Author: BEX Staff

Groundbreakings 1. Mortenson, in partnership with PGIM Real Estate and Urban Development Partners, has broken ground on its anticipated The Beam on Farmer, a five-story, 184KSF Class A office building at 401 S. Farmer Ave, Tempe. Completion of the Beam is anticipated in May 2022. The project architect is RSP Architects. 2. Continental Properties announced the groundbreaking of Springs at Eastmark, a luxury, 276-apartment home community at the intersection of E Warner Rd. and S Ellsworth Rd, Mesa. Pre-leasing will begin in early 2022 with move-ins expected as early as March 2022. Huitt-Zollars is the architect and McShane Construction is…

By Tasha Anderson for AZBEX A new elementary school is being proposed on approximately 17 acres at the SWC of Avondale Boulevard and Broadway Road in Avondale, which will bring in students living within the 1.1KSF Alamar master-planned community. The Littleton Elementary School District #65 recently issued a Request for Qualifications for a qualified Construction Manager at Risk to provide preconstruction and construction services for the new school, currently called The Elementary School on Alamar. The new school will be constructed in two phases. The first phase will total approximately 63.6KSF and will consist of a 9.8KSF administration building, a…

The Coconino County Board of Supervisors cited fire safety and cultural resource concerns in their unanimous vote against approving a rezone for the proposed 247-acre Two Guns Resort near Winslow. Plans by Gunderman Designs & Concepts Inc. called for nearly 775 lodging units, including almost 400 RV spaces, 30 worker housing units, restaurants, two water parks, a mini-golf course, clubhouse, visitor center and public event space. Fire protection and emergency vehicle access were concerns for officials, who noted the development had only one access point. Winslow’s fire marshal said the department would not provide emergency services to the site. Opponents,…

By Associated Builders and Contractors Construction input prices increased 1.3 percent in April compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics Producer Price Index data. Nonresidential construction input prices increased 1.6 percent for the month. Construction input prices are 19.7 percent higher than a year ago, and nonresidential construction input prices expanded 19.2 percent over that span. All three energy subcategories have experienced significant year-over-year price increases. The price of crude petroleum rose 245.2 percent, while unprocessed energy materials and natural gas increased 117.7 percent and 114.6 percent, respectively. Softwood…

Awards & Accolades 1. Fulton Homes was recently announced as 2021 ENERGY STAR® Partner of the Year winner for Sustained Excellence, marking the seventh consecutive year the homebuilder received recognition from the Environmental Protection Agency’s program. 2. AZ Big Media issued the Top 10 Multifamily Brokerage Firms in Arizona based on public voting for the 2021 edition of Ranking Arizona. They are: ABI Multifamily Colliers International CBRE ORION Investment Real Estate SVN Desert Commercial Advisors Cushman & Wakefield NAI Horizon JLL Commercial Properties Inc. LevRose Commercial Real Estate/TCN Worldwide 3. AZ Big Media issued the Top 10 Office Brokerage Firms…

Sales Transactions 1. An entity tracing to Raymond Kao purchased Escape at Arrowhead, a 324-unit multifamily property at 7951 W. Beardsley Road, Peoria, for $103.75M, from an entity tracing to Embrey Development. 2. An entity tracing to Investcorp purchased Carleton Club Apartments, a 436-unit multifamily property at 17425 N. 19th Avenue, Phoenix, for $86.5M, from an entity tracing to Tides Equities. 3. An entity tracing to Investcorp purchased The Edge Apartments, a 380-unit multifamily property at 15202 N. 40th St.., Phoenix, for $83M, from an entity tracing to Tides Equities. 4. MG Properties Group purchased The Retreat Apartments, a 480-unit…

By Tasha Anderson for AZBEX A new assisted living facility is being proposed for a vacant, undeveloped 5.1-acre site at the NWC of 10th Street and Baseline Road in Phoenix, near the Western Canal. Owner, Vermilion Acquisitions, LLC recently submitted conceptual plans to the City of Phoenix and is requesting to rezone the property from Single-Family Residence, Baseline Area Overlay District, to Multifamily Residence, Baseline Area Overlay District. The project, known as Silver-Birch of South Mountain, is proposed to include a single, two-story building housing a total of 124 beds. The building will have a maximum height of 30 feet…

By CBRE CBRE announces the sale of a 28.4-acre parcel at 1110 N. 52nd Street in Phoenix, formerly a Motorola semiconductor manufacturing facility, to Baker Development Corporation. CBRE’s John Werstler, Cooper Fratt and Tanner Ferrandi represented BDC. The property – located just north of Sky Harbor International Airport on Loop 202 at the 52nd Street exit – represents one of the few new Class A industrial projects in northeast Phoenix. BDC plans to build 800KSF of data center space or a 400KSF Class A industrial project, to be completed in 2022. The CBRE team also represented the seller, Reich Brothers.…

As Arizona faces historic water cuts due to supply shortages and droughts, Peoria Water Services staff will conduct a water loss audit, update the City’s integrated master plan, and take part in pilot projects and studies in an attempt to ensure preparedness. Arizona is expected to see cutbacks in its water supply from Central Arizona Project in the next year. While Peoria would not be immediately directly affected, officials have stated the need to be prepared for whatever water issues may arise in the future. Water shortages are ranked on three tiers. Peoria and other Municipal and Industrial users would…

By Associated Builders and Contractors Associated Builders and Contractors has reported its Construction Backlog Indicator rose to 7.9 months in April, according to an ABC member survey conducted April 20th-May 5th, 0.1 months higher than in March 2021 and April 2020. ABC’s Construction Confidence Index readings for sales and profit margins declined modestly in April, while confidence regarding staffing level expectations increased. Only 8.6 percent of respondents expected staffing to decrease. All three indices remain above the threshold of 50, indicating growth expectations over the next six months. “There was little movement in contractor sentiment in April,” said ABC Chief Economist…