Author: BEX Staff

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…

Sales Transactions  1. Tides Equities purchased Terrace Park Apartments, a 213-unit value-add apartment complex at 8130 W. Indian School Road, Phoenix, for $37.86M, from Western Wealth Capital. NorthMarq’s Phoenix investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the sale.  2. Taylor Morrison bought 165.78 acres of land at the NEC of 91st Avenue and Camelback Road, Glendale for $29.5M, from Jacob F. Long. Taylor Morrison is planning to use the land for Phases Two and Three of Stonehaven, a proposed 628-lot single-family subdivision. The brokers were Bret Rinehart, Ryan Semro, and Greg Vogel of Land Advisors Organization.  3. An undisclosed buyer purchased District…

By Tasha Anderson for AZBEX The 2021 BEX Private Development Summit dove into the most relevant topics in the A/E/C and CRE industries last week. The virtual event spanned three mornings from Tuesday, May 11th to Thursday, May 13th, and attendees heard an outlook on future development, panels discussing hot Housing and Industrial markets, and gained insight on the rising construction costs in Arizona. BEX Outlook on Future Development BEX President and Founder, Rebekah Morris, kicked off the event on May 11th with an outlook on future private development in Arizona, which includes Hospitality, Healthcare, Office, Retail and Industrial markets.…

By Tasha Anderson and Rebekah Morris for AZBEX Arizona’s seasonally adjusted unemployment rate remained at 6.7 percent in April 2021, from March 2021, according to the latest report published by the Arizona Office of Economic Opportunity. The national rate increased to 6.1 percent from March. In April 2020, the state had a seasonally adjusted rate of 14.2 percent, and the national was at 14.8 percent. The state had a net gain of 9,400 non-farm jobs over the month. “Historically (2011-2020), Nonfarm employment has recorded a loss of 22,300 jobs in April,” the report states. Leisure & Hospitality had the largest…

By SCHEELS SCHEELS, an employee-owned All Sports retailer, is excited to bring its first location to Arizona, opening Fall of 2023 in Chandler. The new shopping destination is planned for the Chandler Fashion Center after a full renovation and expansion of a vacant building, and will feature 220KSF of premium retail adventure for the entire family. The new Arizona SCHEELS will be home to entertainment attractions, specialty shops and boutiques. This includes 75 specialty shops staffed by trained experts who focus on helping customers achieve their goals. The one-of-a-kind retail experience will attract sports fans, outdoor enthusiasts and customers seeking…

A major family entertainment center and water park in Maricopa moved a step closer to reality last week. Maricopa City Council unanimously approved the sale of 59 acres and the lease of another 12 to developer PHX Surf LLC. The sale consisted of three parcels at the SWC of SR 238 and North Loma Road. Total price was $3.86M. Council also approved a development, operating and lease agreement. Preliminary plans for PHX Surf Park feature two wave/surf pools, water slides, a lazy river, sand volleyball courts, a hotel, restaurants, an RV park, a 22-unit tiny house area with a clubhouse…

By AZBEX Staff and RENTCafé As one of the nation’s fastest growing apartment markets, Phoenix has also experienced massive growth in self-storage development. RENTCafé’s most recent self-storage report shows the local market has expanded by 35 percent in the past 10 years. Among RENTCafé’s core findings: Metro Phoenix built 8.7MSF of self-storage over 108 facilities in the past decade, surpassing Atlanta, Miami and Denver. The area now offers 6.8SF per capita, slightly below the national average of 7SF per capita. Phoenix also added more than 58,000 multifamily units in the same period of time – surpassing Boston, Charlotte and San…