Author: BEX Staff

The City of Mesa is facing a potential lawsuit over claims its zoning and land use regulations damaged a local business owner. Under Arizona law, if a jurisdiction enacts land use legislation that negatively impacts the value of a property owner’s land, the owner is entitled to compensation. Toms Investment LLC, managed by Alan Tom, owns a 2.24-acre vacant parcel north of University Drive and Ellsworth Road. The company took ownership in 1999. The land is zoned for limited commercial uses, which generally includes a car wash or other automotive-related businesses. Last October, Toms entered into a ground lease letter…

The City of Tempe is proposing three separate bond issues for a combined total of more than $500M. The funds would go toward Capital Improvement Projects, consistent with public wishes gleaned from surveys, as well as the goals of General Plan 2050. According to the City, “Owners of a median home in Tempe with a full cash property tax value of $410K will pay additional secondary property taxes of about $74. Tempe’s plan of financing is to pay off some existing general obligation bonds before issuing the new bonds and the portion of the existing secondary property taxes that was…

Awards & Accolades 1. Schnitzer Properties President and CEO Jordan Schnitzer received the Cornerstone Award at Sun Corridor Inc.’s annual luncheon. The award recognizes community leaders for significant contributions to strengthening southern Arizona’s economy. The company is breaking ground on 334KSF in new industrial developments in Tucson. 2. Jeremy Sharpe, the Managing Partner of Rancho Sahuarita and President of Sharpe Development Group, is the recipient of the 2024 CopperPoint Small Business Leader of the Year. The award was presented at the CopperPoint Copper Cactus Awards ceremony. Sharpe has also raised more than $3M for brain cancer research. New Hires 3.…

Sales Transactions 1. Cushman & Wakefield has arranged the $18M sale of Pima Street Logistics Center, a 97.2KSF standalone industrial building on approximately 4.2 acres in Phoenix near Sky Harbor. The infill building is currently 100% leased to three tenants. The property was acquired by an Ares Management Real Estate fund and will be managed by Ares Industrial Management. C&W’sWill Strong, Michael Matchett and Molly Hunt represented the seller, Berkeley Partners. 2. MLS Realty LLC was represented by Keyser Commercial Real Estate in its sale of a 78.7KSF industrial property at 7885 N. Glen Harbor Blvd. The property sold for…

By American Institute of Architects It has now been nearly two years since (architectural) firms saw sustained growth. However, clients are still expressing interest in new projects, as inquiries into work have continued to increase during that period. However, those inquiries remain challenging to convert to actual new projects in the pipeline, as the value of newly signed design contracts declined for the fifth consecutive month in August. Business conditions softened in all regions of the country in August, with firms located in the West reporting the softest conditions for the second consecutive month. Billings were flat at firms located…

PulteGroup has submitted plans for a 6,355-acre master-planned development in north Phoenix. The land belongs to Arizona State Land Department and is south of Taiwan Semiconductor Manufacturing Co.’s plant, just west of Interstate 17. A land auction will be required but has not yet been scheduled. Documents show the developer is requesting a maximum of 19,247 dwelling units, ranging from single-family to high-density apartments. The site contains six “master development parcels” that each carry a variety of land uses. The parcel closest to TSMC is called the “innovation corridor” and could potentially include employment, manufacturing and regional commerce. Residential units…

By CJ Jorgensen for AZBEX The City of Buckeye’s Planning & Zoning Commission recommended approval of a minor General Plan amendment and rezoning for the proposed Ventana Ranch South master-planned development at its Oct. 8 meeting. The minor General Plan amendment and rezoning requests were submitted concurrently with one another. A 55.1-acre portion of the overall parcel will be changed. The land sits at the NEC of West Southern Avenue and South Watson Road. Prior to the amendment, the land was designated as Neighborhood. The proposed changes would consist of approximately 11.2 acres remaining Neighborhood while approximately 43.9 acres change…

By Western Retail Advisors Phoenix-based retail brokerage specialist Western Retail Advisors has announced the completion of a 20.45-acre, $14.4M land acquisition in San Tan Valley, purchased for the development of a 318-unit apartment project. Jake McClaughry and Brian Gausden of Western Retail Advisors represented the property buyer, Z Modular, a division of Zekelman Industries. Matt Rinzler of Insight Land and Investments represented the property seller, Diversified Partners. The San Tan Valley land site sits at the SEC of Gantzel Road and El Parque Lane. It is surrounded by single-family housing and is walkable to major national retailers and restaurants. It…

The Church of Jesus Christ of Latter-day Saints has announced Queen Creek will be one of seven U.S. and 10 international communities where the next round of new LDS temples will be built. There are currently six completed temples in the state, three of which are in the Valley. A seventh temple was announced for Yuma in April. The state’s oldest LDS temple is in Mesa. The structure was dedicated in 1927 and underwent a three-year, multi-million-dollar renovation that culminated in a rededication in 2021. Church officials said Queen Creek’s reputation as a family-friendly community, the area’s significant growth and…

What kind of landing the current collection of economic difficulties and the processes used to try to correct them will result in appears to be largely anyone’s guess at the moment. The Federal Reserve, economists, companies and players involved in business and the financial markets have mostly been aiming for a “soft landing,” in which inflation gradually decreases without triggering a recession or large-scale unemployment, as would happen in a “hard landing.” There exists, however, the possibility of “no landing,” in which inflation lingers but economic growth and employment remain strong, giving the Fed no room for additional interest rate…