Author: BEX Staff

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…

Following a change in project plans by developer Lincoln Avenue Capital, LLC the Maricopa Planning & Zoning Commission recommended approval of a request of rezone 15 acres in the Seven Ranches to general mixed-use. LAC’s project, Honeycutt Ranch, will develop a three-story, 228-unit apartment community. Maximum building height will be 40 feet. Commissioners had rejected an earlier request, citing lack of input from other property owners near the site and the fact that LAC had submitted a single-use plan while requesting mixed-use zoning. LAC added three acres it will designate as mixed-use onto the original 12-acre proposal. The staff report…

The Mesa Design Review Board is considering a proposal to build a commercial recreation center east of Greenfield Road north of Main Street. Plans for the 6.8-acre site include a 21KSF fitness center and 21 pickleball courts. A dog park on the west side of the property will remain. The location will be accessible to the Mesa Regal and Tower Point RV parks located next to the site. The property is owned by CAL-AM Properties, according to media reports citing municipal documents. The project owner is Karno Norton S/Roland B Tr Etal. The application was submitted by Architectural Collaborative Team…

A potential makeover for downtown Glendale could include an extensive reworking of Glendale City Hall as leaders push to make the area into a revitalized entertainment destination. The modernization and revitalization proposal, known as Downtown Campus Reinvestment Project, would include renovations to City Hall, Council Chambers, Murphy Park, the Murphy Park amphitheater and a parking garage. Estimated costs for the project are: City Hall: $39.75M, Amphitheater: $10.5M, Parking Garage: $4.29M, Council Chambers: $4.1M, Murphy Park: $4.5M, and Continuity of Operations: $6.84M. Glendale would need to come up with approximately $49M more money than it allocated in the adopted Fiscal Years…

Research from Arizona State University’s Morrison Institute of Public Policy has examined the issue of Arizona affordable housing and possible solutions for the worsening problem. Most potential policy changes face heavy opposition in addition to the ongoing problems of Not-In-My-Backyard neighborhood resistance and ongoing political repercussions. An Arizona Department of Housing estimate says the state needs an additional 270,000 living units with rents and mortgage payments lower than the current prices. A new affordable tax credit is expected to help the situation. Over the next several years, the credit is expected to prompt $160M in new affordable housing development. Other…

Northmarq’s Q3 2021 Greater Tucson Multifamily Report shows rents remained on a “steep upward trajectory,” as vacancy dipped 30 basis points during the quarter to settle at 4.1%. Q3 rents surged 6.1% following 8.5% spike in Q2. Year-over-Year, rents are up 21.5% and ended the quarter at $1,053/month. Property sales also saw significant gains, increasing 20% over Q2. Prices are up year-to-date, reaching a Q3 average of $97,300/unit. The average CAP rate is 5%. So far in 2021, the development sector has delivered 1,325 new units to market. A nearly equal number, 1,346, is under construction. (Source)

Water managers for the State of Arizona and the Central Arizona Project last week signed a commitment with officials from Nevada, California and the U.S. Department of the Interior to cut 500,000 acre-feet/year in water drawn from Lake Mead over the next two years. The reduction will be funded through $200M in monies intended to pay users leaving water in the reservoir system. Half the funding comes via the newly passed federal infrastructure package. Tribal water users are a key factor in the reductions, and they have already agreed to contribute a minimum of 180,000 acre-feet toward the goal. In…