Author: BEX Staff

As the first project under its second Opportunity Zone fund, Caliber Companies is pursuing plans for a mixed-use project on 78.6 acres near the Salt River Pima-Maricopa Indian Community Talking Stick Resort and other developments. The company is currently working to close a land lease on the site that would set it as the master developer for The Riverwalk Development. Caliber is gathering feedback from SRPMIC and Scottsdale residents to determine the best mix of uses. Company officials said a likely combination includes entertainment uses on the south portion of the land near Topgolf and a sports use and corporate…

Per a recent RentCafé report, approximately 420,000 new apartments are expected to be constructed across the nation by the end of 2022. Metro Phoenix has taken the sixth spot nationally in terms of new development, with a 90% increase in apartment construction compared to 2021. The report shows that while metro Phoenix saw 8,421 new units in 2021, there are an estimated 16,600 apartments on the way in 2022. Municipal Phoenix will see the majority of the new apartments at approximately 5,009 units. Coming in second place is Scottsdale with 1,866 units, followed by Gilbert at 1,795, Mesa at 1,769,…

A $1B mixed-use development is planned in Scottsdale Airpark on the site of the former CrackerJax amusement park. Plans from owner George Kurtz and his Cracker Jax Land Company LLC include a 223-room hotel, 100KSF of retail, 1,236 residential units, 40KSF of “flex space” and a two-acre park on the 32.3-acre site. A total of 13 buildings are planned. Representatives from project architect Nelsen Partners recently showcased the plan in an open house. While most of the project will be shorter than 90 feet, two of the buildings are planned at 119 feet. In the presentation, Nelsen’s Avalon Knoebel told…

Groundbreakings 1. Preliminary construction has begun on Tucson’s 22nd Street Bridge Revitalization Project, part of the overall effort to improve 22nd Street from Kino Parkway to Tucson Blvd. After the preliminary work is finished, construction on the bridge will begin early next year, with completion expected by summer of 2025. Progress Reports 2. The Arizona Department of Transportation has announced all ramp connections at I-10 and Miller Road have been opened as a Diverging Diamond Interchange following reconstruction work that started in January. ADOT is widening eight miles of I-10 from two to three lanes in each direction between Verrado…

By Roland Murphy for AZBEX New research from Colliers in Arizona estimates multifamily in Phoenix continues to run at a deficit of approximately 20,000 units short of meeting demand for 2020-2025. In a research update special report entitled, “Anatomy of a Unit Demand Forecast,” Colliers’ analysts cite the Phoenix area’s occupancy rate, population growth and job growth as the primary contributors to the ongoing, seemingly relentless, deficit. Specifically, the occupancy rate in Q1 2018 was 94.9%. The rate as of Q2 2022 had increased to 96.2%, this despite almost 40,000 units coming online between Q1 2018 and Q2 2022. While…

By Roland Murphy for AZBEX An outdated and poorly performing Embassy Suites hotel on 3.79 acres on East Thomas Road between 24th Street and the Grand Canal could soon become a 200-unit multifamily complex under a planned unit development request submitted to the Phoenix Planning Department last week. Commercial uses lie to the north, east and west of the 2333 Thomas property, according to the submittal. The Arizona Grand Canal sits to the south, and there is a single-family residential neighborhood beyond that. One of the two parcels making up the property is the hotel, which will be converted, while…

By BEX Staff for AZBEX Custom air handling system manufacturer XNRGY Climate Systems plans to build its manufacturing facility and U.S. headquarters in Mesa, according to media reports. The company announced it had selected the Greater Phoenix area in a press release in January. News reports at the time identified Mesa or Chandler as the potential locations. In the January announcement, the company said it was planning to build a 1MSF manufacturing facility. That target has apparently been revised. XNRGY and project architect Gensler submitted pre-submittal review documents to the City of Mesa this summer. The documents show plans for…

Giving Back 1. Hardhat in Hand – a paid eight-week recruiting program focused on bringing people into the construction trades and providing them with basic knowledge of work in the field – is coming to Meta’s Mesa Data Center through a partnership between Meta and DPR Construction. Other partners include the Maricopa County Community College District and Chicanos Por La Causa. The program begins Sept. 12, and applications will be accepted through Aug. 24. More information is available by emailing MesaHardhatInHand@dpr.com. Boards & Commissions 2. The Valley Metro Rail Board has elected Tempe Vice Mayor Jennifer Adams as Chair for the upcoming…

Sales Transactions 1. The California State Teachers’ Retirement System has purchased a 1.2MSF warehouse facility at 8560 E. Elliot Road in Mesa for $187M. The property is under lease to Amazon through April 2032. The sellers were Carlyle Group and Marwest Enterprises. 2. Newmark announced it has arranged the sale and financing of Villas at Mountain Vista Ranch, a 256-unit, value-add multifamily community in Surprise. Newmark’s Brad Goff, Brett Polachek and Chris Canter represented the seller, Avanti Residential, in the $85M sale to an undisclosed buyer. 3. JLL Capital Markets’ Ben Geelan and Will Mast procured buyer Federal Realty Investment…

By The Arizona Department of Transportation The Arizona Department of Transportation has submitted an application for a federal bridge grant that, if awarded, would allocate nearly $73M toward the construction of the planned West Kingman Traffic Interchange that will provide a connection between US 93 and Interstate 40. If the grant is awarded, those funds would be added to state-matching funds and other federal funds to cover the estimated $160.7M cost of construction. The grant is funded under the U.S. Department of Transportation’s Bridge Investment Program and would cover the bridge improvement portion of the new interchange. The West Kingman…