Author: BEX Staff

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…

The Gilbert Town Council is scheduled to vote to approve the $4.6M sale of 2.88 acres at the south end of the Heritage District for a mixed-use development. The South Anchor plan has been called a critical component in the District’s development, serving as a gateway into downtown. The agreement under consideration with Keeley Development Group would create a 344KSF building with 200 residential units wrapped around a parking structure, 2KSF of general commercial and 2KSF of community/co-working space. A grocery store is one possible use for the area. Unlike some projects previously proposed in the Heritage District, the developer…

By Roland Murphy for AZBEX The Maricopa Association of Governments has released the 2022 Annual Report on the Status of the Implementation of Proposition 400, a comprehensive review of the progress made on transportation projects funded under the half-cent sales tax most recently approved by Maricopa County voters in 2004. According to the announcement on MAG’s website, “Valley residents have seen 410 new corridor miles of freeways, 252 miles of street projects, and millions of additional miles of bus service since the implementation of Proposition 400.” MAG is required by law to produce the annual report and does so in…