Budgets & Funding

COVID-19 News Round-up for June 30

Budget, Policy & Stimulus News  State Budget Expecting $700M Hit  Arizona’s economy has performed better than anticipated since the start of the coronavirus outbreak, but the state is still projected to see a $700M shortfall, according to the legislature’s top budget

Trends

Multifamily Construction Costs May Drop

By Bendix Anderson for National Real Estate Investor  Heading into 2020, a robust development pipeline and rising costs of construction material and labor were major concerns for the multifamily sector. The economic devastation wrought by the COVID-19 shutdowns has put

People on the Move

Industry Professionals 06-30-20

Awards & Accolades  1. The Arizona Republic and azcentral.com announced that Clear Title Agency of Arizona has been awarded another top ranking on the list of 2020 azcentral.com® Top Companies to Work for in Arizona, for the eighth consecutive year.  2. ABI Multifamily Senior

Commercial Real Estate

Commercial Real Estate Transactions 06-30-20

Sales Transactions  1. Tides Equities teamed with FCP to buy the Tides at South Tempe, a 442-unit apartment complex at 4130 S. Mill Avenue, for $71.5M.  2. Knightvest Capital purchased the Capital Place Apartments, five-story, 292-unit complex at 11 S. 12th Street, Phoenix,

Budgets & Funding

COVID-19 News Round-up for June 26

Budget, Policy & Stimulus News  Surprise Gets $16M in CARES Cash   The City of Surprise recently received more than $16M via the Coronavirus Aid, Relief, and Economic Security Act to help offset tax losses and other budget impacts from the COVID-19 pandemic.

Planning & Development

Johnson Utilities to Begin Plant Expansion

Source: Arizona Corporation Commission  Arizona Corporation Commissioners voted for Johnson Utilities LLC to begin work on the Pecan Water Reclamation Facility Phase IV Expansion and Influent Pump Station & Headworks Replacement projects approved in Decision No. 77330.  The Pecan Water Reclamation Plant Phase

Local News

Arizona Projects 06-26-20

Groundbreakings  1. Pacific Hospitality Group and Mortenson recently broke ground on a 238-room, 8-story Hyatt Place hotel in downtown Phoenix. The project is expected to be completed in September 2021. Allen+Philp Partners is the architect.  2. FatCats Entertainment has started construction on their new ground up, 61KSF family

Local News

Preliminary CIP Totals Show 6 Percent Increase

By Rebekah Morris for AZBEX  The top 10 Capital Improvement Programs (CIP) in Arizona total $22.5B, a 6.01 percent year-over-year increase over last year’s tally. BEX evaluates the internal planning documents produced within more than 30 municipalities each year, identifying funding levels and future trends

Budgets & Funding

COVID-19 News Round-up for June 23

Budget, Policy & Stimulus News  Beyond PPP: Help for Contractors  A recent article in ConstructionDive takes a look at federal loans, tax credit and other assistance programs beyond the Paycheck Protection Program that can be of help to contractors trying

Trends

Ariz. Construction Gained 3,500 Jobs in May

By Tasha Anderson for AZBEX  Arizona’s seasonally adjusted unemployment rate decreased to 8.9 percent in May 2020, from April 2020, according to the latest report published by the Arizona Office of Economic Opportunity.   The national rate decreased to 13.3 percent from 14.7 percent in April. In May 2019, the state had a seasonally adjusted rate of 4.8 percent, and the national was

People on the Move

Industry Professionals 06-23-20

Awards & Accolades  1. Ranking Arizona published the Top 10 Construction Companies in Arizona. They are:  Haydon Building Corp  Hunter Contracting Co  Ace Asphalt of Arizona  Regional Pavement Maintenance  Granite Construction Company  DPR Construction  Buesing Corporation  Sunland Asphalt

Commercial Real Estate

Commercial Real Estate Transactions 06-23-20

Sales Transactions  1. Ascent Real Estate Advisors purchased the Wells Fargo Gainey Center building, a 141KSF building at the SEC of Scottsdale and Doubletree Ranch roads, for $43.5M. Barry Gabel, Chris Marchildon and Will Mast of CBRE in Phoenix represented the seller, Principal Real Estate Investors.  2. Long

Budgets & Funding

COVID-19 News Round-up for June 19

Budget, Policy & Stimulus News  Mesa Allowing Permit Extensions  Mesa is allowing developers and builders to extend construction and development permits as well as planning and zoning approvals because of the impacts of COVID-19. (Source: Rose Law Group

Local News

Arizona Projects 06-19-20

Groundbreakings  1. Concord General Contracting recently broke ground on the new 70KSF campus renovation for the Tempe Academy of International Studies. This project will be performed in multiple phases and it will include two new buildings. Concord General Contracting and DLR Group are