Author: BEX Staff

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)

By Roland Murphy for AZBEX The U.S. construction industry added a net 1,000 new jobs in October and construction unemployment is down in 42 states year-over-year as of the end of September, according to a pair of recent announcements from Associated Builders and Contractors. Construction unemployment in Arizona is up approximately 0.2% year-over-year for September. The national construction unemployment rate dropped 1.1% for the month, going from 4.5% down to 3.4%, according to ABC’s analysis of U.S. Bureau of Labor Statistics data. Nonresidential construction employment is still lower than its pre-pandemic peak, but ABC reports residential construction has fully recovered.…

Giving Back 1. The 2nd Annual Ellen Kirton Memorial Charity Fundraiser, presented by the Arizona Association for Economic Development Southern Committee, is scheduled for Nov. 9 at the Lodge on the Desert, 306 N. Alvernon Way in Tucson. The event raises money for Mobile Meals of Southern Arizona. Representatives of the organization will be present to talk about their charity. Proceeds from a raffle will benefit Mobile Meals as well. 2. More than 40 students attended the second annual CCIM/GCU Mentorship Speed Networking Event held recently at the Colangelo College of Business at Grand Canyon University. CCIM Central Arizona Chapter mentors and GCU…

Sales Transactions 1. Braemar Hotels and Resorts Inc. will purchase the 210-room Four Seasons Resort Scottsdale for $267.8M from Strategic Hotels & Resorts. $26.8M has been placed in escrow pending the purchase agreement’s closing or termination. 2. Nelson Partners Student Housing has sold the 340-unit/972-bed student housing property Sol y Luna Apartments in Tucson to Vesper Holdings for $203M. Vesper plans more than $7M in improvements on the property. Nelson was represented by Brad Cooke with Colliers. Tim Bradley of TSB Capital Advisors represented Vesper. 3. Cushman & Wakefield has advised the sale of a 156KSF light industrial portfolio in…

Two new industrial projects have been proposed in the West Valley. Nexen DC LLC (Nexen Properties) has proposed a speculative warehouse/distribution/manufacturing development on 27.65 acres in the master-planned Copperwing Logistics Center. The project will feature three buildings of 132.9KSF, 172.2KSF and 205.5KSF. Nexen plans to occupy one of the buildings. Ware Malcomb is the project architect. Completion is expected next fall. Cardinal Capital to Build in Buckeye The other project is a proposal from Cardinal Capital Company LLC asking to rezone approximately 226 acres near the SWC of SR 85 and Broadway Road in Buckeye. Cardinal Capital Industrial Park is…