Author: BEX Staff

Having served the Valley’s healthcare needs for more than 140 years and has won voter approval for $935M in funding under 2014’s Proposition 480, Valleywise Health has embarked on an ambitious series of projects to enhance medical services for the area’s vulnerable populations. Serving as the cornerstone of the master plan is The Valleywise Health Medical Center, a 673KSF, 10-story state-of-the-art care and teaching facility at 24th and Roosevelt streets in Phoenix. The project includes improvements to the hospital’s Level 1 Trauma Center and the Arizona Burn Center, one of the top-rated burn units in the world. Valleywise is also…

After hitting a record high of $1,670.50 for 1,000 board feet in May, lumber futures contracts had dropped 68 percent to $536 by July 16th. So when will those lower prices start to show up in the market at large? When the pandemic swung into full force last year, U.S. lumber companies scaled back production to avoid having to sit on inventory during a downturn. Supply was also negatively impacted through ongoing lumber trade disputes between the U.S. and Canada, as well as Canada’s more strict approach in managing COVID-19 precautions. However, demand during the crisis surged, as homebound Americans…

Groundbreakings 1. Lincoln Ventures and Cross Harbor Capital Partners started construction at 811 N. 3rd Street, a 24-story, 326-unit multifamily development in Phoenix. The to-be-named project will feature market leading amenities, including a ground floor coffee to cocktails concept, co-working and conference spaces with business lounge, secure bike parking and a dog run. Shepley Bulfinch is the design firm and JE Dunn is the general contractor. 2. High Street Residential has broken ground on Smith & Rio, a 310-unit residential community at 1979 E. Rio Salado Parkway, Tempe. The five-story property is expected to be completed in 2023. ESG Architecture…

By Tasha Anderson for AZBEX  COVID-19 definitely slowed certain markets down in 2020. Retailers briefly shut down and employers closed offices to allow their employees to work from home; however, the Phoenix office and retail markets are certainly not dead. In fact, they are busier than ever in 2021.  That was the consensus at the Leading Market Series event held on July 14th. Attendees gathered in-person at Sky Song in Scottsdale and online for BEX’s first hybrid event experience, in order to get an owner’s perspective on what’s going on in the office and retail markets.  Panelists included Walt Brown, Founder, CEO and Designated Broker of Diversified Partners, LLC; Laurel Lewis, Senior Vice…

By Arizona Department of Transportation  The Final Tier 1 Environmental Impact Statement for the 280-mile Interstate 11 study corridor – stretching from Nogales to Wickenburg – is now available for public review.   After five years of study, technical analysis and input from communities and stakeholders, this publication of the I-11 Final Tier 1 EIS marks a milestone for the proposed corridor.  The Final Tier 1 EIS, including a Preliminary Section 4(f) Evaluation, is available at i11study.com/Arizona. The website also lists locations throughout the study area where a hard copy of the Final Tier 1 EIS is available for review. The 30-day public review period runs through the…

Litchfield Park has adopted a $45.2M Fiscal Year 2022 budget. The measure approved by the City Council is unchanged from the tentative budget approved in June.  Capital costs increased nearly $22M year-over-year. Projects include $4M for the City Center, $2.67M for road maintenance and $1.9M for La Loma Homestead Infrastructure Cost Sharing. There are 40 improvement projects planned through 2026. (Source) 

By Colliers in Arizona  The Greater Phoenix industrial market is setting records in many categories. Construction of new projects has hit a historic record with approximately 19.1MSF currently being built. Colliers in Arizona also reports net absorption of industrial space has pushed vacancy rates to 5.9 percent, the lowest ever achieved in the market.   Arizona’s economy is booming and experiencing record revenue growth, as well as personal income growth. From 2019-2020 Arizona led the nation (tied with Montana) in the category of largest personal income growth by posting a 7.1 percent increase.   The Greater Phoenix industrial market brought 3.6MSF of new product to the market during second quarter. These new projects were completed with vacancy of…

Giving Back  1. Habitat for Humanity has opened enrollment for their 16-week Construction in Training Program Fall semester, which helps produce the next generation of highly skilled craft construction leaders by bringing people together to build homes, communities, and hope. Registration can be found here.  Awards & Accolades  2. ENR Southwest recently issued their 2021 Top Contractors list. The full list can be viewed here. The top 12 are:  Kiewit Corporation  McCarthy Building Cos. Inc.  Hensel Phelps  Layton Construction  Sundt Construction  AECOM Hunt  Martin-Harris Construction  Holder Construction  Kitchell Corp  CORE Construction Group  Okland Construction  Mortenson  3. Arizona Capitol Times, Best Companies Group and Best Companies in AZ have announced the 2021 Top…

Sales Transactions  1. Federal Realty Investment Trust purchased the Camelback Colonnade, a shopping mall at 4724 N. 20th Street, Phoenix, for $162.5M. The seller was RED Development.  2. Decron Properties purchased Aura on Broadway, a multifamily community at 1221 E. Broadway Road, Tempe, for $64.75M. Brass Enterprises was the seller.  3. Kohlberg Kravis Roberts & Co. purchased Sierra Pines Apartments, a multifamily community at 9422 N. 31st Avenue, Phoenix, for $55M. The seller was Western Wealth Capital.  4. Capital Real Estate purchased The Villas at Mountain Vista, a multifamily community at 16630 N. Reems Road, Surprise, for $55M, from an undisclosed seller.  5. Greenwater Investments purchased Westcreek Apartments, a multifamily community at 4040 W. Peoria Avenue,…

By Tasha Anderson for AZBEX  The Town of Gilbert recently issued a Request for Proposals for a development firm to build a small-scale, pedestrian-oriented mixed-use project within the Heritage District.  The 2.18-acre site at the NWC of Gilbert and Elliot Roads, known as the South Anchor, is located in an opportunity zone and will serve as the gateway entrance to the Heritage District and the Lacy Tract neighborhood. The South Anchor was identified as a key project in the Town of Gilbert’s 2018 Redevelopment Plan.  The town and the Heritage Village Center zoning district encourages a mix of uses including retail, service, office, lodging, entertainment, high-density lofts above residential, public and cultural uses.   “The design of this site should…