Author: BEX Staff

By Tasha Anderson for AZBEX The City of Phoenix is looking for a Construction Manager at Risk to help construct three miles of arterial streets in the Northwest Valley, which will serve the planned Taiwan Semiconductor Manufacturing Company (TSMC) project and surrounding region. A Request for Qualifications was recently issued for the $60M Northwest Valley Transportation project, which will be located in the area bounded by 51st Avenue, Interstate 17, Loop 303 and State Route 74. This area is within the North Gateway Village Planning Area, in which the North Phoenix 3,500 PUD rezoned approximately 3,722 acres of vacant land…

Budget, Policy & Stimulus News Delays Causing PPP Application Issues Gusto, a payroll and benefits provider, reports more than half of small business owners in a survey of 1,093 firms, have not yet received their expected Paycheck Protection Program loan forgiveness from the Small Business Administration. 13.4 percent of respondents said they needed a second loan but have not applied because they are afraid their initial loans may not be forgiven. Businesses that are eligible and have applied for a second loan, roughly a third have not received a response to their applications. (Source)

By Premier Underground Horizontal Directional Drilling has fast become a viable option in the underground construction industry. This method provides an excellent alternative to traditional open-cut trenching when faced with environmentally sensitive or obstructed jobsites. HDD contractors can lay utility conduits for gas, water, electric and telecommunication companies with faster, cleaner installations. Here are the top five benefits fueling the increased demand of this underground technology in construction projects. Minimal Disruptions The primary appeal of trenchless directional drilling is the deceased amount of surface disruptions. Traditional open-cut excavation involves digging deep trenches that rip up the landscape, roadway or surface…

Giving Back 1. During its current round of giving, the Sundt Foundation awarded $80.9K in grants to 20 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 Sundt employee-owners. 2. Arizona Window and Door recently partnered with Anlin, a leading manufacturer of energy-efficient windows and doors, to donate an energy-saving new window package to Therapeutic Riding of Tucson (TROT). The donation will help the nonprofit TROT organization, which seeks to use the power of the human-horse connection to…

Sales Transactions 1. Millburn & Company purchased Heritage at Deer Valley, an 832-unit multifamily community at 3010 W. Yorkshire Drive, Phoenix, for $178.5M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Priderock Capital Partners. The transaction represents the highest sale price for a single multifamily community in Phoenix history. 2. Oxford Properties Group purchased Ten01 on the Lake, a 523-unit multifamily community at 1001 E. Playa del Norte Drive, Tempe, for approximately $146M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, and Matt Pesch of Phoenix Multifamily Institutional Properties represented the…

By Tasha Anderson for AZBEX  The single-family for rent model is making its way to Casa Grande as a new community is being proposed for a +/- 10.6-acre site at the NWC of Florence Street and Ash Avenue, south of the Downtown Area.  Applicant Hilgart-Wilson, on behalf of property owner, LKY Development Company, Inc., is requesting a zone change on the site from Garden and Light Industrial to a Planned Area Development in order to allow the 116-unit, high density, single-family build-to-rent community currently called Florence & Ash.  Florence & Ash is proposed to include 28 one-, 60 two-, and 28 three-bedroom units at an overall density of 11.0 dwelling units per acre. The…

Budget, Policy & Stimulus News  IRS Extends Opportunity Zone Deadlines  The IRS has again extended the deadline to invest in qualified opportunity zones. The deadline was extended to March 31st for investors who’s initial 180-mandated investment period ended after April 20th, 2020. (Source)  Phoenix OKs Distribution for $51.1M in Rent, Utility Assistance  Phoenix City Council has approved a plan to distribute $51.1 in federal funds to aid residents with rent and utility payments. Applications are expected to start March 8th. The city has partnered with community organization Wildfire for help in the distribution. The city’s Human Services Department will receive $26M, and $25M will go to Wildfire. The…

By Arizona Commerce Authority  Viavi Solutions Inc. announced its Optical Security and Performance Products segment plans to establish a new manufacturing facility in Chandler to support growing demand for its technologies. VIAVI also plans to transition its headquarters to the new facility, which is anticipated to house at least 100 employees by 2022.   The company has already relocated its corporate headquarters to a temporary office in Scottsdale. The company’s San Jose office will continue to operate as a functional center and sales office.  VIAVI is a global leader in network test, monitoring and assurance solutions for communications service providers, enterprises, network equipment manufacturers, government and…

The recently released NAIOP Research Foundation “Economic Impacts of Commercial Real Estate, 2021 U.S. Edition,” study lists Arizona in eighth place, nationwide, contributions to state GDP for both warehouse and manufacturing development. Data for 2020 showed commercial construction and development across the manufacturing, warehouse, office and retail sectors in Arizona contributed $11B to the economy. Nationally, contributions from those factors contributed $1.01T to the GDP. (Source) 

By CBRE Research  The spread of COVID-19 and the resulting government restrictions precipitated a pronounced decline in commercial real estate investment activity in the region. Investment volumes for the Phoenix metropolitan area in 2020 totaled $9.0B, a 20 percent decline from 2019 levels.  The decline in investment activity was most pronounced in late spring as investors pressed pause in the face of a rapidly changing macroeconomic landscape. Trading resumed in earnest in the second half of the year, and September, October and December volumes exceeded 2019 levels (by 37 percent, 31 percent, and 6 percent respectively).   Activity throughout the year was driven by capital interest in favored asset…