Author: BEX Staff

Two major road projects have been put on hold in the midst of a funding shortfall and dispute between the City of Tucson and the Regional Transportation Authority. The Tucson City Council voted Oct. 18 to delay the projects Houghton Road from Broadway to Tanque Verde Road and 22nd Street from I-10 to Kino Parkway. Eleven Tucson projects are embroiled in a funding shortfall of between $130M and $170M faced by the RTA. Voters approved a half-cent sales tax in 2006 for $1.9B of infrastructure projects in Pima County, but the 11 projects in Tucson are not yet fully funded.…

By Associated Builders and Contractors The U.S. economy expanded at a 2.6% annualized rate in the third quarter of 2022, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Economic Analysis. Investment in nonresidential structures decreased at an annual rate of 15.3% for the quarter and has now contracted in 10 of the past 12 quarters. “Today’s GDP report could be considered the calm before the storm,” said ABC Chief Economist Anirban Basu. “Growth is likely to slow significantly going forward, but for now, the U.S. economy continues to expand as consumers keep…

Awards & Accolades 1. National publication Insurance Journal named INSURICA the Best Independent Agency to Work For in America following their annual survey of employees. The publication revealed the honor in their October 2022 issue. More than 3,500 customer service representatives responded to their survey. While INSURICA regularly appears on IJ’s list of vote getters, 2022 was the first time the agency appeared at the top of the list. Boards & Commissions 2. James P. Robertson of Realty Executives Arizona Territory in Tucson has been elected to serve on the 2023-2025 Certified Commercial Investment Member Institutes Board of Directors, 2023…

Sales Transactions 1. ViaWest Group has completed the sale of Central Logistics Center, a 24.9-acre industrial complex housing three Class A general industrial buildings and a cold storage building. Cushman & Wakefield’s Will Strong and Greer Oliver – along with Cooper Fratt, John Werstler and Tanner Ferrandi of CBRE – represented ViaWest Group in the sale to Westcore. 2. Tower 16 Capital Partners has sold the 258-unit Sierra Vista and 201-unit La Mirada Apartments multifamily communities in Tucson for $65.15M to an undisclosed buyer. Tower 16 bought the properties approximately two years ago for $36M and invested $4.9M in renovations…

By Roland Murphy for AZBEX A new mixed-residential and commercial master plan could soon come to Pinal County if a proposal by El Dorado Holdings is allowed to proceed. El Dorado Holdings is the company behind several major planned and in-process developments around the state. Their projects include the REV-branded Build-to-Rent communities in San Tan Valley, Queen Creek and Maricopa, and they are co-developers of the Douglas Ranch and Trillium Village master plans in Buckeye. Requests filed with the Pinal County Planning and Zoning Commission on behalf of Langley AZ Farms 150 LLC and El Dorado affiliate El Dorado Arizona…

Sparrow SFG – a 110-unit rental community on 11 acres near Ironwood and Ocotillo roads – has been approved by the Queen Creek Town Council. Homes in the development will be either one or two stories configured as either standalone units or duplexes, all with porches and private backyard areas. Amberlin Queen Creek, a 199-unit senior housing development also by Sparrow Partners, is located just to the west of the newly planned development. The new rental community will have two basic designs and 11 different building types ranging from one-bedroom to four-bedrooms. (Source)

Despite an ongoing drive to attract employers and a housing shortage causing some of the highest rents and home prices in the state, the Queen Creek Town Council directed staff last week to draft a General Plan amendment that would relegate multifamily development to areas in or near employment or commercial zones. Officials said allowing multifamily in Neighborhood-zoned areas does not reflect the Town founders’ vision for the community and would be detrimental to the town’s character. Median prices for single-family homes in Queen Creek are $600K, according to analysts, and two-bedroom apartments average $2,500 per month. The town has…

An investors conference call by bond trustee UMB Bank provided new details on Legacy Cares, Inc. (Legacy Sports, LLC)’s default at Bell Bank Park in Mesa. The project is now officially in default, with bond payments not made and contractors not having received payment. UMB representative Michael Slade said the project has never brought in sufficient revenues to cover payments since the project was completed and opened. The site is owned by Pacific Proving LLC, leased by non-profit Legacy Cares and operated by for-profit Legacy Sports. The project was losing, on average, $800K per month, according to Legacy Sports USA…

Awards & Accolades 1. The Arizona Chapter of the American Society of Landscape Architects had their awards gala recently and provided numerous awards for Arizona projects. The Project Awards and recipients were: Granite Mountain & Fraesfield Trailheads – Honor Award: SmithGroup;Roadrunner – Honor Award: Collaborative V Design Studio;Biodesign Institute at ASU Building C – Honor Award: Trueform Landscape Architecture;Arcadia Neighborhood Learning Center – Award of Excellence: Colwell Shelor;Sznewajs Residence – Honor Award: Collaborative V Design Studio;Fez Way Residence – Award of Excellence: The Green Room Collaborative;Casa Blanca Retreat – Honor Award: The Green Room Collaborative;Edison Eastlake Community Master Plan – Award…

Two apartment projects won recommendations for approval, and another was sent back to the drawing board, at the Scottsdale Design Review Board’s Oct. 6 meeting. Chaparral Commons The first plan recommended for approval was the 225-unit Chaparral Commons – also known as Gold Dust Ave & Scottsdale Rd Multifamily – which also includes 11.4KSF of commercial space on 4.6 acres near the intersection of Scottsdale Road and Gold Dust Avenue. Three amendment requests have been added to the plan since it was originally proposed. In the first, the building would be set back more than the minimum, which will be…