Author: BEX Staff

Sales Transactions 1. KHP Capital Partners has paid $110M to Host Hotels and Resorts for the 277-room The Camby, Autograph Collection hotel in Phoenix’s Camelback Corridor. 2. Banner Health has sold its 70KSF Banner Health Care Plus outpatient facility at 4200 E. Camelback Road to RED Development for $48.5M. The healthcare leader also sold its 73.2KSF Banner Health Center medical office facility on North Plaza del Rio Blvd. in Peoria to Montecito Medical Real Estate for $29M. Banner will lease back the Peoria space from the new owner. 3. Cushman & Wakefield has advised seller ViaWest Group and their institutional…

By Roland Murphy for AZBEX Full disclosure: When I first moved to Arizona, my first apartment was less than half a mile from Fiesta Village. Between when I first arrived in 1994 until I moved across the Valley in 2000, I watched the neighborhood go from a pleasant mix of students and young professionals to an increasingly desolate wasteland with entire developments fenced off behind chain link, major decreases in every quality of life indicator, and ever-climbing rates of both vacancy and crime. Fiesta Village didn’t just fall. It plummeted. Over the last plus-or-minus 25 years, there have been multiple…

By Associated Builders and Contractors Associated Builders and Contractors reported that its Construction Backlog Indicator increased to 9.2 months in February, according to an ABC member survey conducted from Feb. 20 to March 6. The reading is 1.2 months higher than in February 2022. Backlog rebounded in February and for the past four months has hovered around highs not seen since the start of the pandemic. The Southern region continues to post the highest backlog of any region and, as of February, has had at least 11 months of backlog in four of the previous five months. ABC’s Construction Confidence…

By Roland Murphy for AZBEX Another 566 apartment units could be on the way in Tempe following the March 14th Development Review Commission’s recommendations for approval of four requests from multifamily developer IDM Companies. IDM has requested a general plan amendment, rezoning, Planned Area Development overlay and development plan review of its IDM Fountainhead project, planned on 8.24 acres of a total 24.95-acre site at Priest and Alameda drives, east of the I-10. The proposal seeks to build 566 apartments in two new five-story buildings, as well as a third, two-story building that will serve as a clubhouse and amenity…

By National Park Service The National Park Service is preparing for a multi-year $208M rehabilitation of the Transcanyon Waterline and related upgrades to the associated water delivery system within the inner canyon and South Rim of Grand Canyon National Park. This critical investment will ensure the park is able to meet water supply needs for the next 50-plus years, supporting six million annual visitors and approximately 2,500 year-round residents. Initial activity in late spring and summer 2023 will focus on establishing construction infrastructure and staging areas in the Grand Canyon Village Area on the park’s South Rim. The NPS does…

The City of Goodyear and Microsoft Corp. have updated their development agreement for future projects. Microsoft will change its cooling system on future data centers and contribute nearly $42M to expanding Goodyear’s wastewater capacity. To date, Microsoft has developed a 290KSF building and has another 250KSF building under construction. It plans to start another 250KSF building soon. The company also has plans for a five-building data center on approximately 300 acres near the Phoenix Goodyear Airport. Microsoft and Goodyear have been in discussions for years about the volume of wastewater produced by cooling its data centers. This is the third…

By Roland Murphy for AZBEX Arizona’s seasonally adjusted unemployment rate decreased to 3.8% in January, down from 4.0% in December, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate decreased to 3.4% from 3.5%. In January 2022, the state had a seasonally adjusted rate of 3.6%, and the national was 4.0%. The state had a loss of 32,600 non-farm jobs over the month. “Prior to the pandemic (2010-2019), NSA nonfarm employment lost 51,000 jobs on average in January” the report states. Government gained 2,700 jobs in January. The private sector lost 35,300 jobs…

Groundbreakings 1. The Arizona Department of Transportation has started work to improve six miles of east- and westbound I-10 between Riggs Road and the Gila River bridges in both Maricopa and Pinal counties. Work includes pavement improvements in both directions of I-10 and replacing guardrails and pavement markings. Work is expected to be completed in July.  Progress Reports 2. Abrazo Health staff and officials recently celebrated progress on the Arrowhead Campus neonatal unit expansion with a beam signing ceremony. Framework for the 8.5KSF addition is now visible. The estimated $14M project is targeted for completion late this year.  3. Work…

The Maricopa County Board of Supervisors has approved plans from Caliber Development Company to convert the Four Points by Sheraton Phoenix South Mountain hotel at 51st Street and Elliot Road into an apartment development with between 184 and 188 units. Along with converting the existing hotel, Caliber plans to build 18 new buildings with one- and two-bedroom units and 40 two-story duplexes on the site. Caliber has not provided a timeline for the project, which cannot proceed until Marriott International sells the hotel. There was also no update provided on the sales negotiations’ status. Before construction can start, Caliber must…

Some residents of Phoenix’s Carnation neighborhood in the Uptown District are questioning the City’s commitment to the Walkable Urban Code and Transit Oriented Development. The City created the Reinvent PHX program—a collaboration between Phoenix, the U.S. Department of Housing and Urban Development, Arizona State University and other organizations—to create highly walkable communities and guide development along mass transit corridors. Part of the plan included the creation of the Walkable Urban Code and the creation of TOD Districts, including the Reinvent PHX TOD Uptown District Plan. Uptown is bounded by Indian School Road, Missouri Avenue, 7th Street and 15th Avenue. Uptown…