Author: BEX Staff

Awards & Accolades 1. Area Development magazine has named Taiwan Semiconductor Manufacturing Co.’s north Phoenix plant one of 15 “Manufacturing Projects of the Year.” 2. The 2023 America’s Transportation Awards named the Arizona Department of Transportation’s replacement of the US 60 Pinto Creek Bridge between the East Valley and Globe as Best Use of Technology and Innovation, Medium Project, for the Western region. Groundbreakings 3. Vestar announced construction has begun at The Shops at Lake Pleasant, a $50M, 90KSF restaurant and retail development at the NEC of Lake Pleasant Parkway and Happy Valley Road. Upward Architects is the design firm,…

The City of Peoria has allocated $500K for an airport feasibility study to review the costs of potentially building an airport in the north part of the city near the Taiwan Semiconductor Manufacturing Co. facility. The airport could even be cargo specific, although experts note that would be unusual. Mayor Jason Beck noted while campaigning last year that a municipal airport would help Peoria achieve its economic development goals. The budget approved in May put a key focus on economic development and redevelopment. Officials say an airport in the northern part of the city would help position the area as…

By Roland Murphy for AZBEX Back in April, we reported on one of the most complex rezoning requests ever to come before the City of Surprise. Surprise officials had requested that developers combine six projects into one grand case, but the complexity of the multi-faceted request and the degree of resident opposition to some portions proved too cumbersome for the Planning and Zoning Commission, which ultimately recommended rezoning for only one of the six parcels. (AZBEX; April 28) In May, the Surprise City Council tabled the request after extensive back and forth, in which members made it clear the only…

By Roland Murphy for AZBEX In addition to our front-page column on the bell possibly tolling for Proposition 400 renewal in the current session, there is another issue before the Arizona State Legislature in their two-day return to work this week that needs to be looked at: Sen. Steve Kaiser’s (R-District 2) affordable housing zoning revisions. Readers may recall last year when Kaiser was still serving in the House, he and Democratic State Representative César Chávez proposed legislation that would have prohibited municipalities from using zoning regulations to restrict residential development and enacted “zoning by right” to simplify and accelerate…

By Roland Murphy for AZBEX – BEXClusive By the time you read this, the Proposition 400 renewal quagmire could either be resolved or on its way to becoming a full-blown economic development crisis. The Arizona Legislature is coming back to work for two days this week between lengthy official recesses. Lawmakers will be in session June 12th and 13th before breaking until early August, which could then be the end of the legislative term. Among the host of bills still up in the air is enabling legislation to send a renewal of the Maricopa County half-cent transportation tax, known as…

By BEX Staff for AZBEX Despite the fact that plans for the Northern Arizona Healthcare Health and Wellness Village were first announced more than two years ago, a coalition of concerned residents and more than 25 community organizations have formed to oppose the proposal, alleging the City of Flagstaff does not have enough information about the project’s social, environmental or economic impacts. Flagstaff City Council unanimously approved the Phase I specific plan for the Flagstaff Medical Center, as well as the required zoning map amendments and development agreement, in its June 6 meeting. One Councilmember was absent. The requests were…

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…