Author: BEX Staff

The Regional Transportation Authority in Pima County is facing a funding shortage that could leave projects approved by voters in 2006 without the means to complete them. Only Tucson-based projects remain to be funded, and Tucson must either provide $150M of its own money or set the amount in projects in the next 20-year plan. That plan – RTA Next – could go to the ballot in 2024. The current plan expires in June of 2026. In the original RTA plan, voters authorized $1.6B in projects under a half-cent sales tax. RTA Next will continue the program with another $2B…

Arizona is scheduled to receive $109.5M under the Infrastructure Investment and Jobs Act this year to improve water systems. While that’s far less than the $1.4B state officials say is needed, it is far more than some states will receive. The allocation consists of $50.9M to replace lead pipes, $13.6M to deal with PFAS contamination and $32.3M for other projects. The state will also receive $12M under a base grant from the Environmental Protection Agency. The Water Infrastructure Finance Authority of Arizona has received 34 applications from local governments totaling more than $1.4B in water projects in this fiscal year.…

By Roland Murphy for AZBEX Add one more large-scale industrial development to the nearly $2B and 19MSF in Buckeye’s planning and development pipeline. Merit Partners is requesting a site plan approval for Merit Buckeye Industrial Park – a 414KSF building and 136.5KSF outdoor storage yard near the SEC of Turner and Baseline roads. The site lies approximately one mile west of SR 85. As Carefree Partners VP Scott Phillips discussed at the BEX Companies Leading Market Series September Session: Commercial Real Estate Hot Spots, the area around I-10 and SR 85 is a key industrial development zone both in terms…

A new retail center may be going up in Gilbert’s Morrison Ranch community. Fred Meyer Stores, Inc. paid $4.6M in August of 2016 for a 21-acre property at the NEC of Power and Elliot roads. Fred Meyer is an affiliate of Kroger Company, the parent company of Fry’s Food Stores. Gilbert officials say Fry’s is planning a 120KSF store that will anchor the Morrison Ranch Commercial Center development. No other tenants have been announced. The Gilbert Planning Commission is expected to discuss the proposal in its Oct.5 meeting. (Source)

With an enrollment increase of 148% in the last 10 years, and student population increase of 33% expected in the next five, the Queen Creek Unified School District finds itself unable to build new facilities fast enough to accommodate demand. The District has built five new schools in the last five years and has two more in development. Stills it says nine of its 14 schools will be nearing or exceeding capacity in the 2023-2024 school year. QCUSD has requested nearly $40M from the School Facilities Oversight Board, which it will combine with local funds and $198M in bond funding,…

Awards & Accolades 1. For the second consecutive year, Tempe-based metal building contractor Arizona Corporate Builders, LLC has been named one of the Top 10 metal builders in the country, based on tonnage volume. Metal Construction News listed ACB as its #8 builder in is annual Top 100 report. ACB’s listing is up from #10 in 2021. Giving Back 2. Carlisle Construction Materials has donated energy efficient roofing materials to The Cosanti Foundation. The Foundation will use the materials in its efforts to restore its signature Cosanti property at 6433 E. Doubletree Ranch Road. Company News 3. Panattoni Development Company…

Sales Transactions 1. SB Real Estate Partners has purchased Obsidian on Ocotillo Apartments located near the I-60 freeway and SR101 in Glendale for $56.4M. Tower 16 Capital Partners sold the property and were represented by Jesse Hudson, Trevor Koskovich, and Bill Hahn of Northmarq Phoenix. The new owners plan to improve the property further during their ownership. 2. Graham Street Realty, an affiliate of Hamilton Zanze, has made its first purchase in the Arizona market by acquiring Cimmaron Industrial Park in the Scottsdale Airport Industrial submarket. The deal closed on Aug. 26, 2022, for a purchase price of $27.5M. The property is…

Owner Sound Builders Group LLC is planning a 56-unit multifamily development in Apache Junction at the NEC of Superstition Blvd. and San Marcos Drive. The Apache Junction Planning and Zoning Commission voted in favor of a conditional use permit last month. Tentatively called Circle Trail Suites, the two-story, gated development will consist of three-plex and four-plex units, each with a private garage. The overall aesthetic is intended to evoke a “compact single-family subdivision,” according to the project narrative. Planned amenities include a park, a swimming pool and a recreation area. (Source).

By Roland Murphy for AZBEX For the past several years, Arizona in general and the Greater Phoenix area in particular have been among the hottest spots in the U.S. for commercial real estate development. September’s BEX Companies Leading Market Series event outlined for attendees how and why – even in this booming market – some spots are hotter than others. Led by moderator Martha de Plazaola Abbott – principal and managing director at Gensler – a panel of three representatives from Arizona’s most booming CRE areas explained their visions, challenges and hopes for the future. The panel consisted of: Brian…

The main City Center Motel building at 6th Avenue and Van Buren Street in Phoenix will be incorporated into a new EV Hotel by franchise owner Fabius Enterprise LLC. The EV AI Hotel will have 114 rooms and feature extensive use of “smart technology” incorporated into the guest experience. Fabius had applied to demolish the existing motel buildings last year but altered its plan after encountering resistance from preservationists. The main building’s Googie-style concrete structure and porte cochere will be incorporated into the new design. The original 46-room hotel was built in 1959. The Central City Village Planning Committee will…