Author: BEX Staff

Banner Health’s vision for a major healthcare campus near Loop 101 and Hayden Road will take its next steps with appearances before City of Scottsdale bodies this month. The first test for the $400M proposal will be a City Council vote on Sept. 10 that will consider a development agreement for sewer and water services for an 85-acre plot that also includes the 48-acre section where Banner plans to build. Scottsdale’s budgeted amounts for the services include $6.1M for water and $960K for sewer. Banner will pay any costs beyond those caps. Also this month, a medical office building project…

A preliminary budget request has been made by the Arizona Board of Regents requesting the state provides $632.2M for the 2026 fiscal year state budget. The request has been sent to Gov. Katie Hobbs. ABoR is requesting $23.2M for operational funding, $130M for the AZ Healthy Tomorrow program, $150M for opportunity economy, $129M for educational affordability and $200M for capital investment. This year’s state budget included a $96.6M reduction in state appropriations for the universities. ABoR’s Arizona Healthy Tomorrow program intends to double graduates at the UA medical schools and provide resources to create medical schools at ASU and NAU.…

By CJ Jorgensen for AZBEX Phoenix is continuing its rapid expansion in the data center market, becoming a primary data center hotspot of the West. Information in the “Americas Data Center H1 2024 Update” released last week by Cushman & Wakefield, shows Phoenix has seen a rapid expansion of absorption within the past two years, having reached 411MW in 2022 and 600MW in 2023. Phoenix saw slightly more absorption in the first half of 2023, but this is likely due to limitations on the delivery of supply. Phoenix’s absorption in the first half of 2024 was 126MW with 367MW under…

A Gilbert Planning Commission study session recently considered Mill Creek Residential’s proposal for a mixed-use project at the NEC of Higley Road and Elona Drive, just north of Loop 202. The project, Modera Gabriella Pointe, would be constructed on a 13-acre site and would need a minor general plan amendment and a rezoning. The current project proposed a five-building apartment complex with a coffee shop, fitness center and leasing office. The unit count, commercial space and building heights were not disclosed in the proposal, but a site plan includes two buildings with retail and restaurant space. No action was taken…

By Associated Builders and Contractors The construction industry added 34,000 jobs on net in August, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment grew by 228,000 jobs, an increase of 2.8%. Nonresidential construction employment increased by 28,300 positions on net, with growth in all three subcategories. Nonresidential specialty trade added the most jobs on net, increasing by 14,000 positions. Heavy and civil engineering and nonresidential building added 13,500 and 800 jobs, respectively. The construction unemployment rate fell to 3.2% in August. Unemployment across all…

Giving Back 1. On Friday, October 18, the nonprofit Passion to PowHer will host its first Passion to PowHer Day, which will be held at the Peoria Sports Complex from 9 a.m. to 4 p.m. It is a free all-day event that will provide young women, ages 13-22, the tools to unlock their full potential and inspire them to fulfill their dreams. Passion to PowHer was founded by Shelby Duplessis, founder and managing partner of Diversified Future, as a nonprofit foundation with a mission to support and empower young women. Awards and Accolades 2. Titan CEO and Wipfli LLP have…

Sales Transactions 1. Ascent Equity Group has purchased the 177-unit Sunrise in Chandler multifamily community from Sunrise Multifamily for $46.5M. Sunrise bought the property for $54M in 2021. It is unknown if Ascent plans to rebrand the property. Documents show Inayatullah Ian Nasib is one of the indirect beneficial owners of both the buyer and seller entities. 2. ViaWest Group, in partnership with Keith Mishkin and Terrence Plas, purchased 83 acres of an opportunity zone site for $8.3M from Power OZ 261 LLC. The sale was facilitated by Transwestern’s Paul Borgesen, Dylan Sproul and Royden Hudnall. The property is in…

By Roland Murphy for AZBEX The Peoria Planning and Zoning Commission will consider two proposals this week that, if built as planned, could deliver more than 600 new residential units to the north side of the city. Ascent Mystic Ascent Companies is proposing a 142-unit townhome and 288 apartment development on slightly more than 28 gross acres at the NWC of El Mirage and West Westland roads. Ascent Mystic Townhomes, planned for 13 acres on the west side of the property, will feature 74 two-bedroom and 68 three-bedroom units. Buildings would be two stories with a height of 30 feet.…

By BEX Staff for AZBEX The West has had the steepest decline of multifamily permitting out of the four Census regions over the last year. According to GlobeSt, the West was down 28.9% to 92,000 units. The only region to experience an increase was the Northeast, up 13.7% to 65,000 units. Annualized starts were up by 11.7% in July, yet still down 21.8% from last year. Seven of the top 10 multifamily permitting metro markets decreased annual totals from the year before. Austin, New York and Miami were the only metro areas from the top 10 to increase. “The annual…

By Roland Murphy for AZBEX The construction market has been promised cost stabilization so many times in the past several years, “It’s just around the corner. Honest,” those optimistic outlooks now reflexively generate skepticism in the minds of many long-time observers. It looks, however, like there might be a genuine reason to start expecting better things soon. Mortenson’s Phoenix Construction Cost Index for Q2 2024 says its outlook for nonresidential construction is “cautiously optimistic” and that there are “signs of more robust market conditions for starts ahead.” The report shows a national nonresidential construction cost increase of +1.24% for Q2.…