Author: BEX Staff

Sales Transactions 1. CBRE negotiated the sale of Vela on Camelback, a 237-unit multifamily community in the Camelback Corridor submarket of Phoenix. The seller, Pacific Development Partners, was represented by CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen. Sherman Residential acquired the community for $72.1M. 2. Brown Group sold the 217-unit Build-to-Rent development Sanctuary on 51st for $61.4M. The Phoenix property, located at 7100 S. 51st Ave, was sold to Brunton Management. The seller was represented by Berkadia Phoenix’s Mark Forrester, Ric Holway, Dan Cheyne, Spencer Scott and Andrew Curtis. 3. TruVista Development was the seller and developer…

By Roland Murphy for AZBEX Arizona’s seasonally adjusted unemployment rate held steady at 3.4% in August, according to the latest report published by the Arizona Office of Economic Opportunity. The national unemployment rate dropped to 4.2%, down from 4.3% in July. Last August, Arizona had a seasonally adjusted rate of 4.1%. The national rate was 3.8%. The Arizona Construction sector dropped 200 jobs over the month. Arizona had a not-seasonally adjusted gain of 43,600 in nonfarm employment jobs month-over-month. “Prior to the pandemic (2010-2019), NSA nonfarm employment gained 54,000 jobs on average in August,” the report states. The private sector…

Caliber is getting ready to undertake one of the Valley’s largest office-to-residential redevelopment projects. The company recently paid “in the low $20M range” for Canyon Corporate Center at 2510 W. Dunlap Ave. Seller ViaWest was represented by Cushman & Wakefield’s Steve Lindley and Alexandra Loye. ViaWest paid $27M for the property in 2020. The 300KSF-plus Canyon Corporate Center is located in an Opportunity Zone and features two office buildings and two parking garages. Caliber plans to renovate the buildings to develop at least 400 new residential units. The project could also expand to create additional units on a currently vacant…

By BEX Staff for AZBEX Developer Mike Lafferty’s plan for a multiphase workforce multifamily community that would provide 354 units on a 20-acre site near the Inland Port of Arizona moved closer to fruition this month with a recommendation for rezoning approval from the Coolidge Planning and Zoning Commission. Lafferty Development is seeking planned area development rezoning for the site near the SEC of State Route 87 and Hanna Road. In their presentation to the Commission at the Sept. 11 meeting, Lafferty and Bill Gasque of Civil Design Solutions explained Lafferty’s years of involvement with workforce housing development in Arizona…

Arizona airport projects have received a combined total of more than $94.5M in recent grant awards from the Federal Aviation Administrations’ Airport Improvement Program. Tucson International Airport was awarded one of the largest single grants under the $2B-plus program, receiving slightly more than $55M for a project to reconfigure an existing runway. Phoenix-Mesa Gateway Airport got $12.9M for a runway reconstruction project, and Laughlin/Bullhead International Airport was given $2.98M for taxiway rehabilitation. The AIP grants are intended to support airport infrastructure projects to improve resilience, air quality and energy and emissions sustainability. (Mohave Valley Daily News)

Awards & Accolades 1. The Avondale Parks, Recreation and Libraries Department won two awards at the Arizona Parks and Recreation Conference 2024. The awards were the Partnership Award, awarded for the collaboration on the Tres Rios Nature Festival, as well as the Outstanding Facility Award, issued for the Avondale Aquatic Center’s design and sustainability. 2. The City of Buckeye received the 2023 Facility of the Year Awardfrom the Arizona Parks and Recreation Association for the Phase II expansion of Sundance Park at 22865 W. Lower Buckeye. The expansion provided the 38-acre park with a splash pad and an urban fishing…

By Roland Murphy for AZBEX The City of Mesa has set its strategic economic development focus on workforce development in manufacturing and technology in recent years, while allowing retail development to happen more organically. As a result, Mesa’s sales tax revenue is the third lowest among 11 Valley cities, according to a recent Arizona Republic article. The two further behind are Gilbert and Buckeye. Gilbert is catching up rapidly, and Buckeye, which has recently begun transitioning from a primarily bedroom community, is now one of the fastest developing cities in the U.S. Mesa officials, including some City Council members, are…

By Roland Murphy for AZBEX A major master-planned community intended for nearly 65 acres at the SEC of Signal Butte Road and Southern Avenue in Mesa has undergone a major update. News broke last year concerning plans for Medina Station. The original plan was submitted by a group made up of Bela Flor Communities, VIVO Development Partners, Hawkins Companies and Greystar Worldwide. The plan at that time consisted of 851 multifamily units and 246.8KSF of retail and restaurant space, including an anchor tenant site of approximately 148KSF. (AZBEX; Aug. 25, 2023) Those plans show Bela Flor and VIVO developing the…

The Mesa Design Review Board discussed a one-acre development called The Five Six, a multifamily community planned in Mesa. Located west of Recker Road and north of Main Street, The Five Six will feature 32 townhomes. The development will have a centralized amenity space toward the north portion. The townhomes are each three-stories and situated in four clusters of eight. There will be a total of 68 parking spaces, allowing each unit to have a two-car garage while also offering four centrally located visitor spaces. The development will open up to 56th and 57th streets. The project narrative includes references…

The Arizona Department of Education awarded $7M to the Arizona Jewish Historical Society to aid the development of the Hilton Family Holocaust Education Center. The Phoenix-based site is near the Arizona Jewish Historical Society building and aims to educate 50,000 students a year. Phoenix is the largest city in the U.S. without a Holocaust museum/education center. Earlier this year, bipartisan legislation was passed in Arizona requiring educators to teach about the Holocaust and other genocides. According to Steve Hilton, a Holocaust education advocate, the museum is intended to guide patrons through a roughly two-hour technical journey through the Holocaust. Initial…