Author: BEX Staff

By Roland Murphy for AZBEX A new 25-story, 453-unit multifamily tower could soon be added to the Tempe skyline. Co-developers CA Ventures/Wexford Development have requested a Planned Area Development overlay to modify height development standards, a tandem parking use permit and a development plan review for 16 East University, a project proposed on 0.67 acres east of the NEC of University Drive and Mill Avenue. The 270-foot tower would also provide 3.8KSF of commercial space. The Tempe Development Review Commission will act this week on the parking request and make recommendations on the PAD overlay and development plan review to…

By Arizona Commerce Authority LG Energy Solution has announced it will invest a total of $5.5B to build a battery manufacturing complex in Queen Creek. The complex will consist of two manufacturing facilities – one for cylindrical batteries for electric vehicles and another for lithium iron phosphate pouch-type batteries for energy storage systems. The investment represents the largest single investment ever for a stand-alone battery manufacturing facility in North America. “With this historic investment from LGES, Arizona has become the battery manufacturing capital of the country,” said Governor Katie Hobbs. “These Arizona-made batteries will power green, sustainable technologies around the…

A bill by Sen. T.J. Shope, R-Coolidge would put $8M into a fund to pay for water infrastructure projects that contribute to job creation in Pinal County. Under the proposed Senate Bill 1223, water services and businesses with more than 250 employees could apply for water infrastructure and commerce grant funds through the Arizona Commerce Authority for new water projects on a business’ property. Lucid Motors officials say it would benefit their company and others and that the legislation continues an existing program for one year so the $8M funds do not lapse. Opponents said the bill was rushed and…

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…