Author: BEX Staff

By Roland Murphy for AZBEX Plans for a 42-acre mixed-use development in rural Yuma County are encountering nearly universal resistance, most recently in the form of a recommendation for denial of a land-use designation change request from County Planning staff. The Norman Bruce Jacobson & Drucilla C. Trust 2-21-2012 owns 146 acres of rural-zoned land covering all four corners of Highway 95 and Martinez Lake Road in Yuma. The request would change the land-use designation for 42.37 acres to Retirement Community/Planned Unit Development and the remaining 103.64 acres portion to Agriculture/Rural Preservation. A major amendment is required since the site…

By Mack Real Estate Group and McCourt Partners Mack Real Estate Group and McCourt Partners have announced the name of their 2,300-plus-acre mixed-use, master-planned development in Phoenix’s North Valley: Halo Vista. Located immediately adjacent to Taiwan Semiconductor Manufacturing Corporation’s $65B semiconductor fabrication campus, Halo Vista is positioned to become a hub for science and innovation, driving economic growth and attracting world-class talent to the region. “Halo Vista captures our vision for the cutting-edge environment to be built around the tremendous economic driver that is TSMC,” said Richard Mack, CEO of MREG. “We believe that our thoughtful and compelling mix of…

The Governor’s Regulatory Review Council will hear and vote on a new proposal for an additional method to meet the State’s100-year water supply requirement for new developments. The method is titled Alternative Designation of Assured Water Supply, and it has been a point of interest since the Arizona Department of Water Resources limited issuances of Certificates of Assured Water Supply. In 2019, ADWR declared the stress on the groundwater supply was dangerous. Pinal County Supervisor and Vice Chairman of the Pinal Groundwater Users Advisory Council, Steve Miller,claimed, “We have not approved new subdivisions in large parts of Pinal County for…

Giving Back 1. Dominium has announced the recipients of the 2024 Opportunity’s Front Door Scholarship Program. The program is committed to providing essential financial support to Dominium residents, employees and dependents to facilitate access to higher education. In the 2024-2025 academic year, 335 students received scholarships of $5K each, totaling more than $1.6M. Among the recipients is four-time winner Carlos, from Tolleson. Carlos is pursuing a degree in Fashion, with an emphasis on Design at Arizona State University. 2. The Sundt Foundation celebrated its 25th anniversary and the culmination of three weeks of fundraising for breast cancer awareness with a…

Sales Transactions 1. EQT Exeter purchased a six-building industrial portfolio in Phoenix from Link Logistics. EQT paid $143.2M for the 860.2KSF Phoenix Gateway portfolio in the Airport submarket. Commercial Edge has reported the facilities were fully leased with eight tenants at the time of sale. Spaces range from 37KSF to 220KSF. Cushman & Wakefield’s Molly Hunt, Will Strong and Michael Matchett represented the seller. 2. Marcus & Millichap announced the sale of a net-leased Safeway in Florence for $10.2M. The 6.4-acre site and 57.9KSF Safeway is at 3325 N. Hunt Hwy at the intersection with Merril Ranch Parkway. Marcus &…

By Roland Murphy for AZBEX Mayo Blvd. and 64th Street has long been something of a buffer between the trendy retail and residential outlets nearer to Scottsdale Road and the ever-expanding healthcare-related development around the Mayo Clinic to the west. Two recent sets of activity ensure that buffer status is about to change from a zone of separation into one of transition. 64th & Mayo Planned Unit Development Developer JLB Partners has submitted a planned unit development request to the City of Phoenix for a master-planned development on more than 51 acres at the NEC of 64th Street and Mayo.…

The U.S. Department of Transportation has awarded approximately $172M in federal funds for two Arizona road projects. Of the awarded funds, $146.6M will be delegated to the Maricopa Association of Governments to work on congestion issues regarding the six-legged highway intersection at Grand Avenue, 35th Avenue and Indian School Road in central Phoenix. Funds were awarded through the National Infrastructure Project Assistance and Infrastructure for Rebuilding America programs through the Infrastructure Investment and Jobs Act. The Arizona Department of Transportation reported traffic volumes have increased by approximately 20% over the past decade. Volumes are expected to continue to grow. Improvements…

Staff from the City of Glendale recently presented long-range expansion plans for Glendale Municipal Airport to City Council. Only $10M of City funding is necessary to fund the expansion, called the Eastside Development Plan. The plans include multiple aircraft parking aprons, hangar development and roadways/vehicle parking. The hangar development was not listed as a project item, as Matt Quick of Kaufman and Associates anticipates private development getting involved with construction of the hangars. A new fuel farm on the east side is also expected to be built when demand dictates. The topic was brought up during the Oct. 8 council…

By BEX Staff for AZBEX The United States has a shortage of 4.5 million housing units. Even though construction activity trended downward in 2022 and 2023, it remains greater than it was before the pandemic. Developers are also working toward higher deliveries for improved affordability, as a combination of unmet demand and heightened costs have put new homes out of reach for much of the population. To meet demand needs, builders are pivoting toward higher-density development. Single-family detached housing starts fell 8.9% in 2023 but attached single-family home starts increased 3.2%. Condo starts increased 8.1%. Completions of single-family detached dropped…

Awards & Accolades 1. Arcadia View Lofts in Phoenix was named the Grand Winner of the Build-to-Rent category in the 2024 Multifamily Executive Awards. The property was built by the Net Zero Energy real estate developer MODUS Companies. Groundbreakings 2. Construction has begun on the Buc-ee’s on Bullard Avenue just south of the I-10 in Goodyear. The new 74KSF travel center is anticipated to create more than 200 full-time jobs. Currently, construction is focused on clearing the site for utility-work. The location is expected to open by the end of 2025. Progress Reports 3. Two Tucson public works projects on…