Author: BEX Staff

By Roland Murphy for AZBEX In its latest report on the Build-to-Rent sector, Northmarq expects uneven performance across 2023. The report predicts vacancy rates will increase, as deliveries are expected to hit the market faster than they can be absorbed. As was reported in the recent BEX 2023 Midyear Update on Arizona Construction the tight capital market is leading developers to focus on finishing projects they already have in the pipeline while they wait to undertake new developments. (AZBEX, June 9) The long-term view for the sector is favorable, however, as the labor market continues to perform better than expected…

Awards & Accolades 1. The Arizona Commerce Authority announced Arizona was awarded a prestigious “Gold Shovel” award from Area Development Magazine in the 6-10 million population category, marking the state’s third consecutive win. Considering economic development projects that were announced, commenced construction or operations in 2022, the Shovel Awards recognize states that “garnered large job-creating and investment projects through innovative policies, infrastructure improvements, and other processes that attracted new employers as well as investments in expanded facilities.” Boards & Commissions 2. The Site Selectors Guild has selected Carrie Kelly as its new managing director effective June 19. Kelly most recently…

Sales Transactions 1. Berkadia announced it represented the buyer in the $6.26M sale of 20 acres planned for a multifamily development at Peart and Kortsen roads in Casa Grande. The Berkadia team consisted of Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis. 2. The Compound Student Housing complex, a 7-unit, 28-bed community at 774 & 794 E. Seneca St. in Tucson sold for $2.9M. Allan Mendelsberg and Joey Martinez with Cushman & Wakefield | PICOR represented both the buyer and seller. 3. William, Jeffrey and Alexandra Selby have sold the nearly 20-acre Tucson Racquet and Fitness Club and its…

After years of discussion, the Town of Florence has tentatively allocated $500K to start planning a new multigenerational center to relieve demand pressures and noise at the existing Viney Jones Library & Community Center. Over the next year, the Town will study and form the initial scope, advance the design process and engage in community outreach for public input. With no tangible plans in place yet, officials gave an estimated final cost of more than $20M. A tentative construction start has been targeted for 2025. Officials say the existing center has been a functional solution for events up to this…

By Roland Murphy for AZBEX More than 150 attendees gathered in the auditorium of the Arizona Heritage Center in Tempe this week for the latest news on the shifting Arizona Construction market from two of the state’s leading experts on both the long-term history and day-to-day happenings in the sector. The 2023 Midyear Update on Arizona Construction was a first-time program for BEX Companies, serving as a follow-up to January’s annual Construction Activity Forecast Event, which has quickly expanded to become one of the “must see” programs for industry insiders trying to keep their fingers on the pulse of the…

By ORION Investment Real Estate and BEX Staff Rockefeller Group announced it has acquired two sites for the development of 152 Build-to-Rent townhomes. The two sites, approximately 1.75 miles apart, total 16.5 acres in Phoenix’s South Mountain corridor. The first site, located at 8181 S. 20th Street, is 9.2 acres and sold for $4.9M. The seller was The Bruckal Group, which had called the project Baseline Townhomes. The second site, located at 825 E. Euclid Avenue, is 7.34 acres and was purchased for $3.8M in an off-market transaction. The seller was Proximity Rental Homes, and the development had been known…

By The David R. Sellers Foundation The David R. Sellers Foundation has announced the launch of its first-ever “Project Build Hope” capital grant program that will award one deserving Greater Phoenix-based nonprofit with design-build construction services, the planning and execution of a fundraising event and a minimum of $50K in capital. With applications now open through Sept. 1, the inaugural program is available to nonprofits that demonstrate a strong need for design-build services. Through this grant, the organization will receive full schematic design and consultation services that may include site analysis, master planning, budgeting, conceptual design, interior design and the…

By Roland Murphy for AZBEX Starting with former Gov. Doug Ducey’s veto last summer of legislation to send a renewal of the Proposition 400 half-cent transportation sales tax to voters to approve or reject, through a multi-part special coverage issue on the history, impacts and future of Prop 400-related transportation issues and economic development, and even as recently as this week, AZBEX has been sounding the alarm about what a failure to renew the measure could mean for Arizona’s future. (AZBEX; Oct. 14, 2022 and others) Other news outlets have been slow to pick up the story, but as a…

Groundbreakings 1. Construction has begun on the eight-building, 330KSF Sossaman Business Campus at Sossaman and Elliot roads in Mesa. The business park was designed by ADW Architects. Arco Construction Company serves as the general contractor, and leasing is through CBRE. An official groundbreaking ceremony will be held June 20, and completion is scheduled for Q1 2025. Progress Reports 2. Omni Hotels & Resorts has announced its renovation project at the Omni Scottsdale Resort & Spa at Montelucia should be complete this fall. The multimillion-dollar refurbishment will feature improvements to all 293 guest rooms and 38 suites, as well as more…

The Mesa Planning and Zoning Board has recommended approval for a request to rezone a 5.7-acre property near Greenfield and McDowell roads for development of a 78.4KSF light industrial project. Equipment manufacturer and supplier Western Semi Solutions had requested a zoning change from Light Industrial to Light Industrial with a Planned Area Development overlay. Plans call for a shell building with a height of 40 feet. Truck docks and a loading area will be located on the west side of the building and an eight-foot masonry wall will screen the site from the public. Access to the location will be…