Author: BEX Staff

By Apex Motor Club Private Motorsports Group LLC is excited to announce a significant milestone in the evolution of Apex Motor Club. RJT Capital, a longtime supporter and investor since Apex’s inception, has completed a transaction to become the club’s sole owner. This new chapter is backed by a major investment of approximately $30M that will significantly accelerate the development of its world-class facilities and enhance its member experience. The investment will fund several key improvements, including the construction of a premium clubhouse and 48 additional private garage condominiums. Construction is set to begin later this year, and a limited…

By Plaza Companies and Fayth Hospitality Plaza Companies and Fayth Hospitality have unveiled plans for a new dual-brand hotel development in the thriving north Phoenix area, with anticipated Hilton flagships Tapestry Collection and Homewood Suites by Hilton. The project is located on a prime 8.15-acre parcel at the southeast corner of 64th Street and Mayo Blvd., recently acquired from K. Hovnanian. The two new hotels will feature a combined 254 guest rooms, designed to serve the growing demand from local, national and international tourism as well as visitors seeking care at the high-quality medical facilities in the area. The hotels…

Groundbreakings 1. Aligned Data Centers has broken ground on PHX-13, a 72 MW data center that is one of four facilities planned for the company’s 100-acre Glendale campus. The site will include a new 230 kV transmission line provided by Arizona Public Service. The facility will use modular construction methods in place of traditional stick-built methods to support sustainable and efficient construction. Progress Reports 2. REMI Scottsdale, Autograph Collection is accepting reservations for its June grand opening. The 163-unit Marriott hotel is located at 4415 N. Buckboard Trail in Scottsdale’s Entertainment District. Completions 3. XNRGY has completed construction of its…

Half the funding for a new $20M medical unit at the Coconino County Jail will be provided from the Jail District Fund, while the other $10M will be raised through a special obligation bond sale approved by the County Board of Supervisors last month. County officials are optimistic about the bond offering’s attractiveness to investors, despite concerns about the overall market in the current economic and political climate. The jail bonds received AA+ ratings—the second highest possible—from both Moody’s and S&P. The bond sale is underwritten by Stifel, Nicolaus & Company, and Piper Sandler serves as the County’s financial advisor…

By Roland Murphy for AZBEX The Arizona Construction sector gained 2,000 jobs in March, according to the latest report published by the Arizona Office of Economic Opportunity. Arizona’s seasonally adjusted unemployment rate rose to 4.1%. The February rate was 3.9%. The national unemployment rate rose to 4.2%, up from 4.1%. In March 2024, Arizona had a seasonally adjusted rate of 3.3%. The national rate was 3.9%. Arizona had a not-seasonally adjusted gain of 3,800 nonfarm employment jobs month-over-month. “Prior to the pandemic (2010-2019), NSA nonfarm employment gained 10,800 jobs on average in March,” the report states. Year-over-year results showed a…

By BEX Staff for AZBEX Ten news buildings totaling 123KSF are planned in the long-stalled 70-acre Estrella Gin Business Park at the NWC of Estrella Parkway and Edison Road in Maricopa. Planned as a mixed-use site, project documents say there will be a total of 82 units in the development, with space for 60 office/storage spaces and 22 retail shops. Potential users include small retailers, artisan showrooms and small light industrial uses. A preliminary site plan shows the building use and breakout as follows: Building 1, light industrial, 9KSF; Building 2, light industrial, 12KSF; Building 3, light industrial, 18KSF; Building…

By Roland Murphy for AZBEX Gov. Katie Hobbs has signed Senate Bill 1543—the so called “Axon Bill”—into law to make way for Axon Enterprise, Inc.’s planned corporate headquarters and campus development. That may well prove to be the easiest round in the company’s fight to achieve its vision. We have covered the plans for the headquarters, apartments and hospitality outlets since they were first proposed, as well as the “community group” and union backed efforts to stop them. Readers who want the full background on the story can find it here. SB1543 effectively nullifies the referendum looming over the project…

Giving Back 1. Willmeng Construction raised more than $300K for Treasure House, an organization that serves adults with developmental disabilities, at its Builders Cup. Builders Cup was a golf tournament that had more than 150 participants from Willmeng’s closest clients and trade partners. This event was put on for the first time last year, where it raised more than $260K. 2. Max Xander of Land Advisors Organization is supporting the Arizona Humane Society by participating in the Arizona Triple Crown, a multi-sport event including mountain biking, skiing, golfing, shooting and wake surfing. The fundraising goal for the event is $10K,…

Sales Transactions 1. Leon Capital Group’s subsidiary Leon Multifamily, represented by CBRE, sold Soltra Kierland, a 202-unit apartment complex in Scottsdale, for $107.5M. The buyer was a private investor. The sale was the highest price per unit for a multifamily sale in Metro Phoenix since 2022. The property is located at 7111 E. Tierra Buena Lane. 2. Christiansen Ventures LLC recently bought the 280-unit multifamily community Broadstone Uptown PHX for $87M. The seller was Alliance Residential Company, which CBRE represented. CBRE also arranged financing for the buyer. Broadstone Uptown PHX is located at 500 W. Camelback Road. 3. 3560 W.…

By Roland Murphy for AZBEX Senate Bill 1543, legislation that would halt a voter referendum in Scottsdale over Axon Enterprise, Inc.’s plan to build a mixed-use, master-planned corporate campus and headquarters near Mayo Blvd. and Hayden Road, now awaits a signature or veto from Gov. Katie Hobbs. Both chambers of the Arizona Legislature approved the bill. In an ongoing battle between the Governor and the Legislature, Hobbs office announced April 17, she would not sign any new legislation presented to her until Republicans in the Legislature approve a bipartisan funding bill that increases protections for disabled Arizonans. The moratorium applies…