Author: BEX Staff

Attorneys for Arizona have requested a judge dismiss a five-year-old lawsuit claiming lawmakers have failed to satisfy their legal obligations to adequately fund school facility maintenance and construction. The lawyers argued before Maricopa County Superior Court Judge Daniel Martin that changes have occurred in the funding system since school districts and outside education advocates filed the lawsuit in 2017. They argued the question of school funding methods should be left to elected legislators, noting that changes have already been made and alleging they need flexibility in addressing future policy issues. Lawyers for the plaintiffs argued the Arizona Constitution requires lawmakers…

Giving Back 1. SRP, along with utility companies from 10 states across the U.S., are volunteering in a collaborative effort known as “Light Up Navajo.” The American Public Power Association and Navajo Tribal Utility Authority are organizers of the eight-week volunteer humanitarian effort. The goal is to electrify 300 homes during that time. Awards & Accolades 2. David Krumwiede, senior executive VP for Lincoln Property Company, has been named NAIOP Arizona’s 2021 Award of Excellence recipient. The award will be presented at the Best of NAIOP awards ceremony on June 9th at the Arizona Biltmore. 3. NAI Horizon has named its Top…

Agreeing with opposition claims that Salt River Project failed to consider the impacts a $1B natural gas plant expansion in Coolidge would have on nearby Randolph, the Arizona Corporation Commission has rejected the utility’s request. The existing plant has 12 quick-start generators. The expansion would have added 16 more, increasing the plant’s capacity from its current 615MW to a total of 1,435MW. Commissioners voted 4-1 against the expansion following months of outcry and opposition from Randolph residents, who said extensive industrial development has ruined the area’s previous character and inflicted negative health impacts. Supporters of the plant expansion, which had…

The Queen Creek Town Council has voted to approve selling bonds to fund new facilities under Phase I of the Town’s Park Master Plan. Phase I components include East Park, an aquatics and recreation center, and the finishing of Mansel Carter Oasis Park. The initial issuance is planned for $138M. Council also approved a name change for East Park in its recent meeting. The park will now be known as Frontier Family Park. Frontier Family Park includes the Aquatic and Recreation Center and will be completed in two phases. J2 Engineering and Environmental Design will provide design services for Phase…

Sales Transactions 1. Sales TransactionsReNUE Properties has sold its portfolio of affordable housing communities to Starwood Real Estate Income Trust for $345M. It is reportedly the largest affordable housing sale in Arizona history. The properties consisted of: Desert Eagle, Glendale, 196 units;Village at Sun Valley, Mesa, 276 units;Tierra Antigua, Mesa, 174 units;Lake Pleasant, Peoria, 152 units;San Fernando, Mesa, 264 units;Bella Vista, Phoenix, 200 units, andReNUE Downtown, Phoenix, 200 units Closing for Bella Vista and Legacy Bungalow are expected by April 30th following regulatory approvals. CBRE Affordable Housing team, led by Jeff Kunitz, facilitated the transaction. 2. Velocity Retail Group, in partnership…

The Maricopa Association of Governments has begun its push for an extension of the Proposition 400 half-cent transportation tax. MAG representatives recently presented a series of bus and road projects it has targeted to the Chandler Chamber of Commerce. Among the projects laid out for attendees were a rapid bus route between Scottsdale and Chandler Fashion Center and another between downtown Chandler and Mesa. These and other projects are intended to improve connectivity and ease of travel between Valley cities. MAG representatives said passing a Prop 400 extension is essential to meeting all those connectivity goals. The extension request is…

The Phoenix Planning Commission has approved a rezone that paves the way for the city to sell 87 acres of land in Laveen to the Arizona Department of Transportation for development of SR 30. SR 30 will connect the Loop 202 and Loop 303 freeways. ADOT will use the land purchased from Phoenix for whatever rights of way the project needs and then sell any remaining land bordering the freeway. Phoenix City Council delayed a vote on the sale in October of last year and again in January to give staff more time to review the request. The current general…

Groundbreakings Advanced Industrial Park, a 20.77-acre, permit-ready site in Mesa, will break ground next month to deliver three Class A industrial buildings totaling more than 335KSF. ViaWest Group and Nicola Wealth Real Estate recently teamed up to buy the site for $9.69M.Willmeng Construction and VanTrust Real Estate have broken ground on a 154KSF distribution facility for Frito-Lay, the first project to get underway in the 350-acre Legacy Point Master Plan.JDM Partners announced it will begin work on Phase I of the planned renovations at the Biltmore Golf Club.Progress ReportsBuilding Companies has topped out the University of Arizona Applied Research Building…

By Cushman & Wakefield for BET Investments BET Investments has started its first phase of what will be one of the largest industrial developments in Buckeye’s history. The 145-acre project, Buckeye I-10 Logistics, is the largest industrial complex under development along Buckeye’s I-10 frontage freeway, just west of Verrado Way. The industrial park will be constructed with more than 2.2MSF of industrial space. The 641KSF Phase I building has already broken ground, with completion expected before the end of 2022. Beginning in Q3 of this year, BET Investments will build its Phase II building, consisting of approximately 1.15MSF, located adjacent…

Banner Health is working with the Arizona State Land Department and the City of Scottsdale to purchase 40-50 acres at the NEC of Hayden Road and Loop 101. Banner representatives said the healthcare provider will begin a phased development on more than 50 acres in the area next year if it succeeds in purchasing the land at auction. Banner has submitted an application to ASLD to purchase 40 acres of an approximately 185-acre Department-owned site in the area. No auction date has been set, and no appraisal has been conducted yet. The company said its intent is to expand services…