Author: BEX Staff

Giving Back 1. The Rosendin Foundation is accepting applications until March 31 for a free week-long construction camp for middle school students in the Phoenix-Tempe metro area. TRF Camp Build is designed to inspire and empower students to discover the joy of building with their hands and attain a new perspective on the building industry. TRF Camp Build will be held June 19-23 at Rosendin’s Arizona regional headquarters, 1315 W. Drivers Way in Tempe. This co-ed day camp for current 6th-8th graders will provide hands-on building experience and equip students with the necessary skills to continue building in the future.…

Sales Transactions 1. TruAmerica Multifamily has sold the 520-unit Sweetwater at Metro North Apartments at 2902 W. Sweetwater Ave., Phoenix to Priderock Capital Partners for $115M. 2. Knightvest Capital has paid $102.5M for the 408-unit Aventura Apartments in Avondale. The seller was Eaton Vance Management. Steve Gebing and Cliff Davis of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction. 3. The 400-unit Tempe Station apartment community on E. Apache Blvd. in Tempe has sold for $100M. The buyer was Alliance Residential and the seller was Kennedy Wilson Multifamily. 4. Three Octopus Car Washes in Tucson and…

By a vote of 6-0, Scottsdale’s Development Review Board has approved plans for Artesia, a 546-unit multifamily development at the NEC of Scottsdale and Indian School roads. The project, situated on 23 acres behind an existing retail development, is comprised of three stages that will be constructed at the same time. The core of the site will feature a four-story building with 419 apartments and condo units along with underground parking. A second section to the east will have 70 townhomes of two and three stories. Fifty-seven two-story townhomes will make up the southern portion of the site. Board members…

By Roland Murphy for AZBEX In a rare win for private multifamily development, two multifamily projects advanced in the March 21 Flagstaff City Council meeting. Based on recommendations from the Planning and Zoning Commission, Council approved a preliminary plat for the 39-unit Miramonte at Presidio in the Pines VI Condominiums development (aka Presidio in the Pines Multifamily) on 2.77 acres on West Presidio Drive. It also held an initial hearing and gave a first reading for a proposed rezoning that would let Miramonte Homes build a 172-unit multifamily development known as Lofts on Butler on approximately 17 acres on East…

Northern Arizona Healthcare’s specific plan and zoning map amendment requests for its Health and Wellness Village master plan were scheduled to go before the Flagstaff Planning and Zoning Commission this week.  Plans for the 172.6-acre development, to be completed over 23 years, include a new Flagstaff Medical Center campus, 752KSF hospital and 205KSF ambulatory care center. Future plans include 315 housing units, medical research space, an outdoor wellness retreat and multiple retail and hospitality outlets. Items included for discussion under the specific plan include traffic and public safety considerations, as well as economic development impacts. City staff had favored Planning…

In a move intended to spur affordable housing construction, the Glendale City Council has unanimously voted to approve waiving community development fees on projects that receive Arizona Department of Housing tax credits. Fees can range from approximately $300K to $1M. City officials say the goal is to help developers cover funding gaps in financing and building their projects. Fees for projects not receiving ADoH credits may also be waived if they meet affordability requirements and enter into an approved development agreement. Glendale will monitor the impact of the waivers on City finances, since development fees go into the general fund,…

Construction starts were up 6% in February for a seasonally adjusted annual rate of $912.8B, according to data from Dodge Construction Network. The bump was fueled by strong activity in home building and manufacturing, with single-family buildings posting its first gain in the last 13 months. Still, year-to-date activity remains 17% below the levels reported in 2022, and analysts are worried about weak performance in commercial and institutional buildings. Residential building starts increased last month to an annual rate of $320B, with single-family starts up 4% and multifamily up 22%. Infrastructure and other non-building starts were down 5%. Manufacturing starts…

Groundbreakings 1. The Babbitt Ranch Energy Center, a 161MW wind project from NextEra Energy Resources, is now under construction on Babbitt Ranches property in Coconino County, north of Flagstaff. This facility is scheduled to begin delivering clean energy to SRP customers by early 2024.  2. Wexford Developments and Wexford Real Estate Investors recently announced two groundbreakings. The company will break ground March 28 on Elkwood Flagstaff, a 224-unit community designed by Stewart + Reindersma Architecture, with Decca Builders, Inc. serving as general contractor. Wexford will also hold a groundbreaking for the 200-unit First and Farmer community in Tempe on March…

By City of Tempe Tempe wants to transform a sprawling site in the heart of the Apache corridor into a living and shopping hub with a significant expansion of affordable housing and a new grocery store for the neighborhood. The nearly eight-acre site includes the Apache Central Center, home of the former Food City, and two adjacent parcels near Apache Blvd. and Dorsey Lane. All three parcels are owned by the City. As envisioned, the site could be a landmark housing and retail development in the area. The project site comprises 7.55 acres located at the NEC of Dorsey Lane…

Banner Health is buying an approximately 48-acre site at the SWC of Loop 101 and Hayden Road as the location for a planned $400M hospital and cancer center. Banner Scottsdale Medical Center will be “a destination hospital,” according to company officials and feature a Banner MD Anderson Cancer Center, cardiovascular and advanced orthopedic care, and emergency department, intensive care, women and infant services, surgery and imaging. The total build area is expected to total approximately 384KSF, and the facility will have 106 patient beds and 20 observation beds. Completion is currently targeted for some time in 2026. Banner offers several…