Author: BEX Staff

Sales Transactions 1. Harvard Investments, Toll Brothers, and Värde Partners announced the formation of a joint venture to acquire the remaining undeveloped land in the Estrella mixed-use master-planned community in Goodyear. News reports listed the selling price at $215.5M. Newland Communities was the seller. 2. ZMR Capital has purchased the 320-unit multifamily community The Julia in Mesa, for $90.1M. The seller was not disclosed. 3. Zazu Apartment Homes in central Phoenix has been sold to Tides Equities for $43.75M. The firm was self-represented. Seller Emma Capital was represented by Chris Roach of Colliers in Arizona. 4. Younan Properties, Inc. has sold…

By Roland Murphy for AZBEX BEX Companies’ annual Public Works Conference has become a highlight event for companies working in the space, and this year’s event – the sixth time it has been offered – was no exception. More than 170 attendees registered to hear project and development leaders from around the state talk about what they’re doing, what’s coming down the road, and how to best to manage their processes and procedures. Event organizers across industries continue to innovate new approaches to getting people together in the wake of the pandemic, and the 2021 Public Works Conference was no…

By BEX Staff for AZBEX Developer Harmel and Kaplan (Kaplan Management Company) has withdrawn its requests for a general plan amendment and rezoning for its proposed District at 9400 Shea multifamily plan in Scottsdale. Media sources quoted Scottsdale Councilmember Kathy Littlefield as saying if the developer wants to bring the proposal back, they will have to start over and resubmit to the planning commission. In the same article, project attorney Paul Gilbert of the law firm Beus Gilbert McGroder said the developer intends to resurrect the project. Hearings on the proposals had been continued several times, and Gilbert indicated the…

Mesa City Council may approve annexation of 71 acres for Project Cork, a plan from Ryan Companies to build a 701.5KSF industrial project on Pecos Road west of Signal Butte Road. Like so many new projects in east and southeast Mesa, the project will be a warehouse and office development to accommodate the explosive demand for logistics-related properties. Ryan plans to build the project on land currently owned by Tucker Properties Ltd. and has requested a height allowance of up to 56 feet, rather than the standard height of 40 feet. The additional height is needed to accommodate a 184KSF…

The Arizona Department of Housing has $24.5M for projects using Low Income Housing Tax Credits. Funding is provided by the State and through the federal Housing Trust Fund. Qualifying projects can earn up to $2M each, according to ADH Director Tom Simplot. Funding had previously been restricted to nonprofits, but the program has been altered to allow applications from for-profit developers. Residents must earn less than 80% of the Area Median Income and cannot be charged more than 30% of their total income in rent. There are approximately 200 units coming online in Tucson as a result of the program.…

While several recent surveys show continuing confidence and optimism on the part of construction industry participants, backlog issues continue to advance. In its most recent announcement on the subject, Associated Builders and Contractors reported confidence remains strong, but ABC Chief Economist Anirban Basu warned issues like materials shortages, protracted supply chain issues, rising input prices, higher transportation costs, labor shortages and other inflationary factors could see backlogs and confidence both fall. Overall proposal activity is an early indicator of demand for new projects. A/E/C proposals in Q3 have fallen in 10 of the 12 major markets tracked by advisory firm…

Groundbreakings 1. Evergreen Devco, Inc. recently broke ground on its 258-unit multifamily development Parc Tolleson, a nearly 9.5-acre component of the Plaza 1 mixed-use center at 89th Avenue and McDowell Road in Tolleson. 2. Owner Charles Eckert, Jr. and his Red Hawk Development Corporation broke ground on the 48KSF Red Hawk Garage Suites project earlier this month. The condo garage space had reservations in place for 30 of 46 units prior to groundbreaking. Progress Reports 3. Work is progressing at 101 at Van Buren, the second phase of development at Avondale Commerce Park. The 633KSF speculative distribution center on 39…

By Roland Murphy and Rebekah Morris for AZBEX Arizona’s seasonally adjusted unemployment rate decreased to 5.7% in September, down from 6.2% in August, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate decreased to 4.8% from 5.2%. In September 2020, the state had a seasonally adjusted rate of 6.9%, and the national was 7.8%. The state had a net gain of 20,400 non-farm jobs over the month. “Historically (2011-2020), nonfarm employment has recorded a gain of 30,100 jobs in September,” the report states. Government had the largest gain of 14,100, fewer than the…

The area around Luke Air Force Base will see yet another major industrial project if a new proposal is approved. Crow 303 would create nearly 2MSF of industrial space in plus-or-minus seven buildings on 146 acres at the SEC of Glendale Avenue and Alsup Road. The proposal must be approved for zoning and annexation by the City of Glendale. Planned uses include industrial distribution, commercial or retail. Buildings could range from as small as 50KSF up to nearly 627KSF. If approved, development will progress in several phases. Crow Holdings Industrial is the developer. Butler Design Group was initially involved in…

The Casa Grande Planning & Zoning Commission recently conducted its first hearing on a plan to reopen the former Asarco Sacaton pit mine, now known as Cactus Mine, west of the city. The first step in the process is a general plan amendment that will rezone land around the mine that lies within city limits to Industry/Manufacturing. While the pit, itself, does not lie within the city, approximately 2,160 affected acres around it do. The mine expects to use 1,000 acre-feet of water annually, most of which will come from recycling and reusing water on the site. The owners intend…