to open their businesses. We also look at as I said earlier, that our mall in the future will not only be a shopping haven or a shopping destination. It will have concerts, performance theaters, spectacular events, a variety of F&B offerings and even places like ice rinks. The focus would also be on architectural splendor or architectural marvel. I mean,

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as you and most of the audience knows, malls in India are not just shopping places as in West or in other parts of the world. They are an outing for the family over the weekend or generally a go to place for everybody. So we believe that an integrated offering of retail F&B and other such experiences would drive footfalls, and that’s what we drew as a strategy. Coming back to the business performance and you mentioned that are we confident that the retail is back etc. So our malls have bounced back strongly, as I said in my opening remarks. We have seen that April and May 22, they are at about 30% or there are about from April and May 2019, which was the pre Covid period. So there’s a strong comeback on the demand on April and May; June is seeing a strong growth trajectory and that trend should continue. Surprisingly we’ve also seen enhanced retailer interest in taking a space in our mall, while our malls were very large to start with, we found it increasingly difficult to accommodate everybody and hence the idea of making a grander or larger mall. While the FY22 Covid period was one of the toughest periods, during this last year itself we had gross retail leasing of 4 million square feet which is a fantastic achievement by our leasing team. About 1300 outlets were leased out. It is our constant endeavor to keep delighting our customers. I think the business is back and the customers are coming back to malls and we are committed to take this journey forward.

Murtuza Arsiwalla: And then at that a point that you kept mentioning in your discussion about making bigger, larger, grander malls, Phoenix Mills by far has amongst the larger malls in every city that you’re present at if I may take on average 1 million square feet, right, we have seen some malls in India which are built of the 2 million square feet mark, and in my recent interactions with some of your peers, some of them have shown an interest of building a mall for almost about 3 million square feet. Any take on what would more grand really be. I mean the way I was thinking of it, and maybe it’s my personal observation, a million square feet to cover in today’s time is also hard, 2 million square feet harder. I’m not sure whether we have the kind of retail interest or people for 3 million. Just sort of get your sense of what according to you is the right size of a mall or is it dependent on specific sort of micro markets in the West or in more developed markets you may have seen even larger sort of malls, but just getting a sense of how Phoenix Mills really thinks about the rightsizing of the mall asset.

Anuraag Srivastava: I think from our perspective and our experience, as I said, if you look at our malls at many points of time, we found it difficult to accommodate even some of the marquee retailers. I mean there were people who were doing business and they were doing it really well, and even on an increased rent, they wanted to stay on. So that’s one point of data for you. Second thing is I think when you talk about competition, I think it’s just one player who is talking about it to 2 million or 3 million square feet mall. Most of the malls in the country which you see are less than a million square feet. I think only seven or eight malls which are above 1 million square feet, I maybe sort of here or there by one or two. But as I said, we create a mall not just for shopping, we also create a mall where it’s an entertainment center, a good F&B place, a multiplex, there are concerts happening over there etc which drives footfalls, so I never said it’s a shopping destination, I just said it’s a destination center. I think that the right size mall in

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my view would be between about 1 million to 1.3 million square feet. And that should take care of most of the retailer interest and take care of no cannibalization among brands etc.

Murtuza Arsiwalla: In the past I have post this question as well. I have seen Phoenix Mills acquire certain under construction malls. Indore and Lucknow being the case in point where you took over assets which are half way built and took upon the onus of completing those malls and we’ve already seen what you’ve been able to do with the Lucknow property. Would you be open to the idea of acquiring operational malls or even a chain of operational malls and what for you are the key considerations before you were sort of proceeded such acquisitions.

Anuraag Srivastava: You’re right, the two malls which we acquired in Lucknow and Indore were under construction malls. So I’ll just for the sake of a bit of repetition, but I’ll just reiterate that we look at creating 1 million square feet plus malls which are city center destinations. We always strive to create value accretion of shareholders. So we look at projects in excess of a pretax XIRR of 20% plus. So that’s one of the big consideration that if we’re looking at a property, we’re looking at creating something which should accrue value to our investors. The other important factor, if you consider for a mall is location i.e. prime location in metro cities, big cities, etc. We take a lot of feedback from the retailers on which are the upcoming shopping or which are the upcoming consumption cities in their view where they would like to be present, so it’s a partnership it’s not just Phoenix going and creating a mall and then sort of scouting for tenants. So it is sort of a co-build plan of saying that ok, these five cities are of importance and let’s go over there. What kind of surrounding catchment is there? Is it a premium catchment? Is it a place where a lot of people come or are likely to come. We have learned over a time to only go to places which have existing infrastructure, not future infrastructure. We tend to stay away from those because it’s India and we don’t know when the future infrastructure is getting delivered. So we tend to stay where there is an already existing infrastructure and what is the existing and upcoming future potential and intensity of the competition in the market. I think if we look at the current malls which are available, there are very few retail assets which meet this criteria, which are existing running retail assets, and even if there are, the owners of those assets are not in a sale mode at the moment. So we scan and we continuously look at deals to acquire but I don’t think there’s any significant portfolio available, but we’ll be happy to evaluate the same if any good opportunity comes up by now.

Murtuza Arsiwalla: Thank you Anuraag. I see Palak Shah having raised the hand from Infina. Palak please go ahead with your question.

Palak Shah:Thank you for taking my question. So firstly, you mentioned that there’s been a recovery across the board or at least on the retail consumption side. So I just wanted to be wanted to ask whether this is a recovery specific to Phoenix, given that there’s a limited visits to the start of this year, limited visits to the mall or it is more broad based across market?

Anuraag Srivastava: So the question is, is it just pertaining to Phoenix malls as recovery or if there’s a general uptake in the economy is that

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The Phoenix Mills Limited published this content on 02 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 July 2022 09:22:08 UTC.

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All news about THE Phoenix MILLS LIMITED

Sales 2022 14 417 M
183 M
183 M
Net income 2022 2 093 M
26,5 M
26,5 M
Net Debt 2022 29 393 M
372 M
372 M
P/E ratio 2022 100,0x
Yield 2022 0,24%
Capitalization 212 B
2 688 M
2 688 M
EV / Sales 2022 16,7x
EV / Sales 2023 10,2x
Nbr of Employees 88
Free-Float 51,9%

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Technical analysis trends THE Phoenix MILLS LIMITED

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Trends Bullish Bullish Bullish

Income Statement Evolution

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Mean consensus BUY
Number of Analysts 13
Last Close Price 1 187,90 INR
Average target price 1 279,77 INR
Spread / Average Target 7,73%

Probe Into Phoenix Police Already Costing City $1.9 Million

It has been nearly a year since the U.S. Department of Justice announced it was launching a massive investigation into the Phoenix Police Department, probing the department’s use of force and whether it engages in discriminatory policing.

Now we have a glimpse of just how massive that undertaking is.

In that time, the city of Phoenix has spent nearly $2 million on the probe, the city announced in an update on Thursday. City hall has turned over more than 1 million pages of documents to the DOJ for review.

Those costs include legal representation, outside consultants, a platform to manage the records, and the salaries of nine full-time employees who are working to answer the DOJ’s requests.

A year and $1.9 million into the investigation, however, many questions remain unanswered. The city did not indicate whether the scope of the investigation has changed, or whether it is nearing a close. Dan Wilson, a city spokesperson, said those questions should go to the Department of Justice. The agency’s public affairs bureau did not return calls from Phoenix New Times.

When the DOJ investigation launched on August 5, 2021, the Department of Justice outlined several areas of interest in its probe of the Phoenix police. It is what’s called a “pattern or practice” investigation. This is not a criminal investigation but a wide-ranging civil review, looking for systemic misconduct.

In Phoenix, the Justice Department said, the probe would focus on five areas: Officers’ use of excessive and deadly force, discriminatory policing practices, retaliation against protesters, and treatment of people who are disabled or homeless.

A website created by the city to provide updates on the probe sheds some light on how the DOJ is pursuing these questions. The agency, according to the city, has requested documents regarding police response to “First Amendment protected activities” as well as documents specifically related to the “ACAB gang” protest scandal, where protesters were charged with criminal gang activity.

If similar probes in other cities are any indication, the initial phase of the DOJ’s investigation may be nearing an end. The investigative phase of the 2016 DOJ probe into the Chicago Police Department took around 13 months. The agency’s 2015 investigation into the Baltimore Police Department lasted 15 months.

In Phoenix, the city has hired a high-profile attorney to guide them through an investigation: Michael Bromwich, a former federal prosecutor who once served as the inspector general for the DOJ. Attorneys with his firm, Steptoe & Johnson, charge up to $695 an hour. So far, the city has spent more than $57,000 on legal expenses.

The city also spent $121,752 on a compliance system to manage and provide the records procured by the Department of Justice, and another $1,354,283 on compensation costs for the nine full-time employees working on the probe. These employees in the Phoenix police department and law department were reassigned to work with the Department of Justice, Wilson said.

Asked about the city’s budget for the remainder of the investigation, Wilson said, “Anticipating future cost is nearly impossible as it depends on the outcome of the investigation.”

In May, Phoenix Police Chief Jeri Williams announced she would retire sometime this summer, amid ongoing scandals at the department. A replacement has not yet been announced, and Williams remains in the position, but the city has said the next chief will be selected specifically to lead the department through the DOJ probe.

Once the investigation is complete, the Department of Justice will likely release a report of its findings, as it has in other cities, and enter into a consent decree with the city of Phoenix — essentially a legal agreement stipulating changes the city must make to policing practices. This process can stretch on for years.

It can also prove expensive. In Chicago and Baltimore, the costs from the initial investigation totaled $25.7 million and $10.5 million, respectively. But in Baltimore, compliance with the consent decree cost far more; the police compliance unit had a $38.6 million budget this year, according to figures compiled by the city of Phoenix.

This $1.9 million, then, might just be the beginning for the city of Phoenix.