Author: BEX Staff

MODERNE Communities has bought 14 acres in the Gladden master-planned community in Marana for $4.35M. The developer plans to build MODERNE at Gladden Farms, a 182-unit Build-to-Rent community, on the site. The seller was Gladden Phase II, LLC. MODERNE was represented by in the purchase by Will White of Land Advisors Organization. Plans for the new BTR development call for one-, two- and three-bedroom units of between 839SF and 1,565SF. Amenities will include a clubhouse and fitness center, pool, electric vehicle charging stations, barbeque areas and pocket parks. MODERNE Communities hope to being construction sometime next year. (Source)

In finalizing a new income averaging rule for the Low-Income Housing Tax Credit last week, The U.S. Treasury Department may qualify more affordable housing developments. The income-averaging rule provides for a more broad mix of income levels for residents in qualifying projects. Previously, projects that qualified for LIHTC credits had to designate either a minimum of 20% of a development’s units to residents earning 50% or less of the Area Median Income or 40% of the units to 60% of the AMI. Under the revision, projects can qualify using an average of income levels instead of setting fixed limits as…

By Rebekah Morris for AZBEX The FY 2023 – 2027 Capital Improvement Program for Valley Metro continues to show declines in the five-year total. This year’s total comes in at $1.009B – the third year in a row the capital program shows a decline, as noted in the table. The decline is due to major capital projects wrapping up without new ones being added behind them. Unlike municipalities – which typically have expansion projects added to their CIP every year – Valley Metro’s projects are longer-range and have mostly been announced and contracted. Shift from Expansion to Maintenance The first…

By Roland Murphy for AZBEX While normally regarded as one of Arizona’s more pro-economic development and infrastructure governors, Governor Doug Ducey’s July veto of a bill that would have sent an extension of the Proposition 400 half-cent sales tax – a major funding source for Maricopa County transportation projects since 1985 – has already caused delays and ripple effects for major projects deemed essential for the county’s progress. After years of planning and extensive negotiations between the Maricopa Association of Governments, regional leaders and the Arizona State Legislature, HB 2685 was passed in the most recent legislative session. The bill…

By Macerich Macerich has announced the next phase of ongoing reinvestment in Scottsdale Fashion Square. Plans include an extensive interior and exterior renovation of the South Wing, building on the successful first phase that launched the property’s Luxury Wing in 2018. Macerich’s “properties with purpose” mean properties with more uses for more people: New, complementary uses coming soon to Scottsdale Fashion Square include high-end fitness + wellness destination Life Time Scottsdale and the new Caesars Republic Scottsdale boutique hotel. The latest announcement also marks the end of the 60th anniversary of Scottsdale Fashion Square. The next phase of the project…

By Associated Builders and Contractors The construction industry added 19,000 jobs on net in September, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has risen by 292,000 jobs, or 3.9%. Nonresidential construction employment increased by 13,100 positions on net, with growth in two of the three subcategories. Nonresidential specialty trade added 11,200 net new jobs, while nonresidential building added an additional 2,400. The number of heavy and civil engineering jobs decreased by 500 positions. The construction unemployment rate decreased to 3.4% in September. Unemployment…

Giving Back 1. Electrical workers gathered last month at the We-Ko-Pa Golf Club in Fort McDowell to raise more than $262K for The Rosendin Foundation at its Inaugural Fundraising Golf Tournament and auction. Boards & Commissions 2. Governor Doug Ducey has announced his four appointments to the new Water Infrastructure Finance Authority Board. The designees are David Beckham, Buchanan Davis, Johnathan Lines and Andy Tobin. Promotions 3. Juliana Jervis has been promoted to Operations and Events Manager at the Arizona Association for Economic Development. She first joined AAED in 2019. 4. Marisa Palomo has been promoted to VP of Arizona at The…

Sales Transactions 1. The 1.2MSF Building A of Cubes at Glendale (also known as Williams-Sonoma at The Cubes at Glendale, was purchased by JLL West Phoenix Distribution DST (LaSalle Investment Management) for $135M. Will Strong, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield represented the developer and seller, CRG (Clayco Realty Group). 2. Rise48 Equity purchased two apartment communities in metro Phoenix. The company paid $29.2M for the 120-unit Aspire Glendale Apartments in Glendale and $31M for the 124-unit Brookfield Apartments in Phoenix. Rise48 has planned $6.6M in improvements and upgrades. 3. The 200-unit Mission Tierra Apartments in Tucson…

Arizona Department of Transportation Director John Halikowski and attorneys for the Federal Highway Administration are taking a multi-pronged approach in their arguments to quash a lawsuit filed by opponents to the Interstate 11 freeway project. Plaintiffs including the Coalition for Sonoran Desert Protection, the Center for Biological Diversity, the Friends of Ironwood Forest and the Audubon Society filed litigation earlier this year opposing the planned highway. They claim the preferred route would have major environmental impacts, including harm to sensitive areas and protected or endangered species. Specifically, they allege the necessary evaluations of impacts on public lands were not completed…

Firefighters in Casa Grande are urging approval of a bond measure that would fund the building of new fire stations and the purchase of new equipment. The upcoming ballot proposition includes $22M in general obligation bonds that would, among other items, build new Station 505 and rebuild stations 501 and 502. Representatives of the local firefighters union said no new trucks have been added to the department’s inventory since 2010, despite a population growth of around 16,000 people. Casa Grande intends to issue new bonds through 2028 with a tax rate capped at $1.50. If all the proposed requests are…