Author: BEX Staff

By Associated Builders and Contractors Construction input prices increased 0.8% in April compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices rose 0.9% for the month. Construction input prices are up 23.7% from a year ago, while nonresidential construction input prices are 24.0% higher. Input prices were up in 10 of 11 subcategories in April. Softwood lumber was the only category in which prices decreased, falling 17.7% for the month. The largest price increases were in natural gas (+16.9%) and unprocessed energy…

Following a name change and 17 design changes, the 92 Ironwood apartment project came back before the Scottsdale Planning Commission last week as Mercado Courtyards. The original 92 Ironwood proposal was recommended by the Planning Commission last September but was one of three developments – along with Greenbelt 88 and District at 9400 Shea – to encounter orchestrated opposition from neighborhood groups opposed to higher-density multifamily development. The developer asked for and was granted a continuance by City Council but pulled the proposal in February when a second continuance was denied. The Commission may deny requests to consider an application…

LG Development Group’s recent $22M purchase of 1.83 acres at the NEC of Central Avenue and Fillmore Street could become the site of a 29-story mixed-use tower with 747 residential units and 29KSF of commercial space. If built, the project would occupy the entire block. Project representatives Snell & Wilmer submitted a pre-application for the plan in March. Possible amenities include a pool and spa area, a fitness center and a resident clubhouse. The southwest corner of the property would feature a public open space. City officials stressed the plan is in the preliminary stages and said no public hearing…

The latest large-scale industrial project planned around the Loop 303 corridor in Glendale is a 77-acre site that could feature three buildings and total of more than 1MSF. The IndiCap – Olive and Reems project is planned between Olive and Peoria Avenues on unincorporated Maricopa County land. IndiCap has previously stated it intends to invest approximately $2B to develop industrial projects in the Greater Phoenix area. The company currently has two projects in various phases of planning and design in the East Valley. IndiCap Olive and Reems will be developed as a speculative warehouse project and features three buildings of…

By CBRE The U.S. multifamily sector saw strong momentum at the start of 2022, with robust demographic trends underpinning record leasing activity, rent growth and investment during the first quarter, according to CBRE’s latest report. Investment in the multifamily sector increased by 56% year-over-year to $63B in Q1 2022—the strongest first quarter on record and bringing the trailing 4-quarter total to $374B. Multifamily accounted for 37% of total commercial real estate investment volume in Q1 2022, followed by Office at 21% and Industrial at 20%. In the Mountain West region, Phoenix was No. 1 in terms of year-over-year rent increases…

Expanding and improving the Metro Phoenix transportation infrastructure is a key focus for government and education leaders. New transportation solutions and development depend on an array of effort and collaboration to come to fruition. On the legislative side, a current area of focus is the Infrastructure Investment and Job Act, which makes $2.9B in transportation grants available for Arizona projects. According to information from the Center for Applied Transportation Sciences, IIJA will create jobs in transportation and add projects that help underserved communities, among other benefits. A key improvement from IIJA is the combining of grant requests from The National…

1. Arizona Public Service’s parent company Pinnacle West Capital Corp. announced it has split the CEO and President roles in the utility company. Ted Geisler has been promoted to president. Andrew Cooper has been promoted to Geisler’s former role as senior VP and CFO, and Jeff Guldner will retain his roles as PNW chairman, president and CEO and APS chairman and CEO. 2. Multifamily investor, developer and manager MC Companies is marking two decades in business – celebrating its 20th anniversary while also launching collaborations that founders Ross McCallister and Ken McElroy expect will nearly double the company’s size, from…

By Roland Murphy for AZBEX The Taiwan Semiconductor Manufacturing Company site in north Phoenix could become home to a massive fabrication campus of up to six phases with more than 2MSF per phase, according to global and technology industry press reports and recent statements by a senior TSMC Arizona official. With Phase I development well underway and crane counts on the site exceeding 20, at times, TSMC has quietly launched construction of Phase II. This follows reports last year that the project valuation went up from the originally estimated $12B to $35B. The investment increase stems largely from TSMC’s increasing…

Sales Transactions 1. Institutional Property Advisors, a division of Marcus & Millichap has announced the sale of $260M of The Moderne, a 369-unit multifamily community in Scottsdale. IPA’s Steve Gebing and Cliff David represented seller JLB Partners and procured the buyer. The sales price/unit is $704,607, an Arizona record. 2. La Privada at Scottsdale Ranch, a 350-unit property in Scottsdale, has sold for $166M. The buyer was Kennedy Wilson. The seller was DiNapoli Capital Partners. 3. ABI Multifamily announced the $75M sale of Sanctuary on Broadway Apartments, a 240-unit multifamily apartment community in Tempe. ABI’s Phoenix-based Institutional Apartment Group – Alon Shnitzer,…

After nearly a year of lobbying by a citizens’ committee seeking to stop the spread of solar projects on agricultural land, the Coolidge City Council has approved two zoning amendments that remove solar facilities for the list of approved uses. The first amendment removes the Solar Farm classification from approved uses in Agricultural zoning districts. The second creates an Industrial Solar Farm Overlap Zone that identifies solar farm-appropriate development in the city. Before the amendments first began making their way through the municipal process in November, the Coolidge Planning and Zoning Commission approved three solar projects on more than 4,100…