Author: BEX Staff

By Roland Murphy for AZBEX As has been pointed out on these pages before, when a word is used to describe every situation in the news, it loses its impact. Specifically, when everything is a crisis (COVID, inflation, supply chains, labor shortages, climate, opioids, cream cheese availability, Sharon’s Marie Callender’s pumpkin pie, etc. etc.), nothing really seems a crisis. The national and Arizona housing affordability situation, however, is worthy of the term. While market-based solutions are always preferable to government edicts, much has been learned in the last 60 years about how governments and industry can work together to address…

Yuma County has agreed on a plan to remodel and expand the Health Department’s existing space on W. 28th Street, adding a new building that will share a lobby with the current facility. The $17M project is intended to help the department meet its existing needs and adapt for future growth. The existing 52KSF building has insufficient workspace and lacks cohesive allocations for coworkers to perform their duties in proximity to each other. The new building will allow for growth and provide temporary staff space during the renovations. It will include a large multi-use area for training, meetings and a…

By Dermody Properties Dermody Properties announced the acquisition of 961 acres of land in El Mirage, which will be developed into one of the largest industrial parks in Arizona’s history, with initial development expected to begin in 2022. The firm will develop approximately 10MSF of speculative space over the next 10 years and will develop approximately 300 acres for other third-party owner/users and build-to-suit customers. Novo Development, which has been involved with the project since its inception, will continue to assist with this new venture. The land is being purchased from the John F. Long Family Trust. Located with immediate access…

Officials from the City of Tempe will meet in a closed session this week to discuss the Arizona Coyotes’ controversial proposal to build a $1.7B arena and mixed-use entertainment district on City-owned land at Priest Drive and Rio Salado Parkway. The team submitted a bid in September to create the district, which would include an arena, multifamily developments, commercial, retail and entertainment space on the roughly 46-acre property. The development would be financed by Coyotes owner Alex Meruelo and private investors. An additional $200M to remediate the former landfill site would be used in City sales tax revenues under a…

The second phase of the Cannon Beach mixed-use entertainment property at Power and Warner roads will feature a commercial and retail center on 6.7 acres, according to a recent presentation to the Mesa Design Review Board. According to the site plan, there will be two commercial pad buildings totaling 4KSF and four retail buildings totaling 34KSF. The development is centered around the 3.3-acre Revel Surf lagoon. The site is expected to open in May 2022, according to previous reports. (Source)

As investors continue to hunt for yield opportunities in a red-hot commercial real estate market, secondary asset classes beyond the mainstays of multifamily, office, retail and industrial are seeing increased attention. Following is a brief look at some of the formerly peripheral areas that have experienced heavier traffic in 2021 and are expected to see even more in 2022. Cold Storage Two factors combined to fuel expanded investment and development interest in cold storage. The pandemic generated massive activity in food and cold commodities delivery, and major portions of the cold storage industrial sector are obsolete in terms of facilities…

A new report from The Utah Rivers Council claims Utah, Colorado and New Mexico are using more than their legal allotments of river water, which could result in a call from Lower Basin states, including Arizona, to reduce their take. That call could take place if the Upper Basin is no longer able to meet its obligation to deliver a minimum of 75 million acre-feet to the Lower Basin over 10 years under the 1922 Colorado River Compact. A so-called “Compact Call” could require those states to make sure Arizona, California and Nevada receive their share of river water. The…

Groundbreakings 1. Phase II of Lucid Motor Company’s Casa Grande factory recently began vertical construction. The first phase was 1MSF. When finished, Phase II will total an additional 2.8MSF. 2. Weitz announced it broke ground in early December on Raintree Drive Residential, a five-story, 192-unit multifamily development in north Scottsdale. 3. The Empire Group of Companies started construction this month on The Village at Paseo de Luces in Tolleson at the NEC of 99th Avenue and Van Buren Street. It is the first build-for-rent community planned for Tolleson and is targeted to begin leasing in late 2022. Progress Reports 4.…

By Roland “The Grinch” Murphy for AZBEX The Season comes ‘round Same time every year, And we all look forward To holiday cheer. But some agencies’ spirit Falls in a black hole Their holiday deadlines Swirl mirth down the bowl. IFBs, RFPs and those dense RFQs swap our carols for dirges and we’re singing the blues. Folks setting these due dates Must be out of their gourds So here AZBEX Presents The Bah Humbug Awards! Litchfield Park’s IFB Is due Twelve Twenty-eight Vis-ta Verde Drainage Wipes cheer from the slate. Zero One, Zero-Three, The teams’ first day back A couple…

By Capital Asset Management Capital Development Group, the development wing of Capital Asset Management, has closed escrow on the first two of five Build-to-Rent projects. The first two projects are in Arizona cities most in need of this type of housing – Prescott and Casa Grande. The projects, similar in concept and design, mark Capital Development Group’s broadening of its reach outside of the Phoenix metro area. Both projects will appear similar to a single-family home community at first look. All units will be built as a single story and designed to include private backyards and entries. Inside, residents will…