Author: BEX Staff

By Arizona Department of Transportation The Arizona Department of Transportation has released its tentative 2022-2026 Five-Year Transportation Facilities Construction Program for public review and comment. The public comment period for the Tentative Five-Year Program ends at 5 p.m. on June 3rd, 2021. The State Transportation Board is expected to consider formal action at its June 18th board meeting about what will be in the updated Five-Year Program. The public can provide comments on the tentative Five-Year Program in the following ways: Complete an online comment form at: https://www.surveymonkey.com/r/ADOTFiveYearPlan; Attend the virtual public hearings of the State Transportation Board on March 19th, April…

Groundbreakings 1. Banner Health has broken ground on the $243M, 351KSF Banner Gateway Medical Center Tower and Emergency Department at 1900 N. Higley Road, Gilbert, which will double the size of the campus. SmithGroup is the architect on the project and McCarthy Building Companies is the general contractor. The tower expansion is expected to be completed in the first quarter of 2023, while campus renovation work and parking lot additions are set for a 2024 completion date. 2. Local developer Ben Day has broken ground on the Daybreak Distribution Center, a 76.2KSF speculative industrial building on Valencia Road and Tucson…

By Tasha Anderson for AZBEX Greystar is looking to develop a luxury brand active independent living community located just northwest of the East Raintree Drive and North 90th Street intersection in Scottsdale. The developer recently submitted plans to the city, requesting a rezone of the +/- 5-acre, vacant infill property from Single-Family Residential to Commercial Office, as well as approval of a site/landscape/lighting and elevations plan for the project known as Greystar Active Independent Living. The 161.1KSF Greystar Active Independent Living project will consist of 151 total residential healthcare units inside of a three- and four-story building. The total building…

Budget, Policy & Stimulus News Pinal to Get $90M in New Relief Funds The $1.9T American Rescue Plan will send more than $90M to Pinal County. Casa Grande, Maricopa and other cities will receive additional payments of almost $10M. In total, Arizona will receive approximately $16.1B in relief and stimulus payments targeting local governments, businesses, healthcare, and schools, among others. (Source)

By Tasha Anderson for AZBEX Arizona’s seasonally adjusted unemployment rate decreased to 6.7 percent in January 2021, from December 2020, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate decreased to 6.3 percent from November. In January 2020, the state had a seasonally adjusted rate of 4.8 percent, and the national was at 3.5 percent. The state had a net loss of 41,700 non-farm jobs over the month. “Historically (2011-2020), Nonfarm employment has averaged a loss of 50,300 jobs in January,” the report states. Trade, Transportation & Utilities had the largest net loss…

By Associated Builders and Contractors Construction input prices rose 2.1 percent in February 2021, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices also increased 2.1 percent for the month. Construction input prices are up 7.6 percent from February 2020, and nonresidential construction input prices have expanded 7.1 percent during that span. Softwood lumber and natural gas have experienced the largest year-over-year increases, rising 79.7 percent and 76.2 percent, respectively. Prices in the iron and steel category increased 22.0 percent compared to the same time last year,…

Awards & Accolades 1. The City of Phoenix Aviation Department announced that it has been recognized in the GBAC STAR™ Facility Accreditation Program. Phoenix Sky Harbor, Phoenix Deer Valley and Phoenix Goodyear airports have all received this accreditation. The Global Biorisk Advisory Council’s GBAC STAR™ facility accreditation program is an outbreak prevention, response, and recovery accreditation for facilities. It represents a high level of achievement within the cleaning industry, including 20 components that a facility must meet in order to achieve this accreditation. 2. NAI Global earned the No. 4 spot in the 2021 Lipsey Survey of Top 25 Commercial…

Sales Transactions 1. Pacific Development Partners purchased Montreux, a 335-unit luxury mid-rise apartment asset at Desert Ridge in Phoenix for $117M. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, The Statesman Group, and procured the buyer. 2. Praxis Capital purchased Tierra Vida Apartments, a 200-unit multifamily complex at 1970 W. Old Magee Trail, Tucson, for $35.75M. Art and Clint Wadlund with Berkadia Tucson represented the out-of-state seller. The buyer was self-represented. 3. Bridge Investment Group purchased Villa Bugambilias Apartments, a 360-unit apartment complex at 7400 E. Golf Links, Tucson,…

By Tasha Anderson for AZBEX Toll Brothers Apartment Living is proposing to replace a vacant drive-thru restaurant and parking lot at the NWC of 6th Avenue and Miller Road in Scottsdale, with a new boutique multifamily residential development inspired by Charles Miller and Frank Lloyd Wright. Zoning attorney and applicant, Berry Riddell, on behalf of the owner recently submitted plans to the City of Scottsdale and is requesting a zoning district map amendment from Highway Commercial to Downtown/Downtown Multiple Use, Type 2, Planned Block Development, Downtown Overlay for the +/- 1.7-acre site, as well as an increase in base building…

Budget, Policy & Stimulus News Lenders Push SBA About Loan Delays A coalition of lender groups has urged the Small Business Administration to act to clear thousands of Paycheck Protection Program loans currently being held up. The loans were flagged by the agency’s automated verification system and businesses could be shut out if the matter is not resolved by a March 31st deadline. (Source) Economic News BBB, Phoenix, GoDaddy Launch Microloan Partnership The Better Business Bureau, City of Phoenix and GoDaddy have joined forces to create Phoenix Kiva Hub, a crowdfunding resource that seeks to provide local business owners with…