Author: BEX Staff

Sales Transactions 1. Ideal Capital Group has purchased the 171-unit Hudson on Farmer apartment community in downtown Tempe for $96M from 8th & Farmer Owner LLC. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and found the buyer. 2. 86-unit apartment community The Willow, 6315 N. 16th St., has been purchased by M3 Capital Group Acquisition Company 5 LLC from North Point 6315 LLC for $26.7M. CBRE Group Inc.’s Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke represented both parties. 3. Cliff David and Steve Gebing of Institutional Property…

By Arizona State University and Viasat, Inc. Arizona State University Research Park, Inc. announced Viasat Inc., a leading global communications company, is expanding its current footprint at the 324-acre ASU Research Park to accommodate the company’s future growth projections. Viasat evaluated several major U.S. locations for expansion capabilities. The selection of ASU Research Park was driven primarily by the affordable cost and availability of technical talent, existing company strategic presence, and a favorable business climate. With this step, planning is now underway to create a culturally aligned campus in proximity to Viasat’s existing ASU Research Park campus. In total, the…

With the Prescott City Council’s recent approval of a City-owned land sale, developer Founding Fathers Properties LLC plans to build a mixed-use project featuring residential and commercial uses at 215 and 223 N. McCormick St. Prescott will use the $466K sale proceeds to pay down the loan it used to purchase the new City Hall building on Montezuma Street. Founding Fathers intends to demolish the existing building on the McCormick Street property and replace it with a mixed-use development featuring residential units, a food hall and a distillery. The current plan is for four stories, although the developer has expressed…

The rubberized asphalt that was a cornerstone of the Quiet Pavement Pilot Program and used to reduce road noise in the late 1990s and early 2000s is failing. Under a 2003 mandate from then-Governor Jane Hull, the Arizona Department of Transportation used rubberized asphalt for most highway projects. The hope was the program would earn federal funding as a means of noise reduction. The Pilot Program found, however, that rubberized asphalt loses its noise reducing capacity after a few years of use, and the Federal Highway Administration ruled in 2013 that it did not meet federal standards for noise reduction.…

A Commerce Department investigation into solar panel supplies has put hundreds of major and utility-scale solar power projects around the U.S. on hold. Investigators are looking into whether Chinese manufacturers are avoiding duty rules on their solar panel imports by funneling them through Malaysia, Thailand, Cambodia and Vietnam. Those four countries are responsible for more than 80% of solar panel imports, according to an industry association. Solar energy trade associations have come out in opposition to the Commerce investigation, alleging installation forecasts for this year and next are down 46% as a result. Developers around the country are saying they…

In a recent work session to discuss the Fiscal Year 2023 budget, Kingman City Manager Ron Foggin presented City Council options for a sales tax or a property tax to fund street maintenance and improvements. A recent poll showed 96% of residents responding that street maintenance and improvement is essential, but 85% reported existing quality as fair or poor, and 80% said they could support a property tax for pavement preservation. The total 10-year cost for a pavement preservation program is estimated at $103M. The general fund could provide for $55.5M through Fiscal Year 2029, and some additional outside funding…

The City of Yuma has begun considering its 2023-2027 Capital Improvement Program, featuring 211 projects with a total value of more than $284M. The 2023 list has $180.7M in projects, including the Desert Dunes Water Reclamation Plant expansion and East Mesa Community Park. The CIP also includes several street and pavement replacement projects, as well as deferred maintenance projects at City Hall and the Civic Center. According to CIP Administrator Susan Cowey, capital needs remain greater than available resources and estimates may be affected by rising construction costs and materials availability. The entire CIP document is available for review here.…

Groundbreakings 1. Littleton Elementary School District has broken ground on its new prep academy. Name recommendations are being finalized for the as-yet-unnamed school, located at 12050 W. Broadway in Avondale. Progress Reports 2. An increase in materials costs estimates from $18M up to $24M has led the Foundation for Senior Living to postpone a planned June construction start on its proposed two-phase, 146-unit San Francisco Square & Aspen Lofts affordable senior housing development in Flagstaff. Originally planned for a June start, commencement on Phase I has now been delayed until mid-to-late summer as the Foundation raises additional funds. Completions 3.…

Despite some resident opposition, the Buckeye Planning and Zoning Commission has recommended a proposed 252-unit housing development at the SWC of Yuma and Watson roads for approval by City Council. The Thompson Thrift development will be located on 10.6 acres near the Buckeye Marketplace shopping center. The developer is seeking a rezoning to residential/multifamily from commercial center to create a three-story apartment complex. One resident expressed concerns about the potential for increased crime and possible water impacts. A traffic study will be conducted before the site plan review to determine entrance and exit access. (Source)

By City of Maricopa The City of Maricopa announce plans for the new Police Administration Building and Emergency Communications Center are moving forward… with one key change. Instead of going across town, the new building is moving right next to City Hall. Relocating the center to a plot just south of the current Police Station will allow the City to cover the original design at no additional cost. As the City expands away from John Wayne Parkway, the new location will also place officers in a more central location for responding to emergencies. At approximately 32KSF, the building will provide…