Author: BEX Staff

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…

The Queen Creek Town Council is expected to vote this week on a rezoning request for a new 847.6KSF speculative industrial development near Germann and Meridian Roads. Phelan @ Meridian will place six buildings of between 122KSF and 165.1KSF on approximately 47 acres. Each building will feature 6KSF of office space and will be configurable for single occupants or multiple tenants. (Source)

Plans for a new temporary soccer stadium for Phoenix Rising FC have advanced with the Phoenix City Council’s 8-0 vote to approve an approximately 10-acre site at 38th and Washington Street. The plan calls for the construction of a new stadium and associated facilities on Phoenix Sky Harbor International Airport land at the northeast end of the airport. Components may include practice facilities, concessions and a portable sportsbook. This will be the team’s third temporary facility. It has played at the Phoenix Rising FC Soccer Complex at Wild Horse Pass in Chandler since 2021. Before that, games were held at…

By Roland Murphy for AZBEX The Surprise Planning and Zoning Commission will hear a request this week for a site plan to allow the development of a 274KSF warehouse and office project at the SEC of 137th Avenue and Soledad Street. The Surprise Pointe Industrial proposal calls for a 260KSF warehouse space and 13.7KSF accompanying office area in a single building on 16.23 acres in the Surprise Pointe Planned Area Development. P&Z approved a master site plan for Surprise Pointe in 2006. Under the existing PAD, building height maximums are set at 35 feet. The application requests an extension to…