Author: BEX Staff

Sales Transactions 1. A private party purchased Copper Falls, a newly constructed, 240-unit multifamily asset in Glendale, for $72M. Steve Gebing and Cliff David, Executive Managing Directors with Institutional Property Advisors (IPA), a division of Marcus & Millichap, procured the buyer and represented the seller, P.B. Bell. 2. IHP Capital Partners and Värde Partners have formed a joint venture (JV) to acquire the remaining 3,721 acres of land for development within Vistancia, a 7,100-acre mature master-planned community in Peoria, for $68M. In April, IHP Capital Partners bought 429.75 acres at the SWC of Loop 303 and Lone Mountain Parkway in…

By Tasha Anderson and Rebekah Morris for AZBEX On Tuesday, June 1st, 2021, The Information reported that Menlo Park-based construction company, Katerra Inc. planned to cease operations. This has since been confirmed by BEX staff with numerous employees and people involved in their current projects. Surprisingly, work has not stopped any projects. All told, six major projects currently under construction are impacted, but the outcome may be much less severe than initially thought. New entities are expected to emerge from this dissolution, keeping some teams intact and enabling current projects to finish. According to the initial media report, the SoftBank-backed…

By Tasha Anderson for AZBEX Hospitality was one sector that was hit the hardest during last year’s shutdown; however, hotel occupancy rates and demand for more hospitality projects are headed back to normal as restrictions loosen and people become more comfortable travelling. That was the consensus given by the panelists at the BEX virtual Leading Market Series event held on Wednesday, June 2nd, 2021. Attendees logged into hear the current state and future of the Hospitality sector, as well as current projects. Panelists included Mike Krentz, President of DAVIS; Cari Meyer, Planning Manager for City of Sedona; Robert Schmidt, President…

A new clubhouse will be the first order of business for the planned $50.9M Tempe Diablo Stadium renovation program. Under an agreement between the City of Tempe and the Los Angeles Angels, who use the facility for Cactus League spring training, Tempe will contribute $40.9M to improving the 75-acre facility near 48th Street and Alameda Drive. As part of the agreement, the Angels will stay in Tempe through at least 2035. The team will start out paying annual rent of $500K, and rent will increase 1.8 percent a year starting in 2023. Proposed renovations include: A new home team clubhouse;…

An agreement between the City of Chandler and Intel will create a new reclaimed-water interconnect facility to help optimize city water use and the company’s massive water needs for its manufacturing processes. Chandler and Intel execute a reclaimed water agreement every year to ensure the company’s project needs are met. Under the new agreement, construction of a new Reclaimed Water Interconnect Facility will commence in the fall to ensure adequate volumes for the company and Chandler’s other obligations. The treatment plant will be on the site of the Chandler Airport Water Reclamation facility on Queen Creek Road and will have…

The $1.78B tentative budget recently adopted by Scottsdale City Council includes up to $10M to address the city’s shortage of affordable housing. The budget includes $346.3M in General Fund spending and $821.2M for capital projects. The capital projects budget is $130M more than last year. Mayor David Ortega requested a $10M spending cap increase to include contingency funds for affordable housing or housing for the homeless. The Scottsdale Housing Authority currently owns four properties in south Scottsdale that were purchased with federal funds and required to provide affordable housing. Scottsdale also has access to up to 755 vouchers from the…

The National Federation of Independent Businesses has reported 44 percent of companies have job openings they cannot fill. The number is an all-time high for the survey. A recent report from The Conference Board, entitled, “Labor Shortages Are Making a Comeback,” looked at the causes behind the tight labor market. Among the report’s findings: High demand and low supply in the post-pandemic labor market make recruiting difficult; The sudden reopening of the economy, post-pandemic, has generated a high and immediate surge in labor demand, as opposed to the more moderate increases seen in traditional recoveries; A surge in online-available work…

Groundbreakings 1. A groundbreaking ceremony was held for the Ross Aviation Hangar at the Scottsdale Airport on June 1st. The $13M project will include a 50KSF hangar, plus 20KSF of support space. The project, which is being built by JE Dunn Construction and designed by DWL Architects, is planned to be complete in the first quarter of 2022. 2. The Crystal Lagoons Island Resort, an 11-acre lagoon and hotel mixed use development, to be located in Glendale, is expected to break ground in the second week of June. ECL Glendale, LLC is the developer. Progress Reports 3. The Tucson Convention…

By Tasha Anderson for AZBEX Burch & Cracchiolo P.A., on behalf of America Development, is requesting a Conditional Use Permit from the City of Peoria in order to construct and operate at 40-bed physical rehabilitation hospital just south of the SEC of 94th Drive and Thunderbird Road. The 3.7-acre infill site at 13451 North 94th Drive is located within the Plaza Del Rio master development and has sat vacant for a while now. The surrounding area includes uses such as multifamily, office and other medical uses. The project name in the site plan and other documents is currently, “Inpatient Rehabilitation…

Nations |Group will host a live virtual panel discussion featuring the project team for the planned Mountain Line Downtown Connection Center in Flagstaff from 1:30 p.m. to 2:30 p.m. on June 9th. The panel consists of: Kate Morley – Mountain Line, Christine Cameron – The City of Flagstaff, Jennifer Love – AECOM, Todd Shaffer – Nations | Group, and Elizabeth Glaesman – Nations | Group (Moderator) Community members, design firms, general contractors, interested AEC industry partners are encouraged to attend. The registration link is accessible here.