Author: BEX Staff

Two community facilities districts in the southern portion of Apache Junction may sell up to $400M in general obligation bonds for infrastructure. The boards for Superstition Vistas Community Facilities District Nos. 1 and 2 voted to approve resolutions to adopt the results of district bond elections held February 2nd. The districts cover the master-planned communities for D.R. Horton and Brookfield Residential that will have approximately 10,500 residences when built out. The bonds will be repaid by SVCFD residents through a property tax. SVCFD No. 1 residents can expect to pay $3.30/$100 of assessed value, while SVCFD No.2 residents will see…

Having received several million dollars in grant funding under the American Rescue Plan Act and other sources, Yuma County is now planning what to do with the money as it comes in. Staff members are trying to manage existing grant funds while anticipating many more that are expected to arrive. The Yuma County Board of Supervisors has authorized a new hire in the County Administrator’s Grant Division to help streamline to process. The County currently has more than $12M in grant contracts and is expecting another $60M in total. Specific projects that will receive funding under grant contracts include: The…

Giving Back 1. The Sundt Foundation awarded $28K to eight nonprofits in the Tucson area during its current giving round. Nonprofits that received grants include: Arizona Children’s Association, Arizona Friends of Foster Children Foundation, Beyond Foundation, Community Gardens of Tucson, Interfaith Community Services, Make Way for Books, and Primavera Foundation. Boards & Commissions 2. Southern Arizona Construction Career Days has recently added Yvette Pederson and Jessica Rodriguez to its Board of Directors. Company News 3. Bowman Consulting Group Ltd announced it has entered into a definitive purchase agreement for the acquisition of Perry Engineering LLC. Founded in 2012 and headquartered in…

Sales Transactions 1. KB Investment Development has paid $193.5M for JLB Partners’ 356-unit Roadrunner on McDowell apartment complex. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented both parties. The sale set an Arizona record for per-unit price, according to Gebing, fetching more than $543K/unit. 2. Institutional Property Advisors, a division of Marcus & Millichap, has announced the sale of the 312-unit Arboretum at South Mountain apartment development in Phoenix for $118.25M. Cliff David and Steve Gebing represented seller Khosro Khaloghli and lined up the buyer, Sares Regis Multifamily Value-Add Fund IV. 3.…

By Roland Murphy for AZBEX Last month we gave you a snapshot of the aggressive pace of overall growth and development in once-sleepy Avondale (AZBEX, Jan. 14). This week provided our Research team with an interesting anomaly: Three multifamily cases totaling 1,092 units were scheduled to come before the Avondale Planning Commission in one meeting. You may be asking: “What’s the big deal about that? Lots of cities have multiple multifamily submissions in a given session.” Three cases. Totaling 1,092 units. In a city that currently has 12 other multifamily projects totaling 2,542 units in the Design or Design/Plan Review…

By BEX Staff for AZBEX Rezoning requests for three projects were recently scheduled to be heard by the Goodyear Planning and Zoning Commission at its February 16th meeting. The first, Virtua Citrus Commerce Park, is a request from Virtua Partners to rezone 7.5 acres fronting I-10 and Citrus Road to develop a master-planned business park with flex industrial, commercial and office components. The second request was for The Cleveland, a 100-unit multifamily development from Porter Kyle Multifamily Developers & Builders. The project would offer two-story townhomes with 28 one-bedroom, 40 two-bedroom and 32 three-bedroom configurations. Each unit would have a…

By RED Development A new era is about to unfold at the Paradise Valley Mall site as RED Development announces new details about the massive redevelopment currently underway at the 100+ acres project located at Tatum Boulevard and Cactus Road in Phoenix. For starters, the re-envisioned mega, mixed-use destination has a new, and simple, name – PV. Plus, an updated look and feel with a new logo inspired by the Union Jack entry cubes, an original architectural element of Paradise Valley Mall from the 1970s. As part of the multi-phase, multi-year endeavor, phase one of PV will open in mid-2024…

By Arizona Department of Transportation A virtual public meeting has been scheduled for Thursday, February 24th to provide information about a future project to widen Loop 101 (Agua Fria Freeway) in the northwest Valley. The Arizona Department of Transportation will host the virtual meeting about the project to add a fourth general purpose lane in each direction along Loop 101 between 75th Avenue and Interstate 17. Construction of the project, currently in the final design phase, is expected to start in 2023. Those who are interested can attend the public meeting as follows: What: Loop 101 Agua Fria Freeway (75th…

By Roland Murphy for AZBEX Backlash is growing over the rising number of institutional investors entering the housing market as they search for yield in an inflationary economy awash in capital. According to a recent article in GlobeSt.com, Ohio Democratic U.S. Senator Sherrod Brown, who chairs the Committee on Banking, Housing and Urban Affairs, said investors and asset management institutions are taking advantage of an allegedly “captive” housing supply situation to increase their returns. GlobeSt.com quotes Brown as saying, “Private equity firms, corporate landlords and investors saw a shortage, and they saw a captive market. They see these [single-family houses]…

By BEX Staff for AZBEX Pursuit Park, a four-building 900KSF industrial proposal in Mesa near Elliot and Signal Butte roads was recently discussed by the Mesa Design Review Board. According to representatives of project developer Mortenson, no users are in place yet. Mortenson Developments’ requests to the City are for a design review, site plan review and rezoning from Agricultural to Light industrial with a planned area development. The site is designated as an Employment District under the 2040 Mesa General Plan and is also within the Mixed-Use Community District of the Mesa Gateway Strategic Development Plan. Pursuit Park is…