Author: BEX Staff

Utah-based Chromatic Resorts wants to create a resort-based development with extensive waterways on 741 acres in Cottonwood. In his presentation to the Cottonwood Planning and Zoning Commission and City Council, Chromatic Resorts’ Bruce Barrett explained the site is an Arizona State Trust Land parcel near Camino Real off SR 260. He explained the intent is to work with the Arizona State Land Department to divide the land and auction portions to eventually build a resort village with water recreation areas, residences and a range of amenities. The vision for the $2B, 10-to-20-year plan features a total of approximately 3,700 residential…

Recent data from the U.S. Chamber of Commerce Commercial Construction Index marked records. Unfortunately, they were records pointing in the wrong direction. Ninety-three percent of responding general contractors reported facing at least one material shortage in Q3. An all-time high of 98% reported cost fluctuations for materials were impacting their operations. Lowered materials availability was contractors’ top concern at 62%, followed by worker health and safety (38%) and labor shortages (37%). While industry experts predict materials shortages will continue through the rest of 2021, there is no clear vision as to how far beyond year-end the problem will persist, or…

By JLL A strong resurgence in enterprise-level demand was felt across the top major data center REITs in the first half of 2021. Financial, technology, and healthcare companies drove much of this demand. Spend on public cloud services is projected to grow by 8.4% in 2021 reaching $4.1T, according to Gartner. Data center providers and occupiers continue to make inroads with their sustainability goals. With health, wellness, and sustainability at the forefront of corporate agendas, the data center industry is feeling the heat to use more efficient systems, renewable energy, and carbon-cutting practices. Last year was a record-breaking year for…

If the infrastructure bill currently under consideration in Congress is passed, Amtrak officials have said the rail service may once again provide passenger transport between Phoenix and Tucson for the first time since 1996. Phoenix is the largest city in the United States without direct Amtrak service. Mayors along the line expressed support for the possibility in July, citing benefits to economic development and the opportunity for diversified transportation options. The federal bill as it stands provides $66B for passenger and freight rail improvements. Amtrak has asked for $75B over 15 years for passenger rail development and expansion funding. Service…

Hudbay Minerals has filed a reclamation plan with the state in which it says it will build three open pit copper mines on the west slope of the Santa Rita Mountains. The company is conducting studies and drilling tests on the area, known as Copper World, and will make a final decision whether or not to proceed when those are complete. Company representatives told investors the Copper World locations will probably be developed before the Rosemont Copper Mine on the Santa Rita’s eastern slope. Rosemont is tied up in litigation and regulatory appeals for the foreseeable future. Hudbay officials estimated…

BEX/AZBEX Staff News By Rebekah Morris for AZBEX Exciting changes are happening at BEX with the promotion of two talented and experienced staff members and the rejoining of a familiar face. Kristen Amado has been promoted to Assistant General Manager of the Arizona BEX team. Her new duties include managing the direction and operations of the three primary service lines: AZBEX Digital Magazine, DATABEX, and BEX Events. Amado started with BEX nearly five years ago and has steadily progressed through every part of the business. She knows both the intricacies of the services BEX delivers and the Arizona market incredibly…

Sales Transactions 1. Oxford Properties Group announced it has agreed to acquire a 14.5MSF infill and light industrial portfolio from KKR for approximately $2.2B. The portfolio consists of 149 distribution buildings located across 12 major industrial U.S. markets, including metro Phoenix. The transaction is anticipated to close in the coming months. According to published reports, Oxford’s Phoenix-area purchases totaled at least $182.8M, ranging in value from $8M to $47M and ranging in size from 71KSF to nearly 243KSF. CBRE National Partners acted as real estate advisor for KKR. JLL Industrial Capital Markets acted as advisor for Oxford. 2. Tara Investment…

By Roland Murphy for AZBEX Goodyear as a maturing market? Check. Explosive growth in the West Valley generally? Check. Massive expansion in the Build-To-Rent market? Check. A mad scramble to build enough traditional multifamily units to meet demand anywhere in Greater Phoenix? Check. A plethora of oft- (some might say “over-”) reported trends are converging in Cotton Commons – a pair of associated residential projects proposed in Goodyear by SJ Acquisitions, in partnership with 29th Street Capital. Following a September 15th recommendation for approval from the Goodyear Planning & Zoning Commission, the developers won approval from Goodyear City Council on…

Phoenix-Mesa Gateway Airport is moving ahead with plans to replace its 13-year-old temporary terminal annex with a new 15KSF permanent structure to accommodate its rapid growth and increased flight volume. The airport technically has 10 gates but can only use two at a time in the current annex structure, leaving a total of eight available. The combination of pandemic impacts and the addition of 11 new nonstop destinations this year has demonstrated the current setup’s inadequacy, according to airport officials. This summer, the Phoenix-Mesa Gateway Aviation Advisory Board awarded a $948,243 design services contract to DWL Architects + Planners for…

By Performance Capital Partners, LLC Performance Capital Partners, LLC has acquired a site for its upcoming dual-brand Marriott TownePlace Suites and Marriott Fairfield Inn & Suites hotel complex to be located at the northwest quadrant of Market Street and Verrado Way in Buckeye. Performance Capital Partners, LLC will act as developer and manager of the new hotel. Construction is expected to start by October 15th, 2021, with an expected completion date of November 2022. Construction of the hotel will be led by Quest Development & Construction. This will be the third hotel Performance Capital Partners, LLC and Quest will complete…