Author: BEX Staff

A proposal to build a second bridge in Lake Havasu City and ease traffic over the existing London Bridge will once again make the rounds in the Arizona Legislature. State Rep. Leo Biasiucci of Lake Havasu City had introduced a bill last year for $22M in state general funds for the project, which would be known as The Freedom Bridge. The bill did not advance to a full vote in the 2021 Legislative Session. Biasiucci plans to introduce a modified version in the new session and will seek out federal grants to help with funding, along with contributions from other…

After a cooling period over the spring and summer, prices for lumber have once again surged, nearly tripling over the past four months and adding more than $18.6K to the cost of a new home, according to the National Association of Home Builders. The increase has also added almost $7,300 to the average cost of a multifamily home. Random Lengths reports prices have increased 167% since August, rising to more than $1K/thousand board feet. Prices originally began increasing rapidly in the early days of the pandemic. Sawmills reduced production after incorrected predicting a reduction in demand. They were then slow…

By Roland Murphy for AZBEX The age-old equation of jobs + amenities + rooftops = highly charged regional growth is seeing a textbook example playing out in the area of Goodyear’s Ballpark Village. With the proliferation of new employment opportunities, Goodyear and the rest of the Southwest Valley have seen a groundswell of development and refreshed appeal. Now, developers are racing to accommodate new arrivals with residences and services close by. Recent reports in Phoenix Business Journal have detailed plans to rezone 180 acres of vacant land once planned around Goodyear Ballpark for a city center into a mixed-use area…

A new mixed-use development has been proposed at the NEC of Yuma Road and Estrella Parkway near Goodyear Ballpark. HCW Development intends to create Ballpark Village Northeast – a $150M project that will feature residential, retail, hotel and other hospitality uses on a 27-acre site. Goodyear recently approved a general plan amendment to facilitate development in the area. HCW’s proposal includes 550 multifamily units split between a four-story luxury component and a three-story walkup development on a total of more than 17 acres. There also will be a four-story hotel on two acres and restaurants and boutique retail on more…

A major project to improve traffic flow and mitigate flood risks on the 67th Avenue Corridor between Happy Valley and Pinnacle Peak roads will pick up steam in 2022. Some improvements have already been made in the area, which has historically been heavily impacted by flooding and drainage issues. Pre-construction has begun, and Peoria has approved an intergovernmental agreement for state funding. Project components include improving the storm water drainage system that connects the regional network, adding a third traffic lane in each direction and new bike lanes on 67th Avenue, raised medians, undergrounding utility lines, installing ADA-compliant sidewalks, and…

Plans to demolish a historic hotel site near Van Buren Street and Grand Avenue to develop a new technology-focused modern destination hotel have preservationists and developers at odds. The 600 W. Van Buren site, once known as the City Center Motel, currently houses a Travelodge where owner Nimesh Dinubhai has working with the City of Phoenix to provide temporary housing for the homeless. Dinubhai has applied for a demolition permit, however, and is working with EV Hotels to create a $25M-$27M, 124-room hotel with ultra-modern elements including robotics, a cryptocurrency focus and a small number of Non-Fungible Token rooms. No…

Payson Mayor Tom Morrissey and former Mayor and current MHA Foundation President Kenny Evans are working together in trying to find more and better workforce housing solution in Rim Country. The target monthly housing payment for workforce affordability in the area would be around $1,250. That equates to a $193K mortgage after a down payment of $20K. The average 2021 sales price for a Rim Country home, however, was $287.5K. Evans’ and Morrissey’s ideas include lowering construction costs and finding more available land for housing construction. Evans and the MHA Foundation have built affordable houses that sell for approximately $100K…

In a panel discussion last month moderated by Pinal County Supervisor Jeff Serdy, representatives from Salt River Project, EPCOR and Arizona Water Company addressed the question of water infrastructure and the pressure on water utilities to expand service. SRP Senior Project Manager in Economic Development Karla Moran said she was impressed by recent growth in Pinal County and how water needs have been addressed, adding that large water users with contiguous parcels under one owner has been a useful economic and development tool. Moran added SRP is planning for 20-50 years down the road and investigating water management on the…

Giving Back 1. The Sundt Foundation awarded $25K in grants to 10 Tucson-area nonprofits during its current giving round. Those nonprofits receiving grants include: Angel Heart Pajama Project, Arizona Dental Foundation, Candlelighters Childhood Cancer Foundation of Southern Arizona, Our Family Services, Pima Foundation ARC Resource Center, Project Insight, Ronald McDonald House Charities of Southern Arizona, Sahuarita Food Bank, Southern Arizona Adaptive Sports, and Child Language Center – Wings on Words Preschool. 2. The Sundt Foundation donated over $70K to Valley charities during its current giving cycle. Maggie’s Place received a $7,500 grant for its emergency shelter program. The Foundation awarded an additional $64K in grants…

Sales Transactions 1. ABI Multifamily announced the sale of the Metro Phoenix 5 Portfolio, one of the largest marketed Arizona multifamily portfolio sales to date, for a combined $414.5M between five properties and 1,448 units in Chandler, Gilbert, & Mesa. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick – facilitated the transaction. Sahara Palms & Playa Palms Apartments is an 840-unit garden style apartment community in Gilbert and is the fourth largest apartment community by total unit count in metro Phoenix. Riviera Park Apartments is a 201-unit, garden-style apartment community in Chandler.…