Author: BEX Staff

Sales Transactions 1. TruAmerica purchased The Urban, a 435-unit, garden-style multifamily community 3601 East McDowell Road, for an undisclosed amount. The seller was not disclosed. 2. An affiliate of Walton Street Capital has originated a $71.6M loan to Knightvest Capital for the purchase of Portrait at Hance Park, a 340-unit apartment community at 1313 N. Second Street, Phoenix. The acquisition terms were not disclosed. 3. An undisclosed buyer purchased Parkwood, a 344-unit, fully gated garden-style apartment community in Phoenix for $69.25M. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer…

By Rebekah Morris for AZBEX  Rapid Increases in Lumber, Steel and Raw Materials Lead to Significant Project Cost Spikes.  The biggest story in the Arizona construction market has been the rapid cost escalation of construction materials prices since Q4 of 2020. The sources of materials price increases are wide and varied from increased demand for new industrial space and new housing (both single-family and multifamily), to constrained supply chain logistics including the big storm in Texas shutting down manufacturing plants. Total construction volume in Arizona topped $17.7B in 2020 and is projected to top $19.7B in 2021.  Construction activity in Arizona has been on a tear since 2017, growing no…

Phoenix Children’s has announced plans to build a new freestanding, three-story hospital in Glendale. Phoenix Children’s Hospital – Arrowhead Campus will offer inpatient care, an emergency department, an outpatient surgery center and a multi-specialty clinic.   Phoenix Children’s Hospital – Arrowhead Campus represents an investment of $134.7M and will support 76,000 annual visits. This is the third West Valley project Phoenix Children’s has announced in the last six months, with total investments nearing $200M.   In March, the health system announced it will break ground on the Southwest Campus in Avondale, a freestanding emergency department and expanded specialty clinic that will open in 2023 at the site of Phoenix Children’s Southwest Valley Specialty…

By The Global Ambassador and BEX Staff  Restaurateur and premier hospitality brand developer Sam Fox is making his official foray into the luxury hospitality industry with the announcement of his internationally inspired hotel, The Global Ambassador.   Located at 44th Street and Camelback Road in Phoenix, in the $300M 44|Camelback mixed-use development, The Global Ambassador will combine a refined and elevated hospitality experience that is created through a global lens and locally connected. Every detail of the 141-room hotel has been designed by Fox himself.   The hotel will boast five original dining venues with cuisine influenced by the Mediterranean region including Greece, Italy and Morocco. Most notably within…

By Colliers in Arizona  The first quarter of 2021 brought positive net absorption to the Greater Phoenix retail market, according to a report released by Colliers in Arizona. Absorption pushed vacancy down and rental rates continue showing signs of growth.  The city lost significant jobs during the spring of 2020 as the pandemic unfolded, but many have been recovered. The retail trade super sector lost 29,000 jobs in April of last year and as of March 2021 approximately 99.6 percent of the lost jobs had been recovered. The leisure and hospitality sector, which lost 96,400 jobs, has only recovered 64.7 percent of its positions. …

Awards & Accolades  1. In a first for Arizona, the Novus Innovation Corridor earned LEED-ND Gold certification last month from the U.S. Green Building Council. The 355-acre mixed-use, public-private partnership between Arizona State University and Catellus Development Corporation is adjacent to the ASU Tempe campus. The 62 points awarded to Novus qualifies it nationally among the top ten best-scoring LEED-ND projects of all time.  Groundbreakings  2. Agate Construction recently broke ground on the new 24.9KSF Falco Aluminum facility, located at 1328 S. 56th Street, Chandler. The completed facility will include three overhead cranes, a 54-foot-tall furnace, a 40-foot-deep quench tank, an aging oven and extrusion press machinery. BRB Architects is the design firm on the project.…

By Tasha Anderson for AZBEX  Tucson Electric Power (TEP) is requesting approval of an electric substation use as a Special Exception land use in Tucson’s Suburban Ranch zone in order to build an electric distribution substation on the Davis-Monthan Air Force Base.  Known as the Patriot Substation, the project is proposed to include a new 138 kilovolt electric power substation, along with transmission and distribution power lines that will connect with TEP’s Irvington Campus. The project includes two transformers, switchgear and other equipment. There are no buildings proposed with this project.  Patriot Substation will be located on a 15.78-acre parcel at the SWC of East Escalante and…

The Yuma City Council held a work session last week for its ongoing discussions on the Fiscal Year 2021/22 budget, the FY2022 Capital Improvement and Five-year Capital Improvement programs.  The FY2021 CIP was relatively conservative due to the COVID-19 pandemic. FY2022 totals 77 projects valued at approximately $158.3M, which nearly triples the 2021 plan. FY2022 includes funds from the American Rescue Plan Act and is led by the Desert Dunes Water Reclamation Plant expansion. Other projects include buildout of a citywide fiber optic network and construction of a new fire station, designated Fire Station 7.  Projects included in the Five-year Plan are generally smaller and include a crosswalk at Avenue A and 28th Street, a possible marque for the Pacific…

Data center construction in the Valley is continuing its rapid upswing from recent years, due in part to a business-friendly environment, dry weather and the region’s low risk of natural disasters.  Absorption rates are up 38 percent from 2019 numbers, and state leaders are working to keep the investment coming. Tax relief is a major incentive. One example, The Computer Data Center Program, which is overseen by the Arizona Commerce Authority, gives 20-year tax exemptions on certain equipment purchases.  Another appeal is comparatively affordable land prices. Data center companies often provide services to multiple states, making it reasonable to build in states with lower land…

Giving Back  1. During its current round of giving, the Sundt Foundation awarded $66,500 in grants to 15 Phoenix-area nonprofits. The Sundt Foundation awards quarterly grants to local Phoenix charities that support disadvantaged children and families. Nonprofits are selected through an application process and reviewed by a committee of local Sundt employee-owners.  Awards & Accolades  2. Chambers USA: America’s Leading Lawyers for Business once again recognized Withey Morris PLC among the best firms in Arizona, earning the highest ranking – Band 1 – in Real Estate: Zoning/Land Use practices. William F. Allison, Jason Morris and Michael B. Withey were also among the top lawyers in Real Estate: Zoning/Land Use practices.  Company News  3. Canyon…