Author: BEX Staff

Residents in rural areas included in the City of Surprise’s planning area are expressing growing concern about a master-planned rail hub proposal from BNSF and a number of planned residential developments also proposed for the greater region. Worries range from impacts to the long-standing character of the area to increased traffic to strain on the overall infrastructure. The two primary drivers accelerating the pace of proposed development are BNSF’s planned rail and logistics center and the residential and supporting services demand generated by the Taiwan Semiconductor Manufacturing Company plant under construction in north Phoenix. In a virtual neighborhood meeting earlier…

Alternative-fuel truck manufacturer Nikola Corporation has paid $16.5M for a 920-acre site in south Buckeye west of SR 85. The purchaser was listed as Phoenix Hydrogen Hub LLC, represented by Peak Group LLC. The seller was Hardison Farms. Nikola currently produces battery-powered semitrucks and is working to add hydrogen-fueled trucks to its vehicle suite. The company is targeting availability for its first hydrogen-powered truck in the second half of 2023. Nikola has repeatedly said it plans to build a hydrogen production facility in Arizona to support its operations. The company said in August it plans to start construction this year,…

Groundbreakings 1. Vantage Data Centers has begun construction on Phase II at its Goodyear campus. The $1.5B campus will provide 160MW of capacity in three facilities totaling more than 1MSF. The development team includes McCarthy Building Companies, Corgan Architects, Rosendin Electric, Southland Industries and KW Mission Critical. 2. Thompson Thrift has broken ground at the planned 1MSF Elliot Tech Center campus at Elliot and Signal Butte roads in Mesa. When complete, the 75-acre site will be home to eight retail and industrial buildings. 3. The Hualapai Tribe and SOLON Corporation recently broke ground on the Grand Canyon West solar energy…

By Rebekah Morris for AZBEX The City of Scottsdale continues to direct much-needed funding to capital programs after years of under-investment in public assets. City voters approved a $319M bond measure in 2019, providing funding for capital projects such as fire stations, police stations and the Civic Center Plaza. Since the bond measures have passed, the City has moved quickly to deliver the promised projects, with wide-ranging improvements coming to nearly every part of town. The five-year total now sits at $2.033B, a whopping 78.03% increase YOY. In addition to bond funding, the City is realizing the benefit of federal…

By Roland Murphy for AZBEX A 2.38-acre midtown Phoenix infill site at the NWC of Central Avenue and Thomas Road once planned for a 15-18-story mixed development has come back to life after undergoing major revisions. Documents obtained by BEX Companies Research staff under a public records request show developer Bond Companies now plans a 31-story apartment tower with 360-units and a build area of 964.7KSF. The site has been owned by Pederson Group since 2002. Project History Pederson submitted the original development plans back in 2019. Those plans, approved by Phoenix City Council in Dec. 2019, called for a…

Chandler officials have joined with neighborhood opponents against a planned joint senior and workforce affordable multifamily development on unincorporated Maricopa County land on Ocotillo Road. Affordable housing developer Dominium Management wants to build The Landings at Ocotillo, which would create a 182-unit senior living complex and 336-unit multifamily complex on 25 acres. Estimated rents for the units would be priced at between 8% and 12% less than standard market rates, according to projections. Chandler officials’ stated opposition stems from the City’s efforts to market the area, which is surrounded by Chandler land, as an employment corridor. They met with Dominium…

The Phoenix City Council has approved a list of 150 City-owned vacant land parcels that could be used for affordable housing construction. Some developers have already expressed interest, and City staff has plans to request proposals. The Housing Phoenix Plan has a goal of creating or preserving 50,000 residential units by 2030. To date, the City says it has preserved or created 22,683. In a September Council meeting, Phoenix Mayor Kate Gallego said private developers have also increased housing production and that multifamily permit issuances have increased 64%. Land costs are a key component in determining development costs and the…

Twenty-four school districts in Maricopa County are seeking voter-approved funding in the upcoming elections. Funding requests come in the form of bonds for specific long-term projects like facilities construction, maintenance and operations overrides for standard expenses, and district additional assistance overrides to boost capital funding and cover extra expenses. Following is a snapshot of the districts looking for funding approval, the types and amounts. Agua Fria Union High School District $209M bond for multiple uses, including construction of a new high school,15% override renewal. Buckeye Union High School District 10% M&O override renewal. Cartwright Elementary School District 15% M&O override…

Giving Back 1. The Arizona Chapter of NAIOP has kicked off the second semester of partnering with Junior Achievement of Arizona to teach a course entitled “Real Estate Development and the Built Environment” to students at Gateway Early College High School. NAIOP Arizona volunteers teach students the basics of commercial real estate development, including different building types, entitlements and zoning, financing a project, putting together a team, and finding tenants. Company News 2. Colliers announced it will acquire a controlling interest in CRE property management firm Arcadia Management Group, Inc. Arcadia’s senior leadership will retain a direct equity stake in…

Sales Transactions 1. Baron Properties has bought the 222-unit Dana Park apartment community in Mesa for $64.6M. Seller OpenPath Investments was represented by Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, who also procured the buyer. 2. Cushman & Wakefield announced the firm has brokered the $40.3M sale of the newly constructed Laveen Park Place, a 109.2KSF retail shopping center in the Laveen area of Phoenix. The buyer was Tradewinds Capital LP. Seller LB 59th LLC – an entity of Kitchell Corp. – was represented by Michael Hackett and Ryan Schubert with Cushman & Wakefield in…