Author: BEX Staff

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…

A plan from Shea Connelly Development on behalf of St. Benedict Catholic Church would create a new 138-unit senior facility on 19.2 acres of the church’s 48th Street campus near Chandler Blvd. in Phoenix To facilitate the St. Benedict Senior Living project, Shea Connelly has requested rezoning of 4.62 acres of the planned site from Commercial Park/General Commerce Park to R-3A residential. The request states the rezoning is compatible with surrounding uses. St. Benedict Senior Living is billed as a high-end senior living development that will feature 66 independent living units, 44 assisted living spaces and 28 memory care units. …

By Roland Murphy for AZBEX Arizona’s seasonally adjusted unemployment rate decreased to 3.4% in April, down from 3.5% in March, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate decreased to 3.4% from 3.5%. In April 2022, the state had a seasonally adjusted rate of 3.6%, as did the national rate. Including Construction’s gain of 1,900 employees in April, the state had a gain of 13,800 non-farm jobs. “Prior to the pandemic (2010-2019), private sector employment averaged a gain of 8,600 jobs in April,” the report states. The private sector gained 10,300 jobs…

Giving Back 1. Facings of America announced it exceeded its $60K fundraising goal for its 2023 Design for Dogs event supporting the Arizona Animal Welfare League & SPCA. In addition to other activities, the event featured a doghouse design + build competition made up of 16 teams from several leading firms. In total, this year’s event raised $86.2K. 2. Lōkahi Traffic Engineering/Lōkahi Teams launched scholarship programs earlier this year for area high school students and honored eight scholarship winners on April 28. The program was open to Arizona students who plan to attend college in the fall of 2023. Awards…

Sales Transactions 1. Sunrise Capital Investors has purchased the historic 14-story, 56KSF Luhrs Tower office building and an associated parking garage in Phoenix for $20.4M. The tower sold for $6.9M, while the garage went for $13.5M. Sunrise intends to perform modernization upgrades in the office spaces and creative suites. The seller was a joint venture between Lincoln Property Companies and Invesco Real Estate.  2. The Rockefeller Group has paid $8.7M for 16.57 acres in two parcels totaling 151 permit-ready Build-to-Rent lots. 8181 S. 20th St. features 68 lots on 9.2 net acres and sold for $4.896M. A parcel on Euclid…