Author: BEX Staff

Groundbreakings 1. Palmer Development Group has announced a Jan. 15 groundbreaking for The Sydney, a 26-acre, $80M social and entertainment development on the Salt River Pima-Maricopa Indian Community. A 180-room boutique hotel may be added in the future. 2. Transwestern Development Company, in partnership with University Realty and Griffin Capital, has broken ground on its 2.4-acre, 333-unit multifamily development on Parcel 3G in the Novus Innovation Corridor. Transwestern has a 99-year ground lease on the site at the SEC of 6th Street and Rural Road in Tempe. 3. Mosaic and Atlantic Jasper recently broke ground on 240-unit Build-to- Rent development The…

By BEX Staff for AZBEX The Maricopa Planning and Zoning Commission has approved a General Plan amendment and rezoning request for a three-community multifamily development collectively known as the Apartments @ Honeycutt project, which will, if built as planned, deliver a total of 574 units. The project comprises eight four-story buildings and three housing types: Butterfield Commons – 174 market-rate apartments, Waterman Senior Apartments – 200 55+ senior living apartments, and Overland Apartments – 200 workforce-focused apartments formerly known as Overland Flats. Part of the Maricopa Station master planned development, Apartments @ Honeycutt is situated on 20.2 acres near the…

The Flagstaff Unified School District has begun the process of replacing the Marshall and Kinsey elementary schools, approving the release of a Request for Qualifications for interested architecture and engineering firms. The two replacements – valued at $25M each – were part of the $100M bond package narrowly approved by voters in November. Both projects include possible relocations. Officials expect a contract to come before the board in March or April for approval. One firm could be chosen for both projects or the board could pick separate firms to handle the projects individually. Current estimates predict Marshall would be completed…

By Roland Murphy for AZBEX Developer Geddes Capital Resources, LLC is proposing Roosevelt Commons – a new master planned project on a 15.6-acre site at the SEC of Verrado Way and Roosevelt Street in Buckeye. Geddes is requesting a rezoning from the current one-acre Single-Family Residential to Business Park with Planned Area Development Overlay for the vacant desert site. Surrounding uses include the 11.5-acre Buckeye Commons West commercial master planned development and the 27-acre Abrazo Medical Campus. An 18-acre development with two flex industrial buildings totaling 250KSF is under construction directly to the west of the site. To the south…

The Maricopa Planning and Zoning Commission has approved plans for The Lofts on Edison – a 43-unit “non-apartment” multifamily development planned on 2.2 acres at the SWC of Edison Road and Wilson Avenue. According to the project narrative, Welker Development Resources is targeting the community toward young professionals who want or need home office space for remote work. The homes will be two-story, three-bedroom units, each with a two-car garage. Amenities include a dog park, barbeque and gathering areas, and a pocket park. Units will be available for lease or purchase. Plans for development also call for extending Lexington Avenue…

The Pinal County Board of Supervisors heard a presentation on possible options for public parks in the unincorporated San Tan Valley area last week and also heard an early-stage potential master plan for a Pinal County Fairgrounds and Event Center. No actions were taken following the sessions. Consultant Don McGann of McGann & Associates examined park offerings in Queen Creek, Goodyear, Marana and Oro Valley to get a feel for what could work in San Tan Valley. He reported that both State Trust Land and school-owned property are two possibilities. With school-owned property, the County and the school district would…

Awards & Accolades 1. Brycon is the recipient of the 2022 Phoenix Business Journal Best Places to Work award, placing #10 within the ‘large’ category. Boards & Commissions 2. The Central Arizona Chapter of CCIM has announced its leadership and board members for 2023. The Leadership Team: Brian Teske, Casita Capital Realty, Chapter President; Eli Mastracci, Phoenix West Commercial; VP; Sabrina Walters, SLW Realty Group LLC; Secretary/Treasurer, and Todd Hamilton, Citywide Commercial Real Estate; Immediate Past President. Board Members: Marina Hammersmith, ORION Investment Real Estate; Bobbie Mastracci, Phoenix West Commercial; Belinda Rosthenhausler, CDC Small Business Finance; Sheila Long, Old Republic…

Sales Transactions 1. Trammell Crow Company has sold the 282-unit Lucent Scottsdale Apartments to VAF2 Scott LLC (Hudson Advisors/Lone Star Funds) for $103M. 2. Storm Properties has purchased the 200-unit apartment community The Arches on North 63rd Avenue in Glendale for $33.5M. The seller was WWC XL VII, LP (Western Wealth Capital), represented by Northmarq’s Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca. Northmarq’s Brandon Harrington, Christopher Gitibin, Tyler Woodard, Bryan Mummaw and Bryan Liu arranged the financing. 3. Newmark announced the $23.5M sale of The Block at Pima Center, a 38KSF multi-tenant retail center in Scottsdale. Newmark’s Jesse…

By Roland Murphy for AZBEX In an October press release long on promotion but short on details, Aligned Data Centers announced land acquisitions for two new “mega campuses” in the Phoenix area that will deliver 400MW of capacity. A Dec. 6 article in the SanTan Sun News and follow-up work by BEX Companies Research staff provided the missing details. The first project – Aligned Energy Data Center PHX04 – has been under construction for months. City of Chandler records show the foundation permit was issued in June, and work began in July or August. The building permit was issued in…

The Phoenix City Council will vote this week on a development agreement and infrastructure reimbursement package for Chevelle Properties LLC. The proposed project would create a 32-acre office campus and 300KSF facility near the SWC of Tatum and Mayo boulevards. The Arizona State Land Department currently owns the site and has scheduled a public auction for Dec. 27. Minimum bid is $29.425M. The project will be developed by Chevelle Properties LLC and is referred to under the codename “Project Christmas” in City documents. Phase I of the development is expected to be a roughly $198M investment that will retain or…