Author: BEX Staff

Sales Transactions 1. An entity connected with Alliance Residential sold Broadstone at Dobson Ranch, a 288-unit apartment complex in Mesa, for $85M. AZ Dobson Ranch Apartments, LLC was the buyer. 2. BKM Capital Partners acquired two separate properties in Tempe. The firm paid roughly $48M to Stockbridge Capital Group to acquire more than 250KSF of industrial buildings. Both transactions were in the Gateway Business Park. 3. ViaWest Group, represented by Cushman & Wakefield, has sold Blackhawk Corporate Center, a 252KSF three-building office/medical campus in the Deer Valley submarket. Big Sky Medical Real Estate was the buyer. Steve Lindley, Alexandra Loye,…

Developer Creation is requesting approval for changes to its plans for Heritage Park, a mixed-use development in downtown Gilbert. The nine-building project includes a five-story hotel, office and retail spaces, 288 apartments and two parking garages on an 11.97-acre site at the SWC of Gilbert Road and Juniper Avenue. The Gilbert Town Council approved a request in October to allow the project to be split into two parts. The next step is plan approval by the Redevelopment Commission, which discussed the request in a Dec. 20 study session. Formal action is expected this month, after which the project will go…

The City of Phoenix has issued a request for proposals seeking a developer to buy a city-owned parking lot in the Roosevelt Row Arts District and transform the site into a high-rise. The 0.4-acre site on Second Street north of Roosevelt is a City-owned parking lot that had been used as a demonstration area for shipping container-based homes. The site is zoned for heights of up to 250 feet. Phoenix wants a mixed-use high-rise built on the location. Desired components include ground floor public amenities like retail or restaurant uses. If a residential use is included, at least 20% of…

By Roland Murphy for AZBEX Early last month, we reported on a proposed 316-unit multifamily proposal that would redevelop a largely vacant shopping center at the SEC of Shea Blvd. and Technology Drive in Fountain Hills. As part of that article, we also continued our coverage on the difficulty of securing project approvals in Fountain Hills and other communities around the state. (AZBEX, Dec. 8, 2023) Since that article ran, the Fountain Hills Planning and Zoning Commission recommended the Town Council deny the requested rezoning, citing objections to the project’s density. Opponents speaking at the Dec. 11 hearing cited the…

By Associated Builders and Contractors The construction industry had 459,000 job openings on the last day of November, according to an Associated Builders and Contractors analysis of data from the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey. JOLTS defines a job opening as any unfilled position for which an employer is actively recruiting. Industry job openings increased by 43,000 last month and are up by 111,000 from the same time last year. “The number of open, unfilled construction positions increased to the highest level since the end of 2022,” said ABC Chief Economist Anirban Basu. “November’s…

The Chandler Planning and Zoning Commission has recommended approval of an area plan, rezoning and preliminary development for Grayhawk Residences at Chandler, a 253-unit, 3.74-acre multifamily development on the NEC of Frye Road and Nevada Street. Rezoning will change the site from general industrial to Planned Area Development with a mid-rise overlay. Maximum allowed height would be 70 feet, but the tallest element in the current residential design is 56 feet with a 60-foot-tall parking garage. Unit breakdown will be 36 studios, 117 one-bedroom, 90 two-bedroom and 10 three-bedroom units. Planned amenities include a pool, spa, fitness center, clubhouse, dog…

By BEX Staff for AZBEX A new report from RealPage Analytics shows Phoenix ranks fifth for five-year job gains in the United States. According to the report, the Phoenix-Mesa-Scottsdale Metropolitan Statistical Area has added 240,000 jobs in the last five years, delivering a gain of 11% for the period. As of November 2023, the report lists the MSA’s job base as 2,415,300. Three of the top five MSAs were in Texas, with Dallas-Plano-Irving taking the top spot with a gain of 456,100, or 17.1%.

Groundbreakings 1. The Town of Florence, in collaboration with ADOT and the Maricopa Association of Governments, announced work has started on two roundabouts at SR 287 and SR 79B. The general contractor is J. Banicki Construction. 2. Arizona Department of Transportation announced the construction start at the Kingman Interchange between the I-40 and US 93 began with an expected completion year of 2026. 3. Multifamily builder and developer Porter Kyle announced the groundbreaking for The Cleveland, a 100-unit townhome rental community in Goodyear. Leasing is expected to start next spring. Porter Kyle also recently completed construction on The Prescott at…

By BEX Staff for AZBEX The U.S. Department of Transportation has awarded the City of Phoenix $24.96M for intersection and pedestrian infrastructure changes along Indian School Road between 39th and 91st avenues. According to the announcement, that stretch of road has seen 39 fatal crashes and 85 serious injuries between 2017 and 2021, with 48% of the crashes involving pedestrians or cyclists. Safety concerns on Indian School, “are being addressed through a suite of highly effective, safety-targeted project improvements, including the installation of sidewalks, pedestrian beacons, crossing improvements, and lighting improvements,” the announcement says. The award was made under USDoT’s…

The Longbow Business Park and Golf Club in Mesa is expected to see several long-planned developments take shape in 2024, according to industry watchers. In Q1, industrial developer CapRock Partners is expected to deliver on a 244KSF, two-building speculative project under construction on East McDowell Road. Stein Koss, Tom Louer and Marc Pierce with Lee & Associates serve as the project’s listing brokers. Earlier this month, a 53.6KSF spec development on the Longbow Golf Club’s former clubhouse site also broke ground. The new warehouse/office building is owned by CTC Properties LLC. A third project coming to the area is a…