Author: BEX Staff

Groundbreakings 1. Gila River Hotels & Casinos officially announced its newest project, Santan Mountain, at a groundbreaking ceremony this week on Gila River Indian Community land south of Chandler. When completed, the 160-acre, $150M project will feature more than 850 slots and table games, BetMGM Sportsbook, dining and will create more than 650 new jobs. 2. The Mangat Group has partnered with Aberdeen Management & Development to build and operate the next Arizona Self Storage facility in Peoria. They broke ground on October 20th. The new 122KSF, 875-unit facility will be located on the SWC of Loop 101 and Olive Avenue. Tony Mangat,…

By Roland Murphy for AZBEX Since BEX Companies/AZBEX/DATABEX is a small company that covers every commercial development in the state with a valuation of more than $5M, it stands to reason we are a pretty tight crew that communicates efficiently and well. That said, it’s kind of uncommon for something to happen that so grabs someone’s interest they share it out of sheer surprise. Still, as I was putting together last Friday’s issue on Thursday morning, I got a text from the DATABEX Manager: “Check out Mesa on the leads list!” The leads list, by the way, is where projects…

Tempe City Council is scheduled to vote on November 9th on an agreement with the Los Angeles Angels that will allow the planned $50.9M renovation plan for Tempe Diablo Stadium to move forward. Built in 1968, Tempe Diablo Stadium is the Cactus League’s oldest Spring Training facility. The renovation plan will modernize the complex and seeks to provide a better experience for fans. Initial renovations will be broken into two phases. For the first phase, Tempe will provide $10.9M in funding, with the Angels contributing $10M. The $30M second phase will be funded entirely by Tempe and will likely come…

The Mesa Planning and Zoning Board has voted to recommend site plan review approval for 3.0 at Eastmark, a proposed 208-unit apartment development on nine acres at the NEC of Ray Road and Bradley Drive. The units will be spread across 15 buildings and consist of one-, two- and three-bedroom layouts from 600-to-1,400SF. Planned amenities include a children’s play area, a heated pool and spa, a 24-hour fitness center, open space, and a dog park. (Source)

Underfunding of up to $250M has left 10 major road projects in Tucson under threat of not being completed, according to media reports. Pima County voters approved a sales tax for a Regional Transportation Authority in 2006, and the projects are funded under those original estimates. Fifteen years of inflation, however, have dramatically impacted the projects’ real costs, and RTA officials say Tucson is responsible for covering the difference. Tucson estimates each of the projects could need between $28M and $72M but estimates from the City and the RTA vary widely due to differences in the two bodies’ cost analyses.…

U.S. Forest Service officials still plan to re-divide Phase 2 on the Four Forests Restoration Initiative contracts for northern Arizona into smaller, more easily managed pieces. The Service canceled the contract approximately a month ago. Officials say they still plan to see more than 880,000 acres mechanically treated under 4FRI. Officials recently presented an outline for the next 20 years under the plan and said they expect a final decision on how best to proceed later this month after more meetings with stakeholders. Problems with the previous contract included money for road and bridge upkeep in the project area. Forest…

Awards & Accolades 1. Fulton Homes has been awarded the 2021 WaterSense Partner of the Year, making this their third EPA award of 2021. This is the second time they have been a triple crown winner. In 2020, Fulton Homes designed 800 homes to meet WaterSense specifications, and more than 300 of the homes earned the WaterSense label. Company News 2. Arizona Land Consulting and ForeOptics, two successfully independent and female-owned companies, have joined forces to create ForeSite, a new turnkey solution that combines real estate selection with full-service operations and supply chain management for companies that are expanding operations in or moving to…

Sales Transactions 1. EJM Development Co. recently sold 11 industrial sites in Greater Phoenix to Starwood Capital Group for $407M. The 11 properties were part of a 14-property total sale. The Maricopa County properties were in Phoenix, Tempe and Tolleson and ranged in price from $10.4M to $68.6M. 2. After purchasing the property in 2019 for $63.5M and then investing $4.4M in renovations, Harbor Group International LLC recently sold the 329-unit Avia McCormick Ranch apartment community in Scottsdale to an undisclosed buyer for $96.3M. CBRE facilitated the transaction. 3. Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle of NorthMarq…

By Integrity Capital LLC Integrity Capital LLC announced it obtained a $8.7M for Arizona Self Storage to build a new self-storage facility in Peoria. The 84-month construction loan will be used to build a 67KSF facility with 875 self-storage units. The property is located at the SWC of West Olive Avenue and the Loop 101 North Freeway. Integrity Capital is a commercial mortgage broker in Scottsdale.

By Roland Murphy for AZBEX After extensive discussion and community outreach, a multifamily tower in a major north Phoenix intersection has earned its first recommendation for approval. Developer The Hampton Group has proposed a 14-story, 255-unit apartment building at the SWC of Scottsdale and Bell roads. The site is currently occupied by a 90s-era, single-story retail complex consisting of two restaurants and vacant former furniture store. In the request for a planned unit development and minor general plan amendment, Snell & Wilmer, the firm representing The Hampton Group, said, “…this project will provide modern living in a building of both…