Author: BEX Staff

Giving Back 1. The Arizona Association for Economic Development announced its second mentorship program participants, following a successful inaugural launch in 2021. The program pairs young professionals with experienced practitioners from around the state.  This year’s mentees are: Jaime Lyn Gonzales, Business Development Manager, City of Avondale; Desirae Mayo, Economic Development Specialist, City of Scottsdale;  Bianca Hernandez, Sales Manager, Phoenix Convention Center, and  Ashley Mazariegos, Economic Development Analyst, City of Buckeye. Mentors for 2022 are: Ken Chapa, Economic Development and Tourism Director, City of Avondale;  Richard Wilkie, Economic Development Director, City of Casa Grande;  Mike Czechowski, Economic Initiatives Project Manager, City of Tucson, and  Thomas Doyle,…

Sales Transactions 1. JB Partners has acquired the 274-unit SeventyOne15 apartment development in Scottsdale for $150M. Developer Alliance Residential completed the project last month. 2. Life Storage Inc. has paid $142M to various entities owned by Levine Investments for a seven-site self-storage portfolio. Six of the Allstate-branded facilities are in Phoenix, with the seventh located in Minnesota. 3. ABI Multifamily announced the $37M sale of The Flats at 2030 Apartment Homes, a 237-unit multifamily apartment community in Phoenix. ABI’s Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick represented the Canada- based buyer and Texas-based seller. 4. Marcus & Millichap announced the…

By Roland Murphy for AZBEX Contractors, design firm representatives and other public infrastructure development watchers from around Arizona were treated to a smorgasbord of Capital Improvement Plan and other details October 18th at the BEX Companies’ 2022 Public Works Conference. This year’s half-day event was held in the conference center at the DoubleTree by Hilton Hotel Phoenix Tempe. Following brief introductory remarks by event emcee Amanda Elliot, redevelopment program manager for the Town of Gilbert, the presentations, panels and information flowed at a fast and furious pace for the next four hours. Top 10 Capital Improvement Programs Across Arizona Kicking…

Two affordable multifamily developments by DBG Properties have been awarded $110M in financing from the Arizona Industrial Development Authority. The Waterman Senior Apartments and Overland Flats Apartments will have approximately 200 units each, with most of the units planned as affordable housing. A 13-acre site near the SEC of John Wayne Parkway and Honeycutt Avenue in Maricopa will serve as the location for both developments. Waterman will occupy six acres of the site. The development will be entirely comprised of affordable-designated units and will be age restricted to residents 55 years of age and older. Overland Flats will sit on…

Town Council and other officials in Paradise Valley recently heard a presentation on plans by Highgate to renovate the Scottsdale Plaza Resort it purchased in 2019. A 10-item Statement of Direction for the Paradise Valley Planning Commission is scheduled for a review by Council at its Oct. 27 meeting and a vote Nov. 10. The Planning Commission review is expected to be completed by late March 2023. The resort’s northern portion is planned for minor renovations and upgrades. Highgate is also planning to add a pool deck to the main lobby, which Town planners say will require more information before…

Residents in rural areas included in the City of Surprise’s planning area are expressing growing concern about a master-planned rail hub proposal from BNSF and a number of planned residential developments also proposed for the greater region. Worries range from impacts to the long-standing character of the area to increased traffic to strain on the overall infrastructure. The two primary drivers accelerating the pace of proposed development are BNSF’s planned rail and logistics center and the residential and supporting services demand generated by the Taiwan Semiconductor Manufacturing Company plant under construction in north Phoenix. In a virtual neighborhood meeting earlier…

Alternative-fuel truck manufacturer Nikola Corporation has paid $16.5M for a 920-acre site in south Buckeye west of SR 85. The purchaser was listed as Phoenix Hydrogen Hub LLC, represented by Peak Group LLC. The seller was Hardison Farms. Nikola currently produces battery-powered semitrucks and is working to add hydrogen-fueled trucks to its vehicle suite. The company is targeting availability for its first hydrogen-powered truck in the second half of 2023. Nikola has repeatedly said it plans to build a hydrogen production facility in Arizona to support its operations. The company said in August it plans to start construction this year,…

Groundbreakings 1. Vantage Data Centers has begun construction on Phase II at its Goodyear campus. The $1.5B campus will provide 160MW of capacity in three facilities totaling more than 1MSF. The development team includes McCarthy Building Companies, Corgan Architects, Rosendin Electric, Southland Industries and KW Mission Critical. 2. Thompson Thrift has broken ground at the planned 1MSF Elliot Tech Center campus at Elliot and Signal Butte roads in Mesa. When complete, the 75-acre site will be home to eight retail and industrial buildings. 3. The Hualapai Tribe and SOLON Corporation recently broke ground on the Grand Canyon West solar energy…

By Rebekah Morris for AZBEX The City of Scottsdale continues to direct much-needed funding to capital programs after years of under-investment in public assets. City voters approved a $319M bond measure in 2019, providing funding for capital projects such as fire stations, police stations and the Civic Center Plaza. Since the bond measures have passed, the City has moved quickly to deliver the promised projects, with wide-ranging improvements coming to nearly every part of town. The five-year total now sits at $2.033B, a whopping 78.03% increase YOY. In addition to bond funding, the City is realizing the benefit of federal…

By Roland Murphy for AZBEX A 2.38-acre midtown Phoenix infill site at the NWC of Central Avenue and Thomas Road once planned for a 15-18-story mixed development has come back to life after undergoing major revisions. Documents obtained by BEX Companies Research staff under a public records request show developer Bond Companies now plans a 31-story apartment tower with 360-units and a build area of 964.7KSF. The site has been owned by Pederson Group since 2002. Project History Pederson submitted the original development plans back in 2019. Those plans, approved by Phoenix City Council in Dec. 2019, called for a…