Articles by Monica Tapia

A grand jury has handed down indictments related to misuse of funds and other charges related to construction procurements for the Elona Ranch and Sossaman middle schools in the Higley Unified School District. The list …

By Colliers in Arizona The pandemic’s impact on the Greater Phoenix office market appears to have passed its peak with the market stabilizing in second quarter. Sublease space additions to inventory have slowed and the …

Giving Back 1. Western Wealth Capital is hosting its fifth annual “We’ve got Your Back” event. On Tuesday, July 27th, School supply kits and backpacks will be given to school-age residents of the 21 Phoenix-area …

Sales Transactions 1. Bridge Investment Group purchased Parc Roundtree Ranch, a 275-unit, newly constructed multifamily asset in Peoria, for $88.8M. Steve Gebing and Cliff David with Institutional Property Advisors, a division of Marcus & Millichap, …

By Tasha Anderson for AZBEX As e-commerce continues to rise, the need for industrial development becomes greater and Arizona’s West Valley is one of the top areas where developers are flocking to in order to …

By Mescal Movie Set The Mescal Movie Set, the home to the movies “Tombstone,” “The Quick and the Dead,” and more than 80 other westerns, was recently acquired by local ranchers and saved from destruction. …

Having served the Valley’s healthcare needs for more than 140 years and has won voter approval for $935M in funding under 2014’s Proposition 480, Valleywise Health has embarked on an ambitious series of projects to …

After hitting a record high of $1,670.50 for 1,000 board feet in May, lumber futures contracts had dropped 68 percent to $536 by July 16th. So when will those lower prices start to show up …

Groundbreakings 1. Lincoln Ventures and Cross Harbor Capital Partners started construction at 811 N. 3rd Street, a 24-story, 326-unit multifamily development in Phoenix. The to-be-named project will feature market leading amenities, including a ground floor …

By Tasha Anderson for AZBEX  COVID-19 definitely slowed certain markets down in 2020. Retailers briefly shut down and employers closed offices to allow their employees to work from home; however, the Phoenix office and retail markets are certainly not …

By Arizona Department of Transportation  The Final Tier 1 Environmental Impact Statement for the 280-mile Interstate 11 study corridor – stretching from Nogales to Wickenburg – is now available for public review.   After five years of study, technical analysis …

Litchfield Park has adopted a $45.2M Fiscal Year 2022 budget. The measure approved by the City Council is unchanged from the tentative budget approved in June.  Capital costs increased nearly $22M year-over-year. Projects include $4M for the City Center, …

By Colliers in Arizona  The Greater Phoenix industrial market is setting records in many categories. Construction of new projects has hit a historic record with approximately 19.1MSF currently being built. Colliers in Arizona also reports net absorption of industrial space has pushed vacancy rates to 5.9 percent, …

Giving Back  1. Habitat for Humanity has opened enrollment for their 16-week Construction in Training Program Fall semester, which helps produce the next generation of highly skilled craft construction leaders by bringing people together to build homes, communities, and …

Sales Transactions  1. Federal Realty Investment Trust purchased the Camelback Colonnade, a shopping mall at 4724 N. 20th Street, Phoenix, for $162.5M. The seller was RED Development.  2. Decron Properties purchased Aura on Broadway, a multifamily community at 1221 E. …

By Tasha Anderson for AZBEX  The Town of Gilbert recently issued a Request for Proposals for a development firm to build a small-scale, pedestrian-oriented mixed-use project within the Heritage District.  The 2.18-acre site at the NWC of Gilbert and …

By Tasha Anderson and Rebekah Morris for AZBEX  Arizona’s seasonally adjusted unemployment rate increased to 6.8 percent in June 2021, from 6.7 percent in May 2021, according to the latest report published by the Arizona Office of Economic Opportunity.   The national rate increased to 5.9 percent from 5.8 percent in May. In June 2020, the state had a seasonally adjusted …

By CBRE  CBRE announced Ti Cold Development purchased a 27.2-acre site for an undisclosed amount. The land is part of the first phase of the future development of Copperwing Logistics Center, a speculative cold storage facility scheduled to be constructed in El …

The Tucson Department of Transportation and Mobility’s “Move Tucson” master plan is entering its final phase of soliciting public input.  Over the past year-and-a-half, residents have recommended 234 projects that would total out to nearly $5.7B if …

Groundbreakings  1. Attesa, the multi-use, advanced transportation technology development near the City of Casa Grande, broke ground on the Podium Club, its inaugural project at the 2,351-acre site. The Podium Club will offer a bi-directional, 15-turn, 2.25-mile paved …

By Tasha Anderson for AZBEX The General Services Administration has recently issued a pre-solicitation for the first phase of the San Luis I Land Port of Entry project, in preparation of releasing a two-step Design-Build …

Development for the Kino Sports and Entertainment Complex, recently took a step forward, with the Pima County Board of Supervisors approving a development plan with Knott Development, along the proposed business plan for the project. …

By Rider Levett Bucknall International property and construction consultancy firm Rider Levett Bucknall has released its new Quarterly Cost Report for North America. With data current to mid-Q2 2021 and featuring construction cost information for …