Author: BEX Staff

The Yuma City Council has approved a plan to use $2.73M in American Rescue Plan Act monies for affordable rental housing through an allocation received by the Yuma County HOME Consortium. Yuma’s Neighborhood Services Division is the Consortium’s administrative agent. The Consortium will seek a development partner to help it build up to 90 units in a single project that will serve all of Yuma County. The Consortium is comprised of Yuma County, Somerton, San Luis, Yuma and Wellton, with the City of Yuma serving as the lead entity. Funds are administered by the Department of Housing and Urban Development,…

By Roland Murphy for AZBEX Residents and stakeholders planning to attend this week’s Gilbert Planning and Zoning Commission meeting should clear their schedules and plan for a long night. Among other items in a packed agenda, the Commission will discuss five planned multifamily developments totaling more than 1,200 potential new units. Morrison Ranch II Going down the agenda, the first development under consideration is Morrison Ranch II – a 236-unit apartment proposal from P.B. Bell. The approximately 16.7-acre vacant site sits at the SEC of Elliot Road and Beebe Street. According to the submitted narrative, the luxury community near the…

By BEX Staff for AZBEX After several years of planning and buildup, the Rio Nuevo Board has set in motion the needed steps for The Bautista Apartments project in Tucson to begin construction within the next 30 days, according to a recent announcement. The Board voted unanimously to amend its easements and property lines on the west side to facilitate the start. Rio Nuevo voted to invest in the $72.5M project in November 2019, and developer The Gadsden Company set an expected start date of Q2 2020 with a 22-month construction timeline. The Board agreed to purchase the land in…

By Associated Builders and Contractors The U.S. economy contracted at a 0.9% annualized rate in the second quarter of 2022, according to an Associated Builders and Contractors analysis of data released by the Bureau of Economic Analysis. Investment in nonresidential structures decreased at an annual rate of 11.7% for the quarter and has now contracted in 10 of the past 11 quarters. “We have now had two consecutive quarters of economic contraction,” said ABC Chief Economist Anirban Basu. “Even if growth had been moderately positive during the second quarter, it would still be clear that America’s economy suffered a sizeable…

Continuing its efforts to bring inflation back under control, The Federal Reserve raised interest rates another 75 basis points last week, matching the June hike as the largest increase since 1994. In its July policy statement, the Fed acknowledged economic activity continues to slow signs of slowing. National Association of Home Builders’ Chief Economist Robert Dietz recently wrote nearly every housing indicator reflects that slowing. Writing in the “Eye on Housing” blog, Dietz pointed out the industry has experienced seven consecutive months of decline in home builder sentiment, along with declines in single-family permits and starts, pending home sales and…

Company News 1. Big-D Companies has launched its second Arizona office in Tempe. The new industrial office will focus heavily on building for the mining industry. Heading Big-D Industrial are Sr. VP/Managing Director Bryan Allinson and Preconstruction Director Kyle Sargent. 2. Residential and commercial construction firm Hight Construction LLC has recently expanded its operations into Arizona. 3. As one of the country’s leading owners/developers/managers of affordable housing, Dominium is celebrating its 50th anniversary with the opening of its Mountain West headquarters in Scottsdale. Dominium and its partners are investing $1B in Arizona to develop affordable housing for essential workers and…

Sales Transactions 1. KB Investment and Development Company has purchased the 328-unit Skywater at Town Lake multifamily community in Tempe for $160M. Mesa West Capital provided a first mortgage loan of $108M. Financing was arranged by Rocco Mandala of CBRE in Phoenix. 2. Rise48 Equity LLC has paid Bean Investment Real Estate $125M for a 376-unit property in Phoenix it will rebrand as Rise Encore. 3. Havenpark Communities, LLC has purchased the 493-site Country Club Village mobile home park in Mesa for $44M. The Northmarq Manufactured Housing group of Jared Bosch, Don Vedeen, Chris Michl, Jeff Bensen and Samuel Neumark…

By Roland Murphy for AZBEX Following decades of lobbying from performing arts groups around the state, the Arizona Legislature passed a new tax credit measure earlier this year to incentivize television and movie production. Starting next year, studios can qualify for credits of up to $75M, which increase to $100M in 2024 and $125M in 2025, according to KTAR. Two studios have announced plans to build production facilities in Arizona as a result of the new program, including one studio that was instrumental in the new law’s design. Matthew George, president of Acacia Filmed Entertainment, told Variety, his firm and…

A proposed 65-unit apartment and 13.7KSF retail development at the SEC of Third Avenue and Marshall Way in Old Town Scottsdale was first introduced to the general public in a recent neighborhood meeting. Information provided by David P. Hamblen of Synectic Design shows a four-story project with an approximately 10-foot step-back on the top level. The commercial uses – which are focused primarily toward art gallery space and, possibly, restaurant use – will be located on the ground floor. Plans also include an underground parking garage. Owners of nearby businesses attending the meeting expressed mixed emotions about the proposal. On…

By Solvay Solvay has announced its plans to invest in a new facility to produce electronic grade hydrogen peroxide – also known as eH2O2 – in Casa Grande to supply the growing U.S. semiconductor manufacturing market. The facility will convert hydrogen peroxide into an ultra-high purity grade to clean silicon wafers that are needed to manufacture semiconductors, essential components of electronic devices. In addition to being the leading global producer and supplier of hydrogen peroxide solutions, Solvay is also a technology leader in the production and distribution of eH2O2. The new facility will be Solvay’s seventh eH2O2 unit. With a…