Author: BEX Staff

By Roland Murphy for AZBEX Following up on a September Request for Information, the Indian Health Service agency of the U.S Department of Health and Human Services has issued a Request for Qualifications for a qualified Architecture/Engineering firm to design a $500M, 395,844SF replacement for the Whiteriver Hospital on the Fort Apache Indian Reservation. The project was first reported on the front page of the AZBEX Sept. 2 issue. (AZBEX, Sept. 2) One Firm Fixed Price A-E Contract will be awarded. The project location in Whiteriver is near the existing 83,785SF hospital location at 200 W. Hospital Drive. According to…

Maricopa Unified School District officials predict growth will necessitate the building of a new elementary school – the city’s seventh – in the near future. Officials expect ongoing growth to add nearly 1,000 students to the current elementary student enrollment of 3,880 in the next five years. The six schools currently in operation have a capacity of 4,933, and two of the schools are expected to hit capacity in the 2026-2027 school year. MUSD CFO Jacob Harmon predicts the Arizona Legislature will approve a new school for the District in 2023 and fund it in 2024. Since schools generally take…

Giving Back 1. Nearly 200 Arizona City residents participated in the Dec. 10 AireBeam Touch a Truck Day at the Arizona City Fire Station. The goal of the event was to better connect the community with firefighters who risk their lives to protect the Arizona City community as well as let those attending learn more about what AireBeam offers and how it is supporting the community. 2. Throughout the month of November, The Rosendin Foundation celebrated its partnership with 41 nonprofits across the United States, donating a total of $535K to these community organizations. The Arizona donations included $25K to…

Sales Transactions 1. Nuveen Real Estate has purchased the 356-unit, 19-building Liv Crossroads apartment community in Gilbert from The Rockefeller Group for $116M. The property has been rebranded as Curve at Gilbert, according to its website. Cliff David and Steve Gebing of Institutional Property Advisors – a division of Marcus & Millichap – represented the seller and procured the buyer. 2. Rise48 Equity has purchased the 160-unit La Serena apartment complex in Tempe from a private investor and renamed the community Rise Suncrest. The transaction price was $50M. The seller was represented by Darrell Moffitt and Paul Bay of Marcus…

By Salt River Project The SRP Board of Directors this week approved the second phase of continued development at the Copper Crossing Energy and Research Center in Florence, which includes a utility-scale advanced solar generation facility capable of generating up to 55MW of solar energy, or enough to power approximately 12,000 homes. This will be the first utility-scale solar asset in SRP’s portfolio that SRP self-develops, owns and operates. Historically, SRP has contracted generation from renewable resources through power purchase agreements with developers, as these entities have access to tax credits. The recent passage of the Inflation Reduction Act allows…

By Roland Murphy for AZBEX Taiwan Semiconductor Manufacturing Company this week publicly confirmed what AZBEX readers have known since May: Construction is underway on a second fab at the company’s north Phoenix site. (AZBEX, May 17) Several international and electronics industry outlets began reporting on TSMC’s expansion plans – including the potential for a larger planned six-phase “GIGAFAB® – in 2021. The May 17 AZBEX article was the first Arizona and U.S. construction-focused coverage to compile those news reports, publicly available documents from TSMC and City of Phoenix, and statements from company officials confirming the second fab was under construction…

By Roland Murphy for AZBEX The last BEX Companies Leading Market Series event of 2022 – Higher Education – was also one of its best attended as a sold out crowd filled ASU’s SkySong Building 3 Synergy II meeting space Tuesday morning. After a brief welcome from BEX President and Founder Rebekah Morris, moderator Cassie Robertson, Southwest regional prefab leader for DPR Construction introduced the panel. Appearing in person for Arizona State University was Alexander Kohnen, VP of facilities development and management. Attending virtually were Peter Dourlein, associate VP of planning, design & construction for the University of Arizona and…

The Arizona Industrial Development Authority Board last week approved a lifeline, of sorts, to Bell Bank Park operator Legacy Cares as it tries to avoid defaulting on its $280M loan and keep the park operating. Legacy Cares requested authorization to use its last $22M in cash reserves. The funds are in an account dedicated to making loan payments. With the Board’s approval, Legacy Cares may now use the money for operations, consultants and other expenses incurred as it tries to raise new funding. Legacy is pursuing new re-funding bonds from the AIDA. Loan payments were missed in October, and it…

By Roland Murphy for AZBEX The Phoenix City Council will vote next week on whether to send a $500M general obligation bond request to voters on the Nov. 2023 ballot. The request covers 47 projects assembled after months of meetings and negotiations between City leadership, department staff and community members. It would be Phoenix’s first request since 2016. The General Obligation Bond Committee broke the requests down into seven program areas. The specific areas and their funding totals are: Arts & Culture: $50,385,000; Economic Development & Education: $38,000,000; Environment & Sustainability: $26,000,000; Housing, Human Services & Homelessness: $63,000,000; Neighborhoods &…

Even though the National Association of Home Builders reports a marked decline in single-family construction, multifamily continues to flourish, especially in suburban markets. NAHB’s Home Building Geography Index for Q3 reported large metro suburban counties saw apartment construction increase from a growth rate of 18% up to 27.5%. Construction in large metro core counties grew 7.1%. In large metro outlying counties, the growth rate decreased from 44.1% to 31%. Experts attribute the growth to renters’ desire for walkable, modern living choices, which pushes new construction because those features are largely lacking in legacy apartments. They warn, however, the sector could…