Author: BEX Staff

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…

Amerco Real Estate Company has purchased an 11.85 industrial site at Tangerine Road and I-10 in Marana for construction of a new U-Haul Center. The facility will consist of one four-story building, five drive-up buildings and one “U-Box” warehouse. Features include Americans with Disabilities Act-accessible storage units, climate control and modern security features. U-Haul acquired the site last month from Cottonwood Properties Inc. for slightly more than $4.2M. The seller was represented by Jesse Blum of Cushman & Wakefield | PICOR. (Source)

Maricopa’s future has a “golden ticket” of potential, according to Mayor Christian Price’s recent State of the City address. During a Willy Wonka-themed presentation, the mayor recently showcased some of Maricopa’s history and recent accomplishments before turning his remarks to the City’s current and future progress. Projects highlighted in the portion of Price’s address concerning infrastructure included: The East-West Corridor; Porter Road Bridge; Intersection improvements at Smith-Enke Road and SR 347; Improvements to Green Road; Queen Creek Road intersection improvements, and An eventual outer loop or “ring” road. On the private development side, Price named with pride several small businesses…

Litchfield Park Mayor Thomas Schoaf has pledged to make better use of Highway User Revenue Funds for local road projects. Arizona raises HURF monies through fuel taxes and other vehicle operations fees and then distributes a portion to cities and towns for road projects. Litchfield Park had previously allowed HURF monies to accumulate and used general revenue funds for the projects. On average, Litchfield Park spends $300K-$600K on road projects every year and receives approximately $440K in HURF funds. Schoaf explained there had always been enough money in the general fund to cover road projects but that it is better…

Despite rising materials costs and supply shortages, builder sentiment for new single-family homes increased four points in October, rising to 80 in the NAHB/Wells Fargo Housing Market Index. Even while noting the strong demand for and sales of new supply, analysts noted the looming threat of supply chain disruption, labor shortages and other cost-inflating factors, such as the likelihood of increasing interest rates. Like most indices, a score greater than 50 on the HMI is considered positive. All three indicators under HMI were greater than 50 and each gained over September. Current conditions scored 87, sales expectations for the coming…