Author: BEX Staff

There are more than $40M worth of improvements scheduled this fiscal year for projects to rejuvenate and revitalize Old Town Scottsdale, ranging from major new construction to minor cosmetic enhancements. Parking Garages The bulk of the money will go toward two parking garages that are planned to provide relief for one of the areas’ biggest and most longstanding complaints. As with most things Scottsdale, however, there has been abundant controversy around the plans. The main source of contention has been the $15M garage planned for First Street and Brown Avenue. Despite the project having been planned and approved for quite…

By Roland Murphy for AZBEX The Arizona Construction sector lost 400 jobs in July, according to the latest report published by the Arizona Office of Economic Opportunity. The state’s seasonally adjusted unemployment rate held steady at 4.1%. The national unemployment rate rose to 4.2%, up from 4.1% in June. In July 2024, Arizona had a seasonally adjusted rate of 3.6%. The national rate was 4.2%. Arizona had a not-seasonally adjusted loss of 18,600 nonfarm employment jobs month-over-month. “Prior to the pandemic (2010-2019), private sector employment averaged a loss of 7,000 jobs in July,” the report states. Year-over-year results showed a…

By BEX Staff for AZBEX Aspirant Development, owner of The Astra Phoenix mixed-use tower development on 2.18 acres in downtown Phoenix, is pushing back the project’s construction start until the latter half of next year. Originally planned to start work in 2025, local news reports say the developer is still finalizing financing. If built to plan, Astra will become Phoenix’s tallest building, with a height of 541 feet. According to DATABEX, “The proposal calls for a luxury hotel, office, apartments and ground-floor restaurant and retail space. The apartments are planned to include both traditional units and co-living units, where residents…

The Tucson City Council is considering the implementation of an ordinance that would enact conservation rules on large water users and projects to protect the City’s water supply from thirsty developments. If implemented, the proposal would require new businesses using 7.48 million gallons of water a month to submit water conservation plans. Conservation plans would need to demonstrate how businesses plan to reduce water use, water losses and waste. The quantity of water adds up to roughly 90 million gallons annually. The threshold is set at the amount of water that would be used to serve 1,100 homes for a…

Giving Back 1. Lowe’s funded renovations at New Life Center, a Goodyear-based domestic violence shelter, as part of its national Hometowns Initiative. The upgrades, including new fixtures, flooring and lighting, improved emergency shelter casitas to create more supportive spaces for survivors. The center was one of 100 community-nominated projects selected nationwide. Awards & Accolades 2. LGE Design Build ranked No. 4,158 on the Inc. 5,000 list of fastest-growing companies in the U.S. This marks the third consecutive year the firm has received the honor. Company News 3. SimonCRE is celebrating both its 15th anniversary and the completion of its 300th…

Sales Transactions 1. Southwest Value Partners purchased a seven-building portfolio from City Office REIT Inc. for $296M. The seven office buildings total 1.5MSF and are spread throughout Phoenix, Scottsdale, the Camelback Corridor, Tempe and Chandler. 2. SpeedBay has paid $43.75M for a three-building industrial portfolio known as Top Ten Properties in Phoenix. The total volume is more than 228.7KSF. SpeedBay was represented by the Leroy Breinholt Team at Commercial Properties, Inc. The subject properties are: 1711-1741 W. Rose Garden Lane – Carleton Square; 4845 & 4855 W. McDowell Road – Top 10 Business Center, and 4810 – 4828 S. 40th…

By Aaliyah Koelzer for AZBEX On Aug. 12, Industrial sector professionals from across the Valley gathered at SkySong Innovation Center to gain a deeper understanding of fundamentals driving Arizona’s Industrial development at the latest BEX Leading Market Series event. Three of the most prominent players in the local market shared their thoughts on how the market is shifting, discussing headwinds and tailwinds that have remained prevalent throughout 2025. The speaking panel featured: Peter Ledger; West Coast Division Director; Graydaze Contracting (Moderator); Rodney C. Boden; VP, Investment & Development; ViaWest Group, and Jonathan Teeter, Senior VP, CBRE. Graydaze Contracting was the…

By Roland Murphy for AZBEX The Pinal County Board of Supervisors discussed another new data center and energy campus in a work session as part of its Aug. 13 meeting. The Energy Technology and Generation Campus on 2,495 acres at the NEC of State Route 347 and West Louis Johnson Drive joins several similar large-scale developments recently proposed in the area. (AZBEX; Aug. 1, Aug. 1 [2]) The proposed project includes data center uses, solar energy development and energy storage components. Plan Amendment and Rezoning Needed Owner W Holdings is requesting a major Comprehensive Plan amendment from Moderate Low Density…

By BEX Staff for AZBEX The long-troubled $2B Ritz Carlton Paradise Valley resort is facing new problems as the financer and developer continue to square off. The 122-acre project started construction in 2018, having first been announced in 2007, and was beset with challenges almost immediately. The resort’s initial 2024 opening date has been pushed back repeatedly amid various starts and stops. In the latest round, Madison Realty Capital, which loaned $585M for the project in 2023, has filed for a foreclosure sale on the property, according to a local news report. Developer Five Star Development had previously filed a…

Regional Transportation Authority and Pima Association of Governments Interim Executive Director Michael Ortega has developed a proposal that would establish a 10-year funding period for RTA’s 20-year project timeline. The proposal has created fresh controversy in an already tumultuous period as the bodies prepare to ask voters for an extension of the RTA’s half-cent funding tax. Ortega said in a recent meeting the boards should consider requesting a 10-year extension while maintaining the 20-year project timeline. A second funding request would then be put to voters near the end of the first 10-year term. Ortega explained asking for the first…