Author: BEX Staff

Awards & Accolades 1. U.S. News & World Report and Best Lawyers recognized Withey Morris PLC, a prominent Arizona land use and real estate law firm, in its 2022 edition of Best Law Firms. Firms receive recognition for “professional excellence with consistently impressive ratings from clients and peers,” according to U.S. News-Best Lawyers. 2. Rebecca Stenholm, director of public affairs at EPCOR USA, has been awarded the Distinguished Public Service Award by the American Water Works Association. 3. Coconino County Planning and Zoning Commission Member John Ruggles has been named a “Distinguished Citizen Planner” by the American Planning Association’s Arizona…

Sales Transactions 1. Decron Properties Corp. has paid $125.5M for Avery on the Green, a 324-unit property in Chandler. The purchase is the company’s fourth in the Valley in the past six months. 2. Gurney’s Resorts, BB Hotels, Metrovest Equities and BLDG MGMT have announced the $85.34M purchase of the of Sanctuary Camelback Mountain Resort and Spa in Paradise Valley. The seller was Robert H. Castellini. 3. ABI Multifamily has announced the $41.6M sale of Westover Parc Apartments, a 160-unit multifamily apartment community at 6515 W. McDowell Road, Phoenix. ABI’s Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick…

By Roland Murphy for AZBEX Developers Gehan Homes, Alliance Residential Company and Nico Howard have come together to propose a 40-acre mixed-use residential and commercial development at Indian School and Dysart roads in Avondale. Known collectively as Ascend, the plan features “a horizontally-integrated residential village core… connected to two commercial areas and located south and east of the southeast corner of Dysart Road and Indian School Road,” according to the project narrative. Prose at Ascend will feature 432 multifamily units on 19.41 net acres. Villas at Ascend will have 125 single-family homes on 12.5 net acres, and the commercial Shops…

US Capital Development has taken the next step in developing its planned 2.7MSF Paloma Vista Logistics Center in Buckeye with the nearly $25M purchase of 162 acres at the NWC of Perryville and McDowell roads. Seller Cowley Companies was represented by Insight Land & Investments. US Capital Development has received approval from the City of Buckeye for infrastructure development around the site, which had previously been planned for residential uses. The company and the City entered into an infrastructure reimbursement agreement in October. The firm plans to construct a 1.5MSF building in the first phase and a 1.2MSF building in…

The Maricopa City Council has approved a minor general plan land use amendment for Copa Flats, a 312-unit multifamily/mixed-use development on 27 acres at the SEC of Porter and Applegate roads. The proposal now moves to the Maricopa Planning & Zoning Commission for review of the site plan, elevations and other elements. Copa Flats is planned for 48 one-bedroom, 108 two-bedroom and 156 three-bedroom units. The 13 buildings on the site are planned for heights of approximately 35 feet and will house 24 units each. There is another 14-acre component to the parcel that will be retained for a separate…

Pending the necessary approvals, Eisenberg Company will develop a four-building, 840KSF speculative industrial project on 60 acres at the SWC of Sarival Avenue and MC85 in Goodyear. Eisenberg purchased the site last month for $8.6M, according to media reports. The buildings will range in size from 160KSF-330KSF. Targeted users are companies needing 50KSF-300KSF, according to company officials. Construction costs are estimated at more than $81M. Construction is expected to begin in Q3 of next year, with completion targeted for Q4 2023. Hunter Engineering is the project engineer, and design is by Ware Malcomb. (Source)

Having officially announced its launch, TerraLane Communities now intends to build more than 1,100 single-family rental units in the greater Phoenix area in the next two years. Company CEO Steve La Terra recently said the company also plans to expand into as many as seven additional states. TerraLane Communities will put a heavy emphasis on cutting-edge technology as a market differentiator, including installing fiberoptic cabling in every unit to enable future technology integrations as they arise. Previously called RSI/NP Communities, Inc., Terra changed the name and placed the company headquarters in Scottsdale as his vision became more concrete, according to…

Plans are in the incubation stage in Phoenix to convert vacant retail space into apartments to partially address the city’s housing needs. Retail space per capita in Phoenix averages 40.5SF. The U.S. average is 28SF. A 2020 analysis determined the city’s housing inventory is more than 163,000 short of its current demand. City staff told City Council in a meeting last month they would like to create a vacant storefront program that addressed redevelopment difficulties and incentivize reuse. Potential program elements to promote general redevelopment include: Increased building heights and densities, Allowing specialty businesses to locate in commercial areas without…

By Roland Murphy for AZBEX New bond requests around the state delivered a mixed bag of results for public entities seeking new funding sources. Gilbert Transportation Bond: $515M The Town of Gilbert sought an ambitious $515M bond to fund transportation projects over the next several years. Gilbert’s last transportation bond request was in 2007. Key items to be funded include: A bridge from Greenfield to Higley roads: $67.2M; Reconstruction of Guadalupe Road from Arizona Avenue to McQueen Road: $9.9M; McQueen and Guadalupe roads Intersection Improvements: $12.4M; Extension of Vaughn Avenue: $23.1M, and Val Vista Lakes Subdivision Maintenance: $47.5. Votes were…

By Associated Builders and Contractors National nonresidential construction spending contracted 0.6% in September, according to an Associated Builders and Contractors analysis of data by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $791.2B for the month. Spending was down in 11 of the 16 nonresidential subcategories, with spending in amusement and recreation unchanged for the month. Both private and public nonresidential spending declined 0.6% in September. “It is not surprising that nonresidential construction spending declined in September,” said ABC Chief Economist Anirban Basu. “Nonresidential construction spending has generally been trending lower for several months and…