Author: BEX Staff

By Associated Builders and Contractors Associated Builders and Contractors has reported its Construction Backlog Indicator fell sharply to 7.7 months in August, according to an ABC member survey conducted August 19t to September 1st. The reading is down 0.8 months from July 2021 and down 0.3 months from August 2020. ABC’s Construction Confidence Index readings for sales, profit margins and staffing levels all fell modestly in August but remain above the threshold of 50, indicating expectations of growth over the next six months. “Both contractor backlog and confidence have begun to fade,” said ABC Chief Economist Anirban Basu. “Higher materials…

Groundbreakings 1. Intel launched construction on its two new semiconductor chip factories in Chandler last week. Total costs for the project are estimated as high as $20B. 2. CMC Steel has broken ground on a new $300M micro steel mill at 11444 E. Germann Road in Mesa. 3. Construction is underway on the University of Arizona’s new $99M, seven-story Grand Challenges Research Building, which will house laboratories and flexible research space for cross-campus interdisciplinary programs. Progress Reports 4. Arizona State University hosted a topping out event at the build site for its new Multi-Purpose Arena on September 28th. 5. Chasse…

By Roland Murphy and Rebekah Morris for AZBEX Arizona’s seasonally adjusted unemployment rate decreased to 6.2% in August, from 6.6% in July, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate decreased to 5.2% from 5.4% in July. In Aug. 2020, the state had a seasonally adjusted rate of 7.0%, and the national was 8.4%. The state had a net gain of 53,600 non-farm jobs over the month. “Historically (2011-2020), nonfarm employment has recorded a gain of 58,700 jobs in August,” the report states. Government had the largest gain of 33,300, due largely…

Two new industrial parks planned near Phoenix-Mesa Gateway Airport recently earned recommendations for approval from the Mesa Planning and Zoning Board. The Sossaman 202 Industrial Park is a planned combination of industrial and office space on 112 acres at the SWC of Sossaman and Warner roads. The nine-building development is planned in three phases of three buildings each. Phase 1: 130KSF, 163KSF and 194KSF; Phase 2: Three buildings of 88KSF each, and Phase 3: 494KSF, 108KSF and 119KSF. Dibble is the project engineer. The second development, Project Tailwinds, will feature 10 buildings totaling 173KSF on a condo plat. Building sizes…

Improvements to Green Road in Maricopa that will provide access to planned developments and further the goal of a bypass route for John Wayne Parkway should begin in one-to-two years and then take one-to-two years to complete. The key component in the Green Road improvements is a second overpass at the Union Pacific railroad tracks. As planned, the overpass will have three lanes in each direction. City officials said the project cost has not been determined, but developer impact fees will pay for the overpass and other planned improvements. The Green Road project is one component of a larger plan…

A 92-room resort proposed by R.D. Olson Development has begun making its way through the City of Sedona’s approval process. Oak Creek Resort is planned on 11.58 acres on Schnebly Hill Road. In addition to the guest room, the boutique hotel would have a 4.5KSF restaurant, a spa and nearly 4KSF of meeting space. The location in the recently-created Oak Creek Heritage District is currently zoned for small lot single-family. Under the Heritage District plan, developments must be planned to preserve the area as much as possible, meaning buildings must be concentrated closely to maximize and preserve open space. In…

By Barnett Management Company and Slim Chickens The executives of a longstanding Phoenix company, Barnett Management Company, have signed an agreement with fast-growing Slim Chickens to launch 32 restaurants in Arizona over 10 years as their exclusive operator in the state. Barnett Management Company plans to open the first location in the West Valley, with potential sites being near Loop 101 and Northern Avenue, by the end of 2022 and then open two-to-three a year over 10 years across the state including Flagstaff, Tucson and Yuma. They are seeking 1-2 acre lots to accommodate porch dining and three-lane drive-throughs near freeways in high…

Opposition has already begun to Gilbert’s proposed $515M bond request in the Nov. 2 election. Planned projects to be funded under the request include the Ocotillo Bridge, road repairs and trail crossings. In a recent Town Council meeting Councilmember Laurin Hendrix questioned the need to include the Ocotillo Bridge under the request, since there was a recent state allotment of nearly $8M for the project. He said the bond request appeared to him to be a “slush fund” to pull in as much taxpayer money as possible for the Town to spend as it sees fit. Current Councilmember Aimee Yentes…

Boards & Commissions 1. Alana Porrazzo of Jennings Haug Cunningham has been elected by the Executive Council for the State Bar of Arizona’s Construction Law Section to serve as the Young Lawyer Division’s representative for the 2021/2022 term. Company News 2. As part of a national expansion, residential real estate investment firm Renovo Financial will open an office in Phoenix. Regional Managing Director Brendan Ochinero will lead the Phoenix presence. 3. Real estate investment and development company Stream Realty Partners will open a new office in Phoenix. The company has chosen the former director of Savills’ Phoenix office, Tiffany Winne,…

Sales Transactions 1. JLL Capital Markets has closed the $165.25M sale and secured $102M in acquisition financing for La Encantada, a 246KSF shopping center in Tucson. JLL represented the seller, Macerich Company. A group of local investors purchased the property. JLL arranged the fixed-rate, full-term, interest-only acquisition loan with an investment bank and financial services company. 2. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Accolade, a 548-unit multifamily property in Phoenix. It sold for $155M ($282,847/unit). Steve Gebing and Cliff David of IPA represented the seller, Weidner Apartment Homes, and procured the buyer, Knightvest…