Author: BEX Staff

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…

As Casa Grande’s population and residential projects continue to grow, economic development officials are working to add hospitality choices to maintain residents’ quality of life. City Manager Larry Rains said local officials are trying to anticipate community needs and have worked “aggressively” to expand dining options. Casa Grande has also employed a company to use data analytics to determine the best restaurant outlets for areas around the city. Rains said residents are developing expectations for outlets similar to those available in metro Phoenix, and that Casa Grande needs to attract a wide range of providers to keep people entertained and…

Giving Back 1. Salt River Project line crews returned home earlier this week on May 8th after working on the Navajo Nation in northeastern Arizona since April 2nd. SRP was one of 14 volunteer utilities from 10 states across the U.S. that participated in the ‘Light Up Navajo’ electrification project led by the American Public Power Association and Navajo Tribal Utility Authority to provide electricity to families that have never before had power. Groundbreakings 2. Mountain Park Health Center has broken ground on a new $15M, 30KSF clinic at 6975 W. Glendale Ave. Opening is expected next spring. 3. Mercy…

Scott MacPherson, Rider Levett Bucknall’s Executive VP for Phoenix, recently issued a Q1 2022 Snapshot for the market. Among the report’s findings are: Supply Chain Stabilization: RLB expects to see supply chain disruptions start to stabilize toward the end of the year;Residential Market Growth: The report expects the housing sector to produce units at pre-Great Recession levels in an attempt to meet the still-growing degree of demand.Infrastructure Improvement: To meet the demands of an increasing population, infrastructure will continue to expand rapidly, including water treatment recycling projects. Project volumes will increase, in part, due to increased federal project funding.Industrial Boom…

By Vestar DMB Associates is partnering with Vestar to develop a $125M shopping center at Verrado’s entrance in Buckeye. To be called Verrado Marketplace, the retail center at the NEC of Interstate 10 and Verrado Way is expected to begin construction by the middle of 2023 and open during the third quarter of 2024, said David Larcher, president and CEO of Vestar. It will be developed along the lines of Vestar’s Desert Ridge Marketplace and Tempe Marketplace, with restaurants, retail and large public outdoor spaces rich in amenities to serve as a gathering spot for surrounding communities, he said. It’s…

The Coolidge Planning & Zoning Commission has approved a site plan for a 110-room dual-branded Marriott Fairfield Inn and TownePlace Suites hotel project on North Arizona Blvd. The hotel will be across from the Casa Grande Ruins monument and adjacent to a Safeway-anchored shopping plaza. The developer is working with the owners of Safeway and the Gateway Manor commercial property behind it to provide interconnectivity between the hotel and retail center for access to dining and overflow parking options. The hotel lighting will be dark-sky compliant. No members of the public spoke regarding the development plan. Project representatives expect to…

By 29th Street Capital 29th Street Capital has successfully closed on the purchase of 20 acres of Opportunity Zone land in Apache Junction. The site is approved for the development of 201 build-for-rent homes, with construction anticipated to begin in the fourth quarter of this year. The 201 homes will consist of 164 detached single-family and 37 duplex homes spread over the entire site and will include features such as open floor plans, quartz countertops, in-unit washer and dryers, modern vinyl flooring, and private patios. The gated community will also feature a resort-style pool and lounge deck, clubhouse, fitness center…

The Queen Creek Town Council last week approved a tentative budget for $730.3M for the coming fiscal year, a significant expansion from the current $487M budget. The Town is pursuing significant increases in infrastructure and services investments to accommodate soaring growth in population and economic development. Queen Creek’s population has expanded by more than 125% in the last decade, and officials expect growth to continue. Roads are a major priority when it comes to serving new residents and businesses, according to Town officials. Among the infrastructure investment Queen Creek is looking at in the near term are: $500K for a…