Author: BEX Staff

Editor’s Note: In our May 17 edition, we published an expansive article based on multiple international reports, Taiwan Semiconductor Manufacturing Company investor materials, and commentary from a senior TSMC official about the company’s potential to expand its Phoenix operations into six-phase “GIGAFAB®” facility that has the potential to increase final fabrication space to as much as 17.25MSF. (AZBEX, May 17) A report in the Wall Street Journal this week confirmed the possibility that Taiwan Semiconductor Manufacturing Company may be planning an expansion to its facility currently in development in north Phoenix. Reports say that “in the coming months” the company…

After including a “peace of mind” stipulation that a part of Trilby Wash will be designated as a wildlife corridor and protected from development, Surprise City Council recently approved multiple rezonings for a 320-acre property on the City’s far west end. There are no immediate plans to develop the site, which lies between Deer Valley and Pinnacle Peak roads and between 227th and 231st avenues. Some Council members said they felt the stipulation was redundant, since the design standards in place for the site already include buffer requirements next to environmentally sensitive areas like Trilby Wash. Representatives of RVi Planning…

By Roland Murphy for AZBEX We can take yet another arrow out of the NIMBY quiver. A new study has shown clear evidence that publicly subsidized/incentivized low-income housing does not lower surrounding home values in the neighborhood. In fact, it can increase them. The study examined 508 developments that received Low-Income Housing Tax Credit program funding between 1997 and 2016 and used local property assessments and tax records to examine more than 600,000 nearby residential property sales. According to the summary article, “We found that, relative to comparable homes in other neighborhoods, average home prices jumped by 10% within a…

Groundbreakings 1. With the demolition of the former Ladlow’s Fine Furniture building, work has begun on Modera Kierland, a two-section,438-unit multifamily development on Scottsdale Road in north Phoenix. 2. General contractor A.R. Mays Construction announced it has begun construction on the $23M, 98KSF Andretti Indoor Karting and Games facility in Chandler at the NWC of Northrop Blvd. and Cooper Road. Project delivery is expected next November. 3. Queen Creek broke ground recently on the 13-acre Phase II expansion of Mansel Carter Oasis Park. The expansion will add a variety of new sports and recreation facilities, more restrooms and parking, and…

The Phoenix Convention Center is considering expanding its south building, adding a hotel and creating a new entertainment district to make it a more competitive draw and to lure visitors downtown. The City recently requested an update from Convention Sports & Leisure International on a needs assessment report it had commissioned in 2020. Convention Sports & Leisure International’s John Kaatz told the City’s Economic Development and Equity Subcommittee in an Oct. 26 meeting that Phoenix is a mid-level contender for convention opportunities but has the chance to improve with the right investments. Kaatz’s three main recommendations are expanding the south…

By BEX Staff for AZBEX The University of Arizona recently announced two major funding awards for its UA Center for Advanced Molecular and Immunological Therapies in the Phoenix Bioscience Core. CAMI is planned as a 293KSF building dedicated to supporting “research to catalyze the next generation of precision health care treatments,” according to a UA announcement. UA describes the project by saying, “CAMI will serve as the anchor for an innovation district that aims to differentiate Phoenix from other emerging life sciences hubs, establishing the Phoenix Bioscience Core as a center of cellular and gene-based therapy research, startup activity and…

The Peoria Planning and Zoning Commission recommended an 81KSF medical and office development with a commercial component at the SEC of Lake Pleasant Parkway and Jomax Road for approval last month. The request for Cielo Vista Medical Commons to be rezoned from Suburban Ranch to Planned Area Development will now advance to City Council. The proposed approximately seven-acre development consists of two buildings, one with a base height of 22 feet and one of 40 feet. Both buildings will have a minimum setback of 60 feet from the south property line. The total build area is planned for 81KSF. (Source)

A Mesa land deal that closed last week could lead to the development of a 72-unit apartment development. Hoa T. Lai (Enzo and Jax LLC) paid seller Omega Healthcare Investors $1.3M for three vacant acres on Brown Road near Country Club Drive. Preliminary site plans for Country Club Apartments were filed with the Mesa Planning Department in March for an apartment complex with three three-story buildings on the site. The application for site plan review identified Sen-Mesa Investment Properties LLC as the seller. In the application from BFH Group, the property is described as vacant land currently used by transients…

By Roland Murphy for AZBEX The West Valley’s push to add new industrial space will hear another contender in the mid-size division this week. Tolleson City Council will hold a site plan application hearing Nov. 8 on a proposal to build two tenant industrial office buildings on approximately seven acres at 8505 W. McDowell Road. Both single-story buildings are planned for 52,318SF, according to the submitted site plans. Each building will have approximately 5,438SF of office area and 46,880SF of warehouse space. Both will feature four overhead doors at grade and two truck wells with eight overhead doors. Clear heights…

SimonCRE has begun development at Prasada North, a new retail development intended to expand the options provided by the company’s Village at Prasada master-planned development in Surprise. Village at Prasada features a 700KSF shopping center with retail, restaurants and multifamily components. Prasada North will provide an additional 350KSF of “retail, restaurants and shops,” according to the company. The development reportedly already has leases and letters of intent in place for more than 95% of the available space. (Source)