Author: BEX Staff

By BEX Staff for AZBEX A planned April 30 auction of 293.5 acres along the east side of 40th Street between Loop 101 and Deer Valley Road could provide the next multifamily development site in the bustling Desert Ridge area of north Phoenix. The site is appraised at $108.3M, which will be the minimum starting bid. Developer Michael Lieb (as AZ18 LLC) submitted the application to the Arizona State Land Department that triggered the auction, according to a local news report. Lieb is president of Michael A. Lieb Ltd. An earlier report noted the application specifies developing the site for…

Sales Transactions 1. TerraCap Management LLC purchased Tresa at Arrowhead Apartments, a 360-unit multifamily community at 17722 N. 79th Ave. in Glendale. Built in 1998, the community consists of 53 residential buildings on 19 acres. Hamilton Zanze & Company sold the property for $82.2M. CBRE’s Matt Pesch and Asher Gunter, along with Austin Groen, represented the seller. CBRE Capital Markets originated a $53.4M Fannie Mae loan for the buyer. 2. GR Partners Casa Adobes LLC sold the 18-building Casas Adobes Apartmentsat 6200 N. Oracle Road in Tucson for $28.75M. The 204-unit apartment complex was purchased by WNC/WP Oracle LLC. Newmark’s…

Giving Back 1. Mike Greenawalt and Dena Greenawalt have launched the Greenawalt Foundation, a nonprofit focused on expanding opportunities in the skilled trades and supporting community organizations. The foundation plans to distribute $200K in scholarships and grants in 2026, including $2.5K scholarships for high school seniors pursuing careers through registered apprenticeship programs and funding for skilled trades training initiatives. The organization has already invested $169K in skilled trades education and community programs, including $85K to the Phoenix Electrical JATC, where Mike Greenawalt completed his electrical apprenticeship. 2. Fiesta Sports Foundation partnered with Salt River Project to construct a 1.4KSF playground…

By Rebekah Morris for AZBEX On Tuesday, March 10, the City of Phoenix Aviation Department hosted its annual Aviation Business Summit, attended by hundreds of industry professionals eager to work on airport projects. The most compelling of the upcoming work, arguably, is the future $4B West Terminal project at Phoenix Sky Harbor International Airport that has recently been accelerated by years. Daver Malik, assistant aviation director and chief development officer for the City of Phoenix, spoke on the topic, highlighting the reasons the airport needs to plan and expand for future growth, how it plans to build the largest program…

By Roland Murphy for AZBEX The Arizona State University and City of Tempe Joint Review Committee has recommended approval of a planned area development overlay amendment that will enable the next round of development in the Novus Innovation Corridor. The recommendation was approved in a 7-0 vote at the Committee’s March 4 meeting. AZBEX has published nearly 50 articles and news items about NIC on our website over the years. Those pieces are available here. NIC master developer Catellus Development Corporation has requested a zoning map amendment and zoning code text amendment for roughly 5.5 acres at the NWC of…

Much of the housing industry has done an abrupt about face and shifted from support of the 21st Century Road to Housing Act to outspoken opposition after language was included by U.S. Senators Elizabeth Warren (D- Mass.) and Tim Scott (R-S.C.) that would effectively eliminate the Build-to-Rent housing sector as it currently exists. The U.S. House of Representatives passed a version of the bill in February, and the Trump administration expressed its support. The multi-component, largely bipartisan legislation seeks to reduce or eliminate construction delays caused by environmental reviews and establish zoning guidelines for municipalities. Shortly afterward, President Trump issued…

By Roland Murphy for AZBEX On March 11, the Payson Town Council approved a motion to enter into a development agreement with Woda Cooper Companies for the creation of Union Park Lofts, a 74-unit affordable housing community planned for 2.08 acres at 409 N. Beeline Hwy. The motion was approved on a 5-0 vote with two members absent. The four-story apartment building will be comprised of 15 one-bedroom, 43 two-bedroom and 16 three-bedroom units, according to the submitted site plan. A total of 116 parking spaces will be provided, including four ADA-accessible spots. The property will also have an on-site…

By BEX Staff for AZBEX The Arizona Corporation Commission announced a unanimous vote to approve converting the Springerville and Coronado coal-fired power generation plants to natural gas. Tucson Electric Power owns the Springerville Generating Station. The Coronado Generating Station is owned by Salt River Project. In announcing the unanimous approval, ACC said, “The futures of both the Springerville and Coronado coal plants and the inevitable loss of major sources of dispatchable power have been in jeopardy for years as previous federal mandates would force their closure in the next six years.” After the vote, Commissioner Kevin Thompson said, “The conversion…

By Associated Builders and Contractors Associated Builders and Contractors reported its Construction Backlog Indicator rose to 8.1 months in February, according to an ABC member survey conducted Feb. 20 to March 6. The reading is up 0.1 months from January but down 0.2 months from February 2025. Backlog increased sharply during February in the Middle States: Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Montana, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin. Notably, the Middle States is the only region with a higher backlog than one year ago. ABC’s Construction Confidence Index readings for sales and staffing levels increased again in…

Voters in Pima County approved both Proposition 418 and Proposition 419, which initiated the 20-year RTA Next regional transportation plan. The plan will result in $2.67B in capital funding for transportation-related projects and programs. The approval of Prop 419 will ultimately extend the current half-cent sales tax that was initially approved in 2006. That sales tax was scheduled to expire this year. The original RTA plan still has seven uncompleted projects – each of which will be prioritized in the newly approved plan. These projects include: Silverbell Road from Camino del Cerro to Ina Road, First Avenue from Orange Grove…