Author: BEX Staff

By Vestar DMB Associates is partnering with Vestar to develop a $125M shopping center at Verrado’s entrance in Buckeye. To be called Verrado Marketplace, the retail center at the NEC of Interstate 10 and Verrado Way is expected to begin construction by the middle of 2023 and open during the third quarter of 2024, said David Larcher, president and CEO of Vestar. It will be developed along the lines of Vestar’s Desert Ridge Marketplace and Tempe Marketplace, with restaurants, retail and large public outdoor spaces rich in amenities to serve as a gathering spot for surrounding communities, he said. It’s…

The Coolidge Planning & Zoning Commission has approved a site plan for a 110-room dual-branded Marriott Fairfield Inn and TownePlace Suites hotel project on North Arizona Blvd. The hotel will be across from the Casa Grande Ruins monument and adjacent to a Safeway-anchored shopping plaza. The developer is working with the owners of Safeway and the Gateway Manor commercial property behind it to provide interconnectivity between the hotel and retail center for access to dining and overflow parking options. The hotel lighting will be dark-sky compliant. No members of the public spoke regarding the development plan. Project representatives expect to…

By 29th Street Capital 29th Street Capital has successfully closed on the purchase of 20 acres of Opportunity Zone land in Apache Junction. The site is approved for the development of 201 build-for-rent homes, with construction anticipated to begin in the fourth quarter of this year. The 201 homes will consist of 164 detached single-family and 37 duplex homes spread over the entire site and will include features such as open floor plans, quartz countertops, in-unit washer and dryers, modern vinyl flooring, and private patios. The gated community will also feature a resort-style pool and lounge deck, clubhouse, fitness center…

The Queen Creek Town Council last week approved a tentative budget for $730.3M for the coming fiscal year, a significant expansion from the current $487M budget. The Town is pursuing significant increases in infrastructure and services investments to accommodate soaring growth in population and economic development. Queen Creek’s population has expanded by more than 125% in the last decade, and officials expect growth to continue. Roads are a major priority when it comes to serving new residents and businesses, according to Town officials. Among the infrastructure investment Queen Creek is looking at in the near term are: $500K for a…

Giving Back 1. This year, Suntec, the largest commercial concrete contractor in the Southwest, delivered care packages to nearly 100 teachers across Arizona, Utah and Colorado as part of their Teacher Appreciation program. Awards & Accolades 2. The Arizona Association for Economic Development has issued presented its annual Economic Development Distinguished by Excellence Awards. The 11 awards and recipients were: Best of Arizona Award – Arizona Commerce Authority’s Small Business Bootcamp;Economic Developer of the Year, Large Community – Barbra Coffee, director of economic initiatives, City of Tucson;Economic Developer of the Year, Medium Community – Ken Chapa, economic development director, City…

Following Amazon’s Q1 loss of $3.8B, its first since 2015, company leaders said in last week’s earnings call the warehouse and retail giant has excess capacity in its network for fulfillment and transportation. Between Year End 2019 and Year End 2021, Amazon’s footprint for fulfillment and data centers increased from 192.7MSF to 387.1MSF. Most of the company’s space is leased, not owned, and analysts estimate Amazon accounted for roughly 15% of new demand and net absorption in the Industrial sector in 2021. Amazon officials speculate the company will likely reduce its pace of leasing for the next 12-18 months to…

The Pinal County Board of Supervisors has approved three requests that would let EPCOR move forward on its plan to replace the Section 11 wastewater plant in the Queen Creek/San Tan Valley area with a new alternative known as the Copper Basin Water Reclamation Facility. Plans were once in place to renovate and expand the site, but that idea was shelved in 2020. Previous owner Johnson Utilities had many issues with the plant before being acquired by EPCOR in 2021. EPCOR has undertaken to fix many of the Johnson Utilities issues as part of its operations. The company’s requests before…

Plans were announced recently for the future of 373 acres of former State Trust Land in Ahwatukee. Blandford Homes gave a preview of its master plan for Canyon Reserve, an area between 19th and 27th Avenues along Chandler Blvd. The developer intends to start work late this year or early next on 1,050 one- and two-story houses, 150 Build-to-Rent townhomes and 329 traditional multifamily apartments. Sales for the single-family houses are expected to begin in 2024. The plan was unveiled at an April 25th meeting of the Ahwatukee Foothills Village Planning Committee. The Committee is scheduled to rule on a…

Ongoing disputes between the City of Tucson and the Regional Transportation Authority, which had been cooling since a new agreement was reached in January, are threatening to heat back up and may throw the RTA Next plan covering the next 20 years of major road improvements into jeopardy. The current argument focuses on an improvement plan for First Avenue between River and Grant roads that would widen the street from four lanes to six. The project was part of the package voters approved in 2006. RTA does not have sufficient funding for all the 2006-approved projects, and the increases in…

The Goldwater Institute has filed a lawsuit against the City of Phoenix, alleging the City’s use of a Government Property Lease Excise Tax incentive arrangement violates the Arizona Constitution. Under the GPLET, Phoenix will assume ownership of the $87M high-rise project known as Skye on 6th from developer Hubbard Street Group and Cresset Real Estate Partners. It would then lease the property back to the developers, allowing them to avoid paying property taxes for eight years. At the end of the term, ownership would revert back to the developer. Goldwater estimates the agreement will allow Hubbart Street Group to avoid…