Author: BEX Staff

By Roland Murphy for AZBEX A recent report from CBRE puts Phoenix at Number Seven among major U.S. metros for overall Year-over-Year investment growth across property types. Phoenix-area investment for all types totaled $29B for 2021, a Year-over-Year increase of 136.5%. Las Vegas led the nation YoY at 231.8%. Los Angeles led in total volume, coming in at $58B. Sectors where Phoenix held a Top 10 position were: Industrial: #4, $6.2B, 126.6% growth; and Retail: #2, $2.46B, 217.8% growth. Phoenix did not make the Top 10 in Office, Hotel or Multifamily. Nationwide, total investment volume set a record for the…

Groundbreakings 1. While the Arizona Department of Transportation has not officially begun construction on the 23-mile Interstate 17 Improvement Project between Anthem Way and Sunset Point, nighttime lane closures, daytime shoulder closures and speed-limit reductions will be necessary for ADOT and the Kiewit-Fann Joint Venture developer team to carry out pre-construction activities. Those activities include geotechnical boring and drilling, bridge and culvert inspections and survey work. Progress Reports 2. Two new surgery centers from Apricus Health LLC are making progress in the West Valley. When built out, Apricus Health Surgery Center of Avondale will occupy 10KSF at the Akos Medical…

By Roland Murphy for AZBEX Over the past several months we have extensively covered the issue of bureaucratic resistance/development fatigue/NIMBY-ism impacting project approvals – particularly in multifamily – across the state. That’s only one of a three-pronged set of challenges facing the construction industry’s ability to deliver projects in the face of overwhelming demand across several sectors, however. In addition to the complicated and lengthy approvals process, builders are dealing with a labor pool that is insufficient to meet the volume of work and a combination of supply chain difficulties that make it difficult to procure building materials in sufficient…

By Rebekah Morris for AZBEX Twelve hundred issues. Roughly 27,000 individual open active procurements. Approximately 19,200 news articles. Too many people and project news pieces to count. That is our current standing after 12 years in business and 1,200 issues of the AZBEX Digital Magazine. Without getting too reflective or pensive (not my style for anyone who knows me), I do want to take just a moment to thank everyone who continues to read the twice-weekly behemoth of informative text (Who reads every word? I mean really; it can be a bit much!). I used to make bad jokes about…

HonorHealth and the City of Peoria are working on an agreement to build a 75KSF healthcare facility on 7.51 City-owned acres near Greenway Road and 83rd Avenue. In its regular meeting this week, Peoria City Council will discuss a proposal to sell the location to Pleasantville Center LLC. The two-parcel site, located in the P83 Entertainment District, has been appraised at $3.43M. The agreement between HonorHealth and Peoria will require the healthcare provider to lease a minimum of 40% of the rentable square footage for at least 10 years. Other medical users or supporting tenants may use the remaining rentable…

The Arizona Board of Regents has accepted a proposal from the Arizona Coyotes to let the team play at Arizona State University’s multipurpose arena for the next three years. The Coyotes currently have a proposal before the City of Tempe to create an arena and entertainment district on 46 acres of City-owned land but must secure a temporary home until a permanent site is located or constructed. The Coyotes first approached ASU to inquire about using the school’s currently under construction multipurpose arena in December. As part of the arrangement, the Coyotes will invest approximately $20M in equipment upgrades and…

The owners of Talas Harbor Behavioral Health Hospital are seeking a conditional use permit that will let them open a 30.8KSF, 48-bed behavioral health hospital in the Val Vista Medical Center Growth Area near Mercy Gilbert Medical Center. The Gilbert Planning Commission heard the proposal in a study session last week. It could come back for official review in April. No Town Council action will be needed for the CUP. The secure facility would have two courtyards without direct public access. The property is near a residential and school uses but lies beyond the required 1,500-foot separation. Project representative Evolve…

Representatives of the SunZia Southwest Transmission Project recently presented an update on its planned 570-mile transmission line and substations project to the Pinal County Board of Supervisors. SunZia will also host an open house about the project before a hearing with the Arizona Line Siting Committee, and the U.S. Bureau of Land Management will hold public meetings concerning the project’s Environmental Impact Statement over the summer. Questions from the Board included the contact range for resident notifications, potential traffic impact management during construction and a compensation structure should the project require any assistance from County personnel. Residents on either side…

House Bill 2674, the bipartisan-sponsored measure to establish “zoning by right” in Arizona and derail bureaucratic red tape and Not In My Back Yard opposition to new developments, has been put on hold by one of its initial submitters. Republican Representative Steve Kaiser introduced the bill along with Democratic Rep. César Chávez. Chávez put the bill on hold “indefinitely,” saying he wants to revert the discussion back to the various stakeholders involved in the issue to ensure all voices are heard. The legislation, which would also have included $89M for the state’s housing trust fund, had been scheduled to go…

Awards & Accolades 1. The Arizona Chapter of NAIOP was named 2022 Large Chapter of the Year at the annual Chapter Merit Awards. NAIOP Arizona also won an award for a record Highest Number of New Members among the 52 chapters across the U.S. and Canada last year, adding more than 270 new members in 2021, a 13% increase. 2. Cushman & Wakefield | PICOR honored and celebrated its team members who demonstrated exceptional performance and production in 2021 at the company’s annual awards luncheon. Company Awards President’s Award for Excellence: Thomas J. Nieman Peter H. Douglas Heart & Soul…