Author: BEX Staff

By BEX Staff for AZBEX Rider Levett Bucknall has released its latest Quarterly Cost Report, giving details for the North American construction industry in 14 key markets. According to the announcement, “With data current to mid-Q2 2023, the latest RLB quarterly cost report shows that the national average increase in construction costs was 1.56% over the previous quarter, with Chicago, Denver, Las Vegas, and San Francisco experiencing increases over the national average this quarter. Boston, Honolulu, Las Angeles, Portland, Seattle, and Washington DC experienced gains that were less than the national average.” The introduction by RLB President, North America Julian…

Groundbreakings 1. Optima, Inc. has announced construction is expected to begin on the 22-acre, $1B+, 1,330-unit Optima McDowell Mountain Village this summer. Phase I will deliver approximately 210 apartments and another 210 condominiums. 2. Martens Development and its general contracting partner Willmeng Construction broke ground on Mission Park, a two-building, 723.5KSF Class A industrial park at I-10 and Perryville Road in Buckeye. 3. Sunbelt Investment Holdings Inc., along with general contractor Graycor Construction Company Inc., have debuted design plans for and started construction on Phase I of Camelback 303, totaling 516.3KSF. The project initiates SIHI’s 4MSF industrial park in the…

A new $6.3M bridge over Bitter Creek on Broadway Road in Clarkdale could be in place and operational in two years. The existing bridge failed to meet current standards in five areas, according to Town Manager Susan Guthrie, but none of the shortcomings are structural. Key among the difficulties is that the existing bridge is only wide enough for one vehicle to cross at a time. Since the existing bridge is structurally sound and historically significant, the Town plans to keep it in place for pedestrian and bicycle use and to build the new two-lane bridge nearby. The Town will…

Developer Park West Partners has proposed The Shops at Rio Verde—a commercial development planned on approximately 17 net acres at 174th Street and Rio Verde Drive in the unincorporated community of Rio Verde. Plans call for a center anchored by a 52.2KSF grocery store with other small commercial buildings that could feature restaurants, salons and other services, and medical offices. Because of the remote and rural character of the area, located approximately 10 miles from the nearest retail services, commercial development has traditionally been discouraged. The area has seen increased population growth in recent years, however, adding to the desire…

SimonCRE and Carefree Partners have formed a joint venture to develop part of the master-planned Surprise City Center. The JV will develop an initial 70KSF of retail and restaurant space to be followed in the future with office, ground floor retail, apartments and entertainment outlets on between 30 and 40 acres. The initial $35M development has already secured several tenants, mostly restaurants, and approximately 35KSF of the space is under lease or has commitments in place even though construction has not yet begun. Construction of the first phase is expected to commence in Q3, with delivery expected in approximately a…

By Roland Murphy for AZBEX Earlier this month, the Surprise Planning and Zoning Commission voted to recommend a rezoning approval for an approximately 12.9-acre site at the NWC of Cotton Lane and Cactus Road. City Council followed the recommendation and approved the rezoning on June 20. Developer NexMetro Communities requested the rezoning from Regional Commercial to High Density Residential so it can build Avilla Foothills, a 108-unit Build-to-Rent community. NexMetro is a major regional and national developer in the Build-to-Rent sector. The DATABEX project database shows the company has completed eight projects under the Avilla brand and has another eight—not…

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…