Author: BEX Staff

Groundbreakings 1. Wood Partners held a formal groundbreaking ceremony to mark construction on the 360-unit luxury apartment project Alta Avondale. Opening is targeted for early 2024. 2. Construction is scheduled to begin next month on the 128-room SpringHill Suites by Marriott in Avondale. Trez Capital announced the closing of an $18.75M construction financing loan for Virtua Partners. Quyp Hospitality LLC – an affiliate of Virtua Partners – will develop the hotel, part of a 58-acre mixed-use development. 3. Construction is underway for projects around the Waste Management Phoenix Open at TPC Scottsdale. Work started last month on the Cove on…

Northern Arizona Healthcare’s plans for the new Flagstaff Medical Campus will go before the Planning and Zoning Commission for a work session Oct. 26. NAH’s updated plan was presented to Flagstaff City Council by planning staff and project representatives at a retreat last week, and P&Z will hold two hearings in November before bringing the plans to City Council for two hearings in December. NAH has also planned a neighborhood meeting for Oct. 10. NAH hopes to open the hospital and ambulatory care center in 2027. The City will have to make four minor amendments to the regional plan for…

While construction cost increases have impacted projects on a nationwide scale, water-related projects in the City of Mesa have been hit particularly hard. A forecast last year projected the Central Mesa Reuse Pipeline would cost $72M. An update presented to the Mesa City Council at a recent study session now puts the cost at $183M. The project is especially important to the City’s water use plans, as it will offset the city’s losses from recent cuts in its Colorado River supply allotment once it becomes operational. A planned expansion of the Signal Butte Water Treatment Plant has increased in cost…

By Associated Builders and Contractors According to a September 2022 survey of Associated Builders and Contractors contractor members, 98% oppose President Biden’s proposed rule mandating project labor agreements on federal construction projects of $35M or more. PLA schemes exclude almost nine out of 10 workers from participating in these contracts. “The overwhelming opposition to PLA mandates demonstrates that fair and open competition on federal and federally assisted infrastructure projects is a win-win for taxpayers and the U.S. economy because it ensures all Americans and qualified companies are welcome to fairly compete to rebuild America’s infrastructure,” said ABC VP of Regulatory,…

By Roland Murphy for AZBEX The Casa Grande Planning and Zoning Commission will consider two proposals this week that – if approved and built as planned – will add 469 Build-to-Rent units to the city’s housing inventory. Including these two projects – but omitting one master plan that has not established unit counts yet – the DATABEX project database shows a total of nine developments and up to 2,542 Build-to-Rent projects in various stages of planning and development in Casa Grande. Three of those projects: Hancock Cottonwood, The Bungalows on Florence and The Bungalows at Cottonwood and Trekell are under…

Glendale City Council’s recent approval of the Urban 95 residential master plan could pave the way for the city’s tallest buildings. At 11 stories, the Renaissance Phoenix Glendale Hotel & Spa is currently the tallest building in the city. The 34-acre plan includes two 15-story apartment towers near 95th and Missouri avenues. The overall site is planned for a total of 1,500 apartments across four parcels and ranges from the high-rise towers down to mid- and low-rise offerings. The first phase of the development – a 198-unit complex on 11.5 acres called Cardinal 95 – is currently under construction. Along…

FedEx’s recent announcements that its earnings have fallen far short of projections – and that it will close more than 100 facilities and examine additional cost cutting measures – are causing ripples of concern through the Industrial and Logistics commercial real estate sector. FedEx disclosed on Sept. 15 its ecommerce deliveries for the three-month period ending Aug. 31 missed projections by $300M, and its FedEx Express division forecasts were off by $500M. FedEx plans to close five corporate offices and as many as 140 FedEx Office stores. The company will also cancel some of its network capacity expansion projects. FedEx…

Company News 1. Caliber Companies Inc. disclosed in a Sept. 29 Securities and Exchange Commission filing it intends to go public, offering shares of common stock on the NASDAQ exchange at an expected initial offering price of $5.50/share. The company’s ticker symbol will be CWD. 2. Kimley-Horn announced the Pangolin Structural, LLC team has joined its Phoenix office. Established in 2014 as a full-service structural design and consulting firm, Pangolin Structural is led by partners Crystal Blanton, Pamela Singleton, and Jeffrey Novak. 3. Phoenix West Commercial – a family-run, full service real estate brokerage – is celebrating its 10th year…

Sales Transactions 1. The Ezralow Company has purchased two multifamily communities from The Premiere Residential for more than $238M. The 360-unit Azul at Spectrum sold for $138.2M, and the 264-unit Borrego at Spectrum sold for $99.9M. The seller was represented by CBRE’s Sean Cunningham, Asher Gunter, Matt Pesch and Austin Groen. 2. Harbor Group International has purchased the 384-unit Colter Park apartment community in Phoenix from an affiliate of 3rd Avenue Investments for $80.75M. The transaction was brokered by Northmarq Phoenix’s Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle. 3. A joint venture between Cypress West Partners and an…

Looking to address a shortage of lodging space around the recently opened Bell Bank Park in southeast Mesa, developer Tharaldson Hospitality has proposed building three hotels, along with two retail and restaurant buildings, on 10.67 acres near Ellsworth and Williams Field roads. Tharaldson’s submittal for the project says an operator is already in place for the Residence Inn by Marriott, Home2 Suites by Hilton and Element by Marriott hotels it wants to build for the total 365-room project, which would also include 7.6KSF of retail and restaurant area. The 320-acre, $230M Bell Bank Park was built by Legacy Sports USA…