Author: BEX Staff

Awards & Accolades 1. The Arizona Association for Economic Development announced nine economic developers and business professionals from across the state have earned their AZED Pro designation from The Academy of Arizona, AAED’s formal education program. 2022 Designees are: John Ahumada, Town of Queen Creek; Tennille Hiller, City of Buckeye; Sheila Hunt, City of Peoria; Tricia Lewis, City of Cottonwood; Rogelio Martinez, City of San Luis; Ashley Mazariegos, City of Buckeye; Christian Price, Maricopa Economic Development Alliance; Andrew Ridley, Arizona Office of Economic Opportunity; Ryan Wissmann, Town of Marana. Giving Back 2. More than 4,500 Arizona students and 76 exhibiting…

Sales Transactions 1. Avanti Residential has partnered with FCP in the acquisition of Omnia on Thomas, a 382-unit apartment community in Phoenix, for $65M. Recognized for its chic and colorful exterior with a coveted American Society of Interior Designers Adaptive Use Award, the project will receive a fresh capital infusion of approximately $12K per unit, largely in interior apartment upgrades. 2. Eastyn Park, a 279-unit apartment complex in Tucson, has sold for $42.5M. Hamid Panahi, Clint Wadlund, Art Wadlund, Steve Gebing and Cliff David of Institutional Property Advisors – a division of Marcus & Millichap – represented seller Sheiner Group/Living Well…

As the development plan for the Tempe Entertainment District proposal between the Arizona Coyotes and the City of Tempe makes its way through various hearings, meetings, reviews and approvals before, possibly, going on the ballot for a public vote, Tempe has released a more complete set of components included in the plan. Bluebird Development LLC – the Coyotes’ development entity for this project – has included the following for the 46-acre landfill site at Rio Salado Parkway and Priest Drive: A 16,000-seat hockey arena, 1,995 apartments (1,396 one-bedroom, 399 two-bedroom, 200 three-bedroom) across eight buildings, One 300-room and one 200-room…

By Roland Murphy for AZBEX Optima, Inc.’s rezoning request to allow for a new 1,390-unit multifamily/36KSF commercial space development on nearly 22 acres at the NEC of Scottsdale Road and Mayo Blvd. is scheduled to go before the Scottsdale City Council this week. The Scottsdale Airport Advisory Commission has found no conflict with the development, and the Planning Commission recommended it to Council for approval in its meeting last month. The proposal has generated opposition from various groups opposed to dense development, “urbanization,” and multifamily projects in general. Stated reasons include the buildings’ heights – which could reach 133 feet…

Phoenix City Council has issued the final approval necessary to redevelop the 50-year-old Metrocenter Mall site. Council approved a development agreement between Phoenix and Phoenix IG, LLC (Concord Wilshire and TLG Investment Partners), allowing the project to move ahead. Phoenix IG is also working in association with Hines on the redevelopment. To be built in phases, the 5MSF project will include nearly 3,200 multifamily units, two hotels, 100KSF of retail space, a plaza and park space. A total of 6,300 parking spaces is also planned. The City projects the total investment at buildout will be approximately $1.14B. The agreement calls…

By Roland Murphy for AZBEX Arizona’s seasonally adjusted unemployment rate increased to 3.9% in October, up from 3.7% in September, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate rose to 3.7%, up from 3.5%. In Oct. 2021, the state had a seasonally adjusted rate of 3.9%, and the national was 4.6%. The state had a net gain of 31,000 non-farm jobs over the month. “Prior to the pandemic, nonfarm employment averaged a gain of 27,800 jobs in October (2010-2019),” the report states. Government gained 800, far fewer than the pre-pandemic average of…

While three of the four municipal project requests put before Casa Grande voters in the general election failed, Mayor Craig McFarland has expressed his gratitude that a $51M street and transit request passed. Voters denied requests for upgrades to two parks and a public safety request for new fire stations and supporting equipment. The transportation request passed by just 246 votes. Monies from the transportation bond will go to expand Fifth Street, Trekell Road from Rodeo to Val Vista and McCartney Road from Pinal to I-10, according to McFarland. He said the length of the ballot and number of questions…

Multifamily Developer Confidence Falls By National Association of Home Builders The prospects for continued high levels of multifamily development declined significantly in the third quarter, as did the prospects for continued high occupancy rates, according to results from the Multifamily Market Survey released by NAHB. The MMS produces two separate indices. The Multifamily Production Index decreased 10 points to 32 compared to the previous quarter while the Multifamily Occupancy Index fell 15 points to 45. The MPI measures builder and developer sentiment about current production conditions in the apartment and condo market on a scale of 0 to 100. The…

Awards & Accolades 1. The Building Owners and Managers Association of Greater Phoenix recognized its members recently at the 2022 BOMA Fall Gala Awards banquet at The Scottsdale Resort at McCormick Ranch. The honorees were: Allied Partner of the Year: Michael Caratachea, BrightView Landscape Services; Building Engineer of the Year: Tim Laford, Ryan Companies; Committee Chair of the Year: Amanda Forsmo, Ryan Companies; Committee Member of the Year: Bella Barker, Ace Building Maintenance; Positive Attitude Award: Matt Huggins, EDGE Building Services; Property Manager of the Year: Amanda Forsmo, Ryan Companies; Service to the Profession: Kathryn Rhinehart, MODE Commercial Property Management;…

Sales Transactions 1. Marcus & Millichap has announced the $91M sale of the 336-unit apartment community Trailside at Hermosa Pointe in Phoenix. Steve Gebing and Cliff David of Institutional Property Advisors – a division of M&M – represented seller Weidner Apartment Homes and procured buyer Knightvest Capital. 2. Institutional Property Advisors – a division of Marcus & Millichap –announced the $21.8M sale of the 144-unit multifamily community Elevate in Tucson. IPA’s Clint Wadlund, Hamid Panahi, Steve Gebing, Cliff David and Lane Schwartz represented seller Sheiner Group/Living Well Homes. 3. Cushman & Wakefield announced the firm has brokered the sale of Black…