Author: BEX Staff

By RED Development A new era is about to unfold at the Paradise Valley Mall site as RED Development announces new details about the massive redevelopment currently underway at the 100+ acres project located at Tatum Boulevard and Cactus Road in Phoenix. For starters, the re-envisioned mega, mixed-use destination has a new, and simple, name – PV. Plus, an updated look and feel with a new logo inspired by the Union Jack entry cubes, an original architectural element of Paradise Valley Mall from the 1970s. As part of the multi-phase, multi-year endeavor, phase one of PV will open in mid-2024…

By Arizona Department of Transportation A virtual public meeting has been scheduled for Thursday, February 24th to provide information about a future project to widen Loop 101 (Agua Fria Freeway) in the northwest Valley. The Arizona Department of Transportation will host the virtual meeting about the project to add a fourth general purpose lane in each direction along Loop 101 between 75th Avenue and Interstate 17. Construction of the project, currently in the final design phase, is expected to start in 2023. Those who are interested can attend the public meeting as follows: What: Loop 101 Agua Fria Freeway (75th…

By Roland Murphy for AZBEX Backlash is growing over the rising number of institutional investors entering the housing market as they search for yield in an inflationary economy awash in capital. According to a recent article in GlobeSt.com, Ohio Democratic U.S. Senator Sherrod Brown, who chairs the Committee on Banking, Housing and Urban Affairs, said investors and asset management institutions are taking advantage of an allegedly “captive” housing supply situation to increase their returns. GlobeSt.com quotes Brown as saying, “Private equity firms, corporate landlords and investors saw a shortage, and they saw a captive market. They see these [single-family houses]…

By BEX Staff for AZBEX Pursuit Park, a four-building 900KSF industrial proposal in Mesa near Elliot and Signal Butte roads was recently discussed by the Mesa Design Review Board. According to representatives of project developer Mortenson, no users are in place yet. Mortenson Developments’ requests to the City are for a design review, site plan review and rezoning from Agricultural to Light industrial with a planned area development. The site is designated as an Employment District under the 2040 Mesa General Plan and is also within the Mixed-Use Community District of the Mesa Gateway Strategic Development Plan. Pursuit Park is…

By Roland Murphy for AZBEX A recent report from CBRE puts Phoenix at Number Seven among major U.S. metros for overall Year-over-Year investment growth across property types. Phoenix-area investment for all types totaled $29B for 2021, a Year-over-Year increase of 136.5%. Las Vegas led the nation YoY at 231.8%. Los Angeles led in total volume, coming in at $58B. Sectors where Phoenix held a Top 10 position were: Industrial: #4, $6.2B, 126.6% growth; and Retail: #2, $2.46B, 217.8% growth. Phoenix did not make the Top 10 in Office, Hotel or Multifamily. Nationwide, total investment volume set a record for the…

Groundbreakings 1. While the Arizona Department of Transportation has not officially begun construction on the 23-mile Interstate 17 Improvement Project between Anthem Way and Sunset Point, nighttime lane closures, daytime shoulder closures and speed-limit reductions will be necessary for ADOT and the Kiewit-Fann Joint Venture developer team to carry out pre-construction activities. Those activities include geotechnical boring and drilling, bridge and culvert inspections and survey work. Progress Reports 2. Two new surgery centers from Apricus Health LLC are making progress in the West Valley. When built out, Apricus Health Surgery Center of Avondale will occupy 10KSF at the Akos Medical…

By Roland Murphy for AZBEX Over the past several months we have extensively covered the issue of bureaucratic resistance/development fatigue/NIMBY-ism impacting project approvals – particularly in multifamily – across the state. That’s only one of a three-pronged set of challenges facing the construction industry’s ability to deliver projects in the face of overwhelming demand across several sectors, however. In addition to the complicated and lengthy approvals process, builders are dealing with a labor pool that is insufficient to meet the volume of work and a combination of supply chain difficulties that make it difficult to procure building materials in sufficient…

By Rebekah Morris for AZBEX Twelve hundred issues. Roughly 27,000 individual open active procurements. Approximately 19,200 news articles. Too many people and project news pieces to count. That is our current standing after 12 years in business and 1,200 issues of the AZBEX Digital Magazine. Without getting too reflective or pensive (not my style for anyone who knows me), I do want to take just a moment to thank everyone who continues to read the twice-weekly behemoth of informative text (Who reads every word? I mean really; it can be a bit much!). I used to make bad jokes about…

HonorHealth and the City of Peoria are working on an agreement to build a 75KSF healthcare facility on 7.51 City-owned acres near Greenway Road and 83rd Avenue. In its regular meeting this week, Peoria City Council will discuss a proposal to sell the location to Pleasantville Center LLC. The two-parcel site, located in the P83 Entertainment District, has been appraised at $3.43M. The agreement between HonorHealth and Peoria will require the healthcare provider to lease a minimum of 40% of the rentable square footage for at least 10 years. Other medical users or supporting tenants may use the remaining rentable…

The Arizona Board of Regents has accepted a proposal from the Arizona Coyotes to let the team play at Arizona State University’s multipurpose arena for the next three years. The Coyotes currently have a proposal before the City of Tempe to create an arena and entertainment district on 46 acres of City-owned land but must secure a temporary home until a permanent site is located or constructed. The Coyotes first approached ASU to inquire about using the school’s currently under construction multipurpose arena in December. As part of the arrangement, the Coyotes will invest approximately $20M in equipment upgrades and…