Author: BEX Staff

A Wall Street Journal article has noted April’s $39.4B in commercial property sales was 16% lower year-over-year after 13 straight months of increases. Increases in both asset prices and prices and interest rates were cited as causes. Sales in several sectors – particularly multifamily and industrial – had been increasing rapidly since the start of the pandemic. Rising demand and migration trends drove demand up and served as a hedge against inflation, according to a report from MCSI Real Assets. Even as late as March, CRE year-over-year sales were up 57%, making the speed of the transition appear “shocking,” according…

Developer Spike Lawrence Ventures has secured approval for a plan change from office to condos for the remaining portion of its New Square development at the NWC of Chicago Street and Arizona Avenue in Chandler. Chandler City Council first approved the overall development in 2018. Since then, a three-story office tower and a Hilton Garden Inn have been built. The remaining portion had been planned for an office project of approximately 95KSF. The post-pandemic decrease in demand for office space, however, led the developer to rethink its position. Spike Lawrence instead proposed building a four-story condominium development with 34 residential…

Peoria’s Planning and Zoning Commission has recommended City Council approval for a rezoning and general plan amendment necessary for the Moderne Park West apartment development near Olive and 95th Avenues to advance. Plans call for a 130-unit development with eight buildings, including the leasing office and clubhouse. Amenities will include a pool, dog park and pet wash, outdoor cooking area, and a fitness center in the clubhouse. In presenting the project, planning staff said the 5.7-acre property’s irregular size and a nearby gas station would make access difficult if the site were planned for commercial development. Commissioners speaking in support…

By City of Buckeye KORE Power held three meetings late last month to share the latest updates on the planned 2MSF KOREPlex and to answer questions from local businesses and residents. KORE started its day of meetings at the Buckeye Valley Chamber of Commerce’s Quarterly Breakfast. More than 90 attendees joined the Chamber meeting. Then the company held two public meetings at City Hall at 3 P.M. and 6 P.M. About 30 people comprising city staff, officials and local residents attended the two meetings and asked questions about traffic impact and water use by the facility. At the meetings, Lindsay…

The City of Phoenix has begun preparations to put a $500M bond request before voters next year. It will be the first bond measure sought by the City since voters approved an $878.5M request in 2006. Phoenix City Council voted last week to create a General Obligation Bond Committee comprised of more than 75 community leaders to establish a project list to put before voters. Likely project target areas include economic development, streets, public safety, housing, parks and recreation, and arts and culture. Full details are expected later this year. The measure will likely not require a tax increase. If…

The Maricopa Planning and Zoning Commission is considering a proposal to change the land use map and zoning for nearly 17 acres of City-owned land from Public/Institutional to High Density Residential. The City has requested the change for the site north of City Hall, likely to enable the development of multifamily housing. The spaces around City Hall have been targeted for development after the mitigation of the nearby North Santa Cruz Wash floodplain is complete. When that is in place, 11 square miles of land will be open for economic development. City officials last year estimated the assessable value at…

Groundbreakings 1. Phase I of the 225KSF Gulfstream Aerospace Development in Mesa, which will serve as a West Coast maintenance/repair/operations facility for the company, broke ground last month. 2. Continental Properties has broken ground on Gilbert’s first Build-to-Rent single-family community – the 102-unit Avanterra Town Square development near Gilbert and Ray Roads. 3. Long-planned improvements at Tempe’s Clark Park, including a new pool and community center, restroom renovations, playground, sports field upgrades, and a community garden, will get underway with a groundbreaking ceremony June 10th. 4. Upgrades at Surprise Community Park are scheduled to begin on June 20th. Plans call…

Two Phoenix railroad crossing improvement projects have been awarded more than $7M in grant funding under the Federal Railroad Administration’s Consolidated Rail Infrastructure and Safety Improvements grant program. Nationally, 46 projects in in 32 states and Washington, D.C. received more than $368M in grants under CRISI, which is targeted at modernizing rail infrastructure and reducing supply chain congestion. Funding for the projects is provided under the Bipartisan Infrastructure Law, which allocates $1B/year for five years for rail infrastructure improvements. The up to $7M award to the City of Phoenix will go to install gate arms and signalization, along with widening…

Even though the Arizona School Facilities Oversight Board has a list of recommended building safety measures to minimize security threats, critics say the Board’s failure to include them under its “minimum guidelines” means the state is not required to fund their implementation. The issue of “school hardening” is also being tied to long-simmering debates about Arizona’s school facilities funding in general, which has left many districts – particularly those in poorer districts – struggling with improvements and new construction across the board. A 2017 lawsuit, which is ongoing, alleges state budget cuts have dangerously reduced capital funding for maintenance and…

A commercial and residential mixed-use proposal for Hudson Station has gained a rezoning and commercial site plan approval from the Queen Creek Town Council. The request included rezoning a 95-acre site at the SWC of Signal Butte and Queen Creek Roads and site plan approvals for a 24-acre commercial center anchored by a Fry’s Marketplace and EoS Fitness location. Twenty-five acres will on the site will feature a rental community, and the rest will go toward single-family housing. Barclay Development is the commercial developer, and Hancock Communities will manage the rental components. A single-family builder has not been finalized. Pew…