Author: BEX Staff

By Thompson Thrift Thompson Thrift has announced the development of Stella, a 308-unit, Class A multifamily community in the Phoenix suburb of San Tan Valley. Thompson Thrift plans to begin construction in June and welcome new residents beginning in late 2024. Located on a 20-acre site near North Gary Road and West Hunt Highway, Stella will consist of 12 two- and three-story buildings, a resort-style swimming pool with adjacent lawn and outdoor pavilion, two pickleball courts, two dog parks and gardens with fruit trees and fountains. The community will offer one-, two- and three-bedroom apartment homes and residents will be…

By City of Phoenix The City of Phoenix Aviation Department is the recipient of a $10M Rebuilding American Infrastructure with Sustainability and Equity grant. The funding will be used to create a Cultural Corridor that reconnects disadvantaged and underserved communities adjacent to Phoenix Sky Harbor International Airport with Downtown Phoenix. The PHX Cultural Corridor project was created as part of the PHX Land Reuse Strategy. The City of Phoenix Aviation Department in conjunction with community organizations, neighborhoods and other stakeholders developed a strategy that could help accelerate the redevelopment of Airport-owned parcels west of the Airport. The main goals include…

Giving Back 1. The Rosendin Foundation sponsored a free construction camp for 16 middle school students at its regional office in Tempe. From June 19-23, TRF Camp Build aimed to empower students to experience the excitement of hands-on building and gain new insights into the construction industry. The free camp offered attending 7th-9th graders hands-on experience using power tools, building their own lamps and engaging in roofing and framing activities. The camp culminated in the construction of doghouses, which were then donated to a local non-profit. 2. The Arizona Builders Alliance is accepting donations for its annual ABA Backpack Drive…

Sales Transactions 1. Wood Partners has sold the 330-unit Alta Raintree apartment development in Scottsdale to The Connor Group for $141.5M. The community will now be known as The Aston Scottsdale. 2. Garrett Development Corp. has sold two self-storage centers—one in Mesa and one in Cave Creek—totaling 1,620 units and 160.5KSF to Buchanan Street Partners LP for $41M. The buyer was assisted by Nick Walker and Walter Brauer of CBRE Group Inc. in the acquisition. 3. Six Old Town Scottsdale properties owned by Pan Am Equities have been sold to Old Town Waterfront LLC for $36M. The motel, retail and…

WhiteHaven and Hibernia Capital Advisors are planning a two-story, 45KSF office building south of several existing projects at The Grove master project at 44th Street and Camelback in Phoenix. WhiteHaven had initially tried to take office space in The Grove at 44th Street & Camelback Road, itself, but was unsuccessful. Hibernia Capital was the developer of the site’s indoor self-storage project, which sits directly north of the newly planned office site. The partners are now attempting to raise $13.8M for the new development. An initial investment round has raised $7M. WhiteHaven plans to purchase the land from Hibernia Capital after…

Gov. Katie Hobbs has signed House Bill 2809 into law following its approval by the Arizona Legislature. The act increases the amount of money the state can return to cities for public infrastructure expenditures in support of a qualifying manufacturing facility. The update increases the maximum reimbursement amount from its previous cap of $100M to $200M. The program was originally created 10 years ago to let cities recoup up to 80% of their costs for public infrastructure improvements associated with new manufacturing facilities. This is the second increase in the program. Last year, the Legislature raised the amount from $50M…

By Roland Murphy for AZBEX The Prescott Planning and Zoning Commission had planned a June 8 site plan review for South Ranch Rentals, a proposed multifamily development from Great Street Co. that would deliver 223 units on 23.5 acres at the NWC of Willow Creek Road/Deep Well Ranch Road and Pioneer Parkway. That review has been rescheduled for June 29. The project area is part of the 1,800-acre Deep Well Ranch Master Plan area at the NWC of Highway 89 and the 89A Interchange. According to the staff report accompanying the proposal, “The development agreement with Deep Well ranch requires…

By BEX Staff for AZBEX Owner Southwest Next has submitted a rezoning proposal to the City of Goodyear to allow for the creation of a four-building industrial park on approximately 30 acres near the NEC of Citrus and Indian School roads near the Loop 303 freeway. The request for Citrus and Indian School Light Industrial includes a rezoning from general commercial to light industrial. According to the submitted narrative, the site’s proximity to Luke Air Force Base necessitates either commercial or industrial uses, and the site has not generated commercial interest even though there have been efforts to build in…

By Arizona Department of Transportation The State Transportation Board has approved the 2024-2028 Five-Year Transportation Facilities Construction Program, which includes funding to expand and improve pavement conditions on multiple highways vital to moving passengers and commerce. The final 2024-2028 Five-Year Transportation Facilities Construction Program is available at azdot.gov/FiveYearProgram. The program, which includes more than $9B in transportation investments, commits $2.6B to upgrade pavement conditions and to work on bridge preservation projects across Arizona over five years. Additionally, the program allocates funds for projects that widen highways or improve interchanges. These include: Widening Interstate 10 between Phoenix and Casa Grande -…

In a new Green Street report examining commercial real estate transactions of at least $5M in the company’s sales comp database, researchers Daniel Ismail and Harsh Hemnani found volume plummeted 70% year-over-year, showing only $37B in deal activity. If the Q1 volumes are annualized, the resulting $148B is lower than any other year since 2013, possibly longer. Even more concerning is that the drop is not limited to Office, which has been a known issue. While Office is down 79%, Multifamily is down 83%, Industrial is down 69%, strip center retail fell 59%, healthcare dropped 42% and lodging was down…