Author: BEX Staff

By Roland Murphy for AZBEX Rider Levett Bucknall’s National Construction Cost Index kept climbing in the second quarter, growing to 234.42, versus 228.93 in Q1. In Q2 2017 the Index stood at 182.16 and climbed steadily to 208.96 in Q2 2020. Because of the pandemic, the index remained largely flat until Q1 2021 when it began climbing from its then-rate of 211.90. By Q2 2021, the rate accelerated, continuing to hook upward on through the end of this June. The firm notes that the U.S. quarterly national average construction cost increase is approximately 2.4%, compared to 7.5% year-over-year. On a…

Heritage Place at Litchfield Square is the first planned commercial development under the city’s master-planned city center. The 26-acre Litchfield Square site – formerly called the Litchfield Park City Center – already has plans in place for parking garages, and infrastructure improvements in support of the development are partially completed, with one phase under construction and another planned for completion this December. The new mixed-use development will feature approximately 40KSF of total build area spread across multiple buildings on the north side of the site. Plans include 18KSF of office, 8KSF of restaurant space and 14KSF of retail. The two-story…

By Roland Murphy for AZBEX Fresh on the heels of the August Leading Market Series event on Advanced Manufacturing, BEX Research staff has uncovered plans for a new 1.3MSF data center as part of the Hermosa Ranch Technology Park Master Plan. The 308.9-acre master plan site, located south of the SWC of Avondale Blvd. and Lower Buckeye Road, is currently going through review for a Planned Area Development rezoning and General Plan Amendment. According to the submitted narrative for Hermosa Ranch Technology Campus – South, where the data center will be located, “The Property is currently zoned PAD as part…

By Roland Murphy for AZBEX A vacant office development on 6.74 acres at the SWC of Lincoln and 5th streets in downtown Phoenix is poised for redevelopment into a 356-unit multifamily development under a proposal from Trinsic Residential Group. According to the submitted project narrative, the site is currently occupied by a 62.9KSF office development and a surface parking lot. The two-story Lincoln Union office space was an adaptive reuse project that transformed an earlier warehouse in January 2020. Tenant improvements were completed in February 2021 on roughly 11.6KSF as a model office to showcase the building’s potential for prospective…

Following roughly six months of research, representatives of consulting firm Thomas P. Miller and Associates recently presented Yuma City Council with an overview of its examination into what industries would be a good fit for the City’s economic development goals. The study was funded by Arizona Public Service and examined various industries and subsectors that could best align with Yuma’s assets and long-term goals. Among the examination criteria were growth potential, the opportunity to diversify in the community and the potential impact various industries could have on the regional economy. Representatives said they wanted companies and industries that were on…

Awards & Accolades 1. Plaza Companies CEO and Co-founder Sharon Harper has earned “AZRE Magazine”’s first Icon Award. The award will be presented at the annual Most Influential Women in Arizona celebration on August 25th. 2. Hensel Phelps’ diversity and inclusion efforts received national recognition by the Associated Builders and Contractors, Associated General Contractors and the U.S. Small Business Administration. This year’s diversity trifecta includes the ABC National Inclusion, Diversity and Equity Excellence Award in the General Contractor category, the AGC Diversity & Inclusion Excellence Award in the General or Specialty Contractor – Large Contractor category and the SBA Dwight…

Sales Transactions 1. Newmark announced the $93.5M sale of 44 Monroe, a 184-unit luxury multifamily community in downtown Phoenix. Newmark’s Brad Goff, Brett Polachek and Chris Canter represented the seller, HSL Asset Management, in the sale to an undisclosed buyer. 2. Decron Properties has purchased The Wyatt, a 216-unit multifamily development in Gilbert, for $91M. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented seller Thompson Thrift Residential. 3. Cushman & Wakefield announced the firm has advised Holualoa Companies and LaPour Partners in the $66.35M sale of Camelback Collective, a recently constructed 115.8KSF…

By Roland Murphy for AZBEX A near-capacity crowd packed into a conference room at ASU SkySong Building 3 for the BEX Events Leading Market Series panel on Advanced Manufacturing on August 3rd. Moderated by City of Phoenix Community and Economic Director Christine Mackay, a panel comprised of Sundt Corporation Sr. VP Chad Buck, JLL Capital Markets Group Sr. Director Carl Beardsley and Farnsworth Group Principal Terry Rucker gave their views on the history, current state and projected future of advanced manufacturing as both an economic force and construction market presence in Arizona. After setting the scene with a quick overview…

As the planning and approvals process for Andretti Karting & Games’ Chandler location makes its way to the finish line in anticipation of starting construction this fall, the company is revving up for a second Valley location near State Farm Stadium and Loop 101 in Glendale. The company paid $10.5M to BYPG Holdings LLC for the roughly 12-acre site last month. The 96KSF entertainment outlet will feature an indoor karting track, arcade, laser tag arena, restaurant/bar, 6KSF venue area and a duckpin bowling center, as well as virtual reality and immersive experience attractions. The Beck Group is the new facility’s…

After losing a vote before the Mesa Planning and Zoning Board last October, Sweetwater Companies has returned and won a 5-0 vote to rezone its planned 222-unit Homestead at Lehi Crossing development at Gilbert and McDowell roads. Many area residents opposed the development in its initial offering, saying no apartment development could fit the area character. They also expressed concerns about building height, the potential for increased crime, traffic impacts – including a planned traffic circle – and harm to area’s “equestrian lifestyle” and historic character. Prior to the rejection, the developer made repeated changes to the proposal in an…