Author: BEX Staff

By Roland Murphy for AZBEX The Mesa Planning and Zoning Board is scheduled to hold a site plan review on March 25 for Liv Eastmark, a 208-unit multifamily development planned on 8.55 net acres at the NEC of Ray Road and Bradley Way in the Eastmark area. According to the Liv Communities website, the company acquired the site in 2024 and originally planned the community as a 55+ age-restricted development. Reports from May 2024 list the transaction price at $5M. The original iteration of the project, planned at the time by PCS Development, was recommended for site plan review approval…

By Roland Murphy for AZBEX Commercial Café’s February Office Market Report shows the sector continues to deliver stable, if unenthusiastic, performance results for the Phoenix metro area. Listing rates in Phoenix were recorded at $29.83/SF, a 4.5% increase from February 2025. Vacancies dipped by 170 basis points, settling at a still stubborn 17.0%. Office sales year-to-date total $260M with an average price/SF of $160. In terms of space under construction, Phoenix is tenth from the bottom for the 23 cities tracked, reporting a total of 430KSF. Nationally, the average listing rate was $32.79, down 1.9% year-over-year. U.S. Office vacancy stands…

Awards & Accolades 1. AZ Big Media recently announced its 20th Annual Real Estate Development Awards. Awards for specific projects will be featured in our March 27 issue. Awardees for companies were: Subcontractor of the Year: PK Associates, Architecture Firm of the Year: Butler Design Group, General Contractor of the Year: Layton Construction and Developer of the Year: Lincoln Property Company. 2. AZ Big Media released its 2026 Ranking Arizona list of the Top 10 residential architecture firms in the state, which consists of: Candelaria Design Associates, SWABACK, Stratton Architects, Drewett Works, PHX Architecture, Poetzl architecture + design, dpa architects,…

Sales Transactions 1. Prologis purchased Cotton 303 Logistics Center, a 915.2KSF industrial facility in Glendale, for $104M. The property is on 54 acres at 6801 N. Cotton Lane and was developed by The Pizzuti Companies, in partnership with Heitman Capital Management LLC. Cushman & Wakefield’s Will Strong, Molly Miller, Jack Stamets, Michael Matchett and Madeline Warren represented the seller, with Don MacWilliam and Payson MacWilliams of Colliers providing leasing advisory services. The building was completed in 2022 and is fully leased to Cubework.com under a seven-year agreement. 2. TerraCap Management purchased Tresa at Arrowhead, a 360-unit multifamily community in Glendale,…

A Workforce Housing Strategy and Implementation Plan received Prescott City Council approval in a contentious vote during its March 10 meeting. The plan is intended to provide more reasonable housing options for workers in healthcare, public safety, education and local government. Often, Prescott residents are subject to paying in excess of 30% of their income on housing. The plan started in 2024 when the Arizona Department of Housing provided the City with $200K from the State Housing Trust Fund. Later, in 2025, Prescott hired Elliott D. Pollack & Co. to create it. A draft was presented to City Council on…

By Roland Murphy for AZBEX In its March 16 meeting, the Cottonwood Planning and Zoning Commission recommended approval of a rezoning request for a 96-unit apartment development on 3.25 acres at 1013 E. Mingus Ave., roughly 0.4 miles west of Main Street. Current zoning for the site is R-1 (Single-Family Residential). The development team has requested rezoning of the property to R-3 (Multiple Family Residential). The Cottonwood General Plan designates the site as HR (Residential/High-Density), which supports the rezoning request. According to the background information accompanying the request, “Additionally, the project site is adjacent to lots that are zoned R-1…

Two recognizable buildings in the Roosevelt Row Arts District could be torn down for a future apartment expansion. The demolition requests for the Coronado Hotel & Motel and the original Matt’s Big Breakfast, both on 1st Street north of McKinley Street, are separate applications before the Phoenix Historic Preservation Commission. The Coronado request was considered last week. The other will go before a future meeting. No action has been taken. The requests were submitted on behalf of True North Studio CEO and Founder Jonathon Vento. Vento intends to buy the hotel property and expand the nearby 24-unit apartment complex, The…

By City of Mesa The City of Mesa continues to modernize its development review process, cutting red tape and consolidating department review functions to deliver faster approvals and greater transparency for builders, businesses, investors, and residents. The changes are initial steps that follow comprehensive stakeholder engagement efforts and an evaluation of City processes, both of which identified opportunities to better align and streamline processes across the City’s development review functions. The result is a significant overhaul of Mesa’s development review approach. Improvements include consolidated review teams, dedicated support staff and new technology that gives applicants real-time visibility into their project…

By Associated Builders and Contractors Construction input prices increased 1.3% in February compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics Producer Price Index data. Nonresidential construction input prices also increased 1.3% for the month. Overall construction input prices are 3.1% higher than one year ago, while nonresidential construction input prices are 3.7% higher. Prices increased in all three energy categories last month. Natural gas and unprocessed energy materials prices were up 10.9% and 6.0%, respectively, while crude petroleum prices were up 4.7% in February. “Construction materials costs surged in…

Groundbreakings 1. On March 26, Mack Real Estate Group and McCourt Partners will hold a ceremonial groundbreaking for Halo Vista, a $7B, 2,300-acre master-planned development at Dove Valley Road and 43rd Avenue in north Phoenix. The mixed-use project, built by Willmeng Construction, is planned as a “city within a city” adjacent to TSMC Arizona. The project is intended to serve as a hub for science, innovation and community development. 2. The Arizona Department of Transportation plans to begin a 28-month, $63M expansion of César Chávez Blvd. in San Luis on March 23. The project will widen the roadway from two…