Author: BEX Staff

Sales Transactions 1. Kohlberg Kravis Roberts & Co. Inc. (Tolleson Owner LLC) has paid $165M for GO | 99, a nearly 1.3M, three-building industrial park at the SEC of 99th Avenue and Buckeye Road. The park was developed and sold by George Oliver’s GO Industrial (South 99th Avenue LP). Cushman & Wakefield’s Will Strong, Phil Haenel, Kirk Kuller, Molly Hunt, Micki Strain and Foster Bundy, represented the seller. The transaction marks the largest industrial sale, by dollar amount, to date in 2023.  2. Cushman & Wakefield has advised US Capital Development in the sale of a newly constructed 599.5KSF Class…

The Maricopa Planning and Zoning Commission has recommended a planned area development rezoning request for the Kelly Ranch residential community for approval by City Council. The approximately 100-acre site at the SEC of Porter Road and Maricopa-Casa-Grande Highway had previously been planned as a single-family development by K. Hovnanian Homes. Under the new plan from Cowley Companies, the PAD zoning will allow for the development of 96 Build-to-Rent units and 240 traditional single-family homes. Construction is planned in three phases, with the BTR section coming first, followed by two phases of single-family development. Potential amenities could include several small parks,…

By Roland Murphy for AZBEX “What are the facts? Again and again and again – what are the facts? Shun wishful thinking, ignore divine revelation, forget what “the stars foretell,” avoid opinion, care not what the neighbors think, never mind the unguessable “verdict of history” – what are the facts, and to how many decimal places? You pilot always into an unknown future; facts are your single clue. Get the facts!” – Robert Heinlein A May 21 op-ed in the Arizona Republic entitled, “Why building ‘affordable’ units only makes Phoenix’s housing crisis worse,” makes masterful use of the data chosen…

By BEX Staff for AZBEX Both the Phoenix North Mountain Village Planning Commission and the City Planning Commission have recommended approval of a rezoning request to allow the development of a 108KSF self-storage facility by Lock Safe Self Storage at the SWC of 49th Drive and Cactus Road. Phoenix City Council will consider the request in June. Officials with project representative Upfront Planning & Entitlements, Inc. said in an announcement the project had met frequently with neighbors to address ongoing concerns about uses for the site and to generate support for the proposal. Lock Safe’s plan for the approximately three-acre…

Following the failure of Legacy Sports Park/Bell Bank Park, a critical Auditor General’s report, three other projects in default and the possibility of a fifth project failing soon, Gov. Katie Hobbs is instituting new guidelines for projects bonded under the Arizona Industrial Development Authority. AIDA came under scrutiny after it approved nearly $300M in funding for the failed sports park in Mesa with minimal discussion and little vetting or background investigation of Legacy Sports Park or its ownership. The park filed for bankruptcy in April, leaving contractors and other stakeholders with 10s of millions in unpaid bills. In addition to…

In an attempt to supplement inflation and other cost increases, the Litchfield Park City Council approved an $11.5M bond for projects related to the Litchfield Square downtown core development and associated infrastructure. Cost projects had risen from $25M to $40M due to inflation, officials said. An initial consideration to complete Litchfield Square infrastructure and associated projects was set at $23M in an April meeting. The figure was revised downward to $11.5M after recalculation by Mayor Thomas Schoaf and City staff. The $11.5M figure was confirmed in the May 17 meeting. With the lower bond amount, a $3M public works facility…

Groundbreakings 1. The Gila River Indian Community held a groundbreaking May 19 for its 19.4-mile Reclaimed Water Pipeline Project. The two-phase project will move A+ reclaimed water GRIC has under its Central Arizona Project agreements with the cities of Mesa and Chandler. 2. The Gadsden Company recently broke ground on The Bautista, a $110M, 256-unit/16.5KSF retail mixed-use apartment development in Tucson’s Mercado District. Completion is expected in 2025. 3. Christ’s Church of the Valley has broken ground on its latest campus, located on 16 acres in Queen Creek. Construction is expected to finish in spring 2024. Progress Reports 4. Banco…

A longstanding desire by the City of Chandler to extend Runway 4R/22L at Chandler Municipal Airport may be inching toward reality. The City has included nearly $800K for two studies on the project in the proposed budget for next year. The goal is to extend the 4,870-foot runway out to 5,550 feet, which would let larger private and corporate jets use the airport. The first study will examine potential community impact. The second will look at the project costs and environmental impacts. The first study would cost $350K, with the second costing $427K. A Chandler ordinance requires voters to approve…

A joint venture between Okland Capital LLC and Larry H. Miller Real Estate (LHM JVR MSA LLC) is proposing a 416-unit apartment development with a six-level parking garage near Rio Salado Parkway and Dobson Road in Mesa. Located near the Chicago Cubs’ spring training stadium, The Residences at Dobson Road and Cubs Way will be a four-story development reaching a height of 61 feet, according to a presentation by project representative Pew & Lake PLC to the Mesa Design Review Board. DRB discussed the proposal’s landscaping and aesthetics in its May 9 meeting. The developers have requested a rezoning of…

By Roland Murphy for AZBEX Two separate development proposals—one targeting workforce attainability and one focused on traditional affordability—could deliver 297 new multifamily units to the Phoenix inventory. Urban Housing Solutions 35th Street & Thomas In the first proposal, Urban Housing Solutions LLC wants to build 201 units at the NEC of 35th Street and Thomas Road on 3.5 acres currently owned by and serving as the location for Mount of Olives Lutheran Church. According to the submitted project narrative, “The Project is the result of thoughtful reflection of how to meet housing needs in this area of Phoenix for individuals…