Author: BEX Staff

Caliber Companies is planning a 12-building, 144-unit apartment development on 2.5 acres in Mesa. Commons of Mesa will be located on 2nd Avenue between Robson and MacDonald streets. The proposed mix is 48 one-bedroom and 96 two-bedroom units. Caliber is positioning the proposal as workforce affordable and plans to develop it under the Caliber Opportunity Zone Fund. The company is raising $9M in equity and will take on a $32.5M U.S. Department of Housing and Urban Development construction loan. Caliber will co-develop Commons of Mesa in partnership with Cardinal Capital Management. (Source)

A Wyndham hotel under the dual Wingate-Hawthorn brand earned a recommendation for approval to City Council last month from the Mesa Planning and Zoning Board. The 4.5-acre site near Pecos and Sossaman roads is owned by the Phoenix-Mesa Gate Airport Authority and will be developed under the Skybridge Arizona master plan. Plans for the hotel call for a total of 129 rooms, with 72 branded under Wingate and 57 under Hawthorn. (Source)

Hines and partner New York Life Insurance Company are teaming up to develop the 160-unit Build-to Rent community Enclave Point in Surprise. Construction on the 12.9-acre project is expected to start in Q4, with completion targeted for 2024. Floor plans include 692SF one-bedroom and 1,065SF two-bedroom units. According to news reports, amenities will include private yards, a dog park, pool, clubhouse, co-working space and a fitness center. Hines officials said the company will continue to seek out more Build-to-Rent opportunities in metro Phoenix and across the Southwest. (Source)

By Sterling Real Estate Partners Sterling Real Estate Partners recently acquired Hotel Tucson City Center in an off-market transaction with plans to convert the hotel into market-rate apartments. Originally built in the 1960s, the 278-unit downtown hotel will be transformed into a modern, 210-unit apartment complex with approvals to develop an additional 154 units. This acquisition marks the first adaptive reuse project undertaken by Sterling. Sterling had the property under contract since January of 2021 while it underwent the rezoning process for residential use. Sterling collaborated with the neighbors throughout the process to receive zoning approval without opposition. Upon acquisition,…

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…