Author: BEX Staff

After spiking to 40-year highs across the first half of the year, inflation is finally starting to even out. Private sector and industry analysts, however, speculate this may have more to do with improvements in the global supply chain than the interest rate hikes imposed by the Federal Reserve. John Chang of Marcus & Millichap expects inflation to continue a slow retreat over the next several months and attributes his prediction largely to the fact the average time to ship goods from China is getting smaller. The Federal Reserve is limited as to tools available to counter inflationary pressures, relying…

Groundbreakings 1. According to information from Lee & Associates, eight different industrial projects have broken ground in the East Valley so far in the month of August. They are: Midway Commerce Center,Chandler Airpark 202,Chandler Airport Business Center,Hub@202,Met 202,Gateway Grand,Power Industrial, andAdvanced Industrial Center. 2. A.R. Mays Construction has begun work on Moderne Arrowhead. The 182-unit residential development is situated on approximately 9.40 acres at 67th Avenue and Greenway Road in Glendale. The residential units will be designed as two- and three-story structures and will be located in 12 separate buildings. 3. Merit Partners, along with First Industrial Realty Trust and Diamond Realty Investments,…

By City of Phoenix U.S. Department of Transportation Secretary Pete Buttigieg and Phoenix Mayor Kate Gallego joined a host of community members and elected officials at the Rio Salado Audubon Center to announce that the City of Phoenix is the recipient of a $25M Rebuilding American Infrastructure with Sustainability and Equity grant. City staff submitted an application for the grant earlier this year. Phoenix will use the discretionary federal funding to construct the long-proposed Rio Salado Bike and Pedestrian Bridge, that will cross the riverbed in alignment with 3rd Street and create connectivity between south Phoenix and the city’s downtown…

By City of Scottsdale Scottsdale Airport has received more than $5.4M in grants from the Federal Aviation Administration to improve the efficiency, safety and capacity at the airport. These grants will provide funding to construct an aircraft runup area, reconstruct a portion of the taxiway and taxiway connectors to current FAA safety standards, and rehabilitate a taxiway connector. The entire project will be funded by two grants: • $4,690,602 from Airport Improvement Grant funds • $763,000 from the Infrastructure Investment and Jobs Act (also known as the Bipartisan Infrastructure Law) During Scottsdale Airport’s busy season there are spikes in business…

Now that staff has compiled a list of potential projects for possible inclusion in a planned 2023 general obligation bond request – the first in 16 years – Phoenix City Council is turning to appointed advisory groups to help it pare the possibilities down to a price tag of $500M, which is how much the City could request without risking an increase in property taxes. In addition to the staff suggestions, committees are also free to make their own recommendations, preferably focusing on one-time expenditures. Council is also requesting citizen input on the various proposals. There are currently eight subcommittees…

By Roland Murphy for AZBEX Solar and wind energy were key items on the Pinal County Board of Supervisors public meeting and executive session on Aug. 10. Along with a range of administrative and informative items, the Board held work sessions on two solar projects and on a comprehensive plan amendment to include wind energy under the County’s energy element for environmental stewardship. Cielo Solar The first work session item concerned a proposal for the Cielo Solar development planned by Pattern Solar and Storage Development, LLC. According to the agenda, the issue under review was: “A Major Comprehensive Plan Amendment…

The Mesa Design Review Board recently discussed plans for the Northeast Public Safety Facility planned at the NEC of Brown and Power roads. The Board will vote on the design Sept. 13, and the Planning and Zoning Board is then scheduled to discuss a City-requested rezoning to public/semi-public on Sept. 14. Highlights from DRB’s Aug. 9 discussion included an update on the landscaping plan, which features increased buffering on the north and east sides of the building to better buffer neighboring homes. As currently planned, the facility will feature a nearly 15KSF fire and medical services station and a 28.7KSF…

Data from the National Association Home Builders/Wells Fargo Housing Opportunity Index shows only 42.8% of homes sold between April 1st and June 30th were affordable for families earning $90K/year, the national median income. NAHB’s report on the Q2 Index findings cites mortgage rate increases, low inventory, inflation and home price escalation as contributors to what it calls the lowest point for housing affordability since the Great Recession. NAHB Chief Economist Robert Dietz noted builder sentiment has also declined for seven straight months and that the Association is projecting an overall decline in single-family construction for the year. He urged urgent…

Giving Back 1. The Rosendin Foundation recognized Rosendin and employees across the country for donating more than 1,250 volunteer hours in 2021 and 2022 at nonprofit organizations across the country. Volunteer efforts were held nationwide across 16 regional offices. The Foundation’s second “Week of Service” was held between August 1st through August 6th. Company News 2. Cecilian Partners Inc. announced that Stephanie McCarty, chief marketing and communications officer at Taylor Morrison, and Greg Vogel, founder and CEO of Land Advisors Organization, have been named its board of directors. 3. Central Arizona Supply announced the acquisition of Benjamin Supply of Tucson,…

Sales Transactions 1. Scottsdale Promenade, a 581.6KSF retail center at Scottsdale Road and Frank Lloyd Wright Blvd. in Scottsdale, sold to a Delaware-based LLC earlier this month for $180M. The seller was Excel Owner Promenade LLC. The sale is reported to be the largest Valley retail property transaction so far in 2022. 2. Newmark announced the $111.75M sale of a two-property, 369-unit multifamily portfolio in the Southeast Valley. Newmark’s Brad Goff, Brett Polachek and Chris Canter represented the seller, a joint venture between Avanti Residential and KKR Real Estate, in the sale to Jason McCool. The two-properties are Omnia on 8th (188…