Author: BEX Staff

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.

SCS Engineers recently provided environmental due diligence and risk management support for the $100M Merit Sky Harbor Industrial Park in south Phoenix. Once the site of a cement plant, the property is transforming into an 83-acre industrial park near the Phoenix Sky Harbor International Airport. To help Merit Partners transform the property, SCS Engineers provided Phase I and Phase II due diligence, risk management, and remediation services. In addition, SCS Engineers performed the environmental investigation, remediation and regulatory compliance services in prior years while the site was under previous ownership. Merit Sky Harbor Industrial Park, spanning nearly 1MSF, is located at 7th Avenue…

By Cushman & Wakefield Cushman & Wakefield has released its 2021 Global Logistics Outlook. The report analyzes key drivers affecting growth, global leasing dynamics and provides an outlook for the sector. North America The North American industrial market experienced growth despite the COVID-19 pandemic wreaking havoc across the globe, as well as more local disruptions including hurricanes and wildfires. It has proven once again to be one of the most resilient asset types. Although North American new supply outpaced demand for the second year in a row, with 378MSF of completions, demand came in at 287MSF, surpassing 200MSF for the…

Giving Back 1. The Sundt Foundation awarded grants to nine Southern Arizona nonprofits during its current giving round. The Foundation awards grants each quarter to local charities that support disadvantaged children and families. Nonprofits are selected through an application process and reviewed by a committee of Sundt employee-owners. The non-profits that received the grants were: Diaper Bank of Southern Arizona Boys & Girls Clubs of Tucson Southern Arizona Network for Down Syndrome Marshall Home for Men STEP: Student Expedition Program Gabriel’s Angels Inside Out Network Sol Food Initiatives Children’s Museum Tucson 2. Fulton Homes is partnering with KSLX for the…

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…