Author: BEX Staff

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…

By Roland Murphy for AZBEX As attendees to last week’s BEX Leading Market Series event and readers of AZBEX’s front-page coverage saw, major Arizona healthcare companies are facing challenges when it comes to balancing new facilities development with current market conditions. (AZBEX, March 10) Despite the difficulties of a problematic capital market, timing current demand with future needs and predicting the best location to most efficiently serve the maximum number of patients, those providers are still moving ahead with near-, medium- and long-term plans to ensure both service and revenue levels on an ongoing basis. To that end, this week…

A lack of market demand has led to a reduction in the amount of office space proposed for Goodyear Celebration Plaza, a 70-acre mixed-use master plan near I-10 and Litchfield Road in Goodyear. In a presentation to the Goodyear Planning and Zoning Commission on behalf of owner ICIC Property Investment 5 LLC, attorney Jeff Blilie of Bues Gilbert McGroder explained an economic analysis of the proposal by consulting firm Elliott D. Pollack & Co. determined the planned office space far exceeded the regional demand. The master plan calls for office, residential and retail uses. The developer is asking for an…

By Associated Builders and Contractors The construction industry added 24,000 jobs on net in February, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has risen by 249,000 jobs, an increase of 3.2%. Nonresidential construction employment increased by 11,600 positions, with growth registered in all three subcategories. Heavy and civil engineering added 7,700 net new jobs, while nonresidential specialty trade added 2,200 positions. The number of nonresidential building jobs increased by 1,700. The construction unemployment rate fell to 6.6% in February, down from 6.9% in…

Awards & Accolades 1. NAIOP Arizona has named three recipients of the annual NAIOP and Prologis Inclusion in CRE Scholarship for Women and Underrepresented Professionals. They are:  Jade Nunes, Regional Manager of Business Development, Cuhaci Peterson; Emeka Ukaga, Architectural + Structural Designer II, Michael Baker International; and Serena Wedlich, VP, CBRE. 2. The Arizona Association for Economic Development honored three legislators at the Wesley Bolin Plaza at the Arizona State Capitol for their commitment and support in growing Arizona’s economy at the annual Lunch on the Lawn that recognizes the organization’s Economic Development Champions. This year’s honorees were Sen. Frank…

Sales Transactions 1. Hamilton Zanze has paid $90.3M for the 296-unit Springs at Deer Valley multifamily development on North 23rd Avenue in Phoenix. The apartment community will be rebranded as Ironwood at Happy Valley. In addition to the rebranding, Hamilton Zanze will undertake an improvement campaign for the buildings, amenities and green space. The company’s Mission Rock Residential affiliate will take on the property management duties. Walker & Dunlop’s Dan Woodward, David Potarf, Matt Barnett and Jake Young marketed the property.  2. Legacy 76 LLC has paid $28.07M for 20.558 acres at the NWC of Miller Road and Legacy Blvd.…

By Roland Murphy for AZBEX A plan from Kimco Realty could deliver 760 new multifamily units and permanently transform the area around Christown Spectrum Mall in north central Phoenix. Kimco has a request before the City of Phoenix to rezone 12.15 acres at the NWC of 15th and Montebello avenues from Planned Shopping Center, Interim-Transit Oriented Zoning Overlay District One to Walkable Urban Code, Transect 5:5 District, Transit Solano Character Area for the project. The location is currently occupied by a surface parking lot and a vacant 5.2KSF former Costco Auto Center that will be demolished if the project goes…