Author: BEX Staff

Awards & Accolades  1. In recognition of its “state-of-the-art construction and contemporary, elegant design,” the We-Ko-Pa Casino Resort has been named a finalist for AZRE Magazine’s annual Real Estate and Development (RED) Awards. Winners will be announced during a live Hopin virtual event on March 11th at 3:30 p.m., and all finalists will be featured in the March/April 2021 edition of the magazine. The We-Ko-Pa Casino Resort opened last October and was constructed over a two-year period leveraging the talents of Thalden Boyd Emery Architects, W.E. O’Neil and Kitchell Construction.  Groundbreakings  2. Queen Creek has broken ground on the permanent Fire Station 2, which will replace interim Fire Station 2 at 24787 S. Sossaman Road. Perlman Architects designed the station and Willmeng Construction Inc. will…

By Tasha Anderson for AZBEX The City of Phoenix heard and approved a request to rezone approximately 91.16 acres at the NWC of Tatum Boulevard and Cactus Road at its February 4th Planning Commission virtual public meeting. Approval of the request, which was to rezone the property from Regional Shopping Center, Planned Community District to Intermediate Commercial, High Rise, Density Waiver, Special Permit, Planned Community District, brings developers Macerich and PV RE Devco, LLC one step closer to their plan of redeveloping the failing Paradise Valley Mall into a vibrant, high-quality mixed-use development. The redevelopment is proposed to include a…

Budget, Policy & Stimulus News Arizona PPP Loans Jump From January 24th-31st, Paycheck Protection Program loans in Arizona surged from 4,640 approvals to 10,279, according to information from the Small Business Administration. Loan values grew from $22M to more than $873M. National data show most applications are for second loans and are averaging significantly larger than loans in the last year’s first wave. (Source) Phoenix Has Spent 85 Percent of CARES Act Funds To date, Phoenix has spent nearly 85 percent of the $293M it received under the $2T Coronavirus, Aid, Relief and Economic Security Act. Outlays included $90.5M for…

By Associated Builders and Contractors The construction industry lost 3,000 jobs on net in January 2021, according to an Associated Builders and Contractors analysis of data released today by the U.S. Bureau of Labor Statistics. During the last nine months, the industry has added 857,000 jobs, recovering 77 percent of the jobs lost during earlier pandemic stages. Nonresidential construction employment fell by 1,900 jobs on net in January. Heavy and civil engineering added 2,000 jobs for the month, but those gains were offset by losses in nonresidential specialty trade and nonresidential building, which lost 3,300 and 600 jobs, respectively. The…

Giving Back 1. As of February 4th, 2021, the applications for the ATB Scholarships are available. This year, the ATB Education Scholarship Foundation will offer the MAGGIE MOZINGO 4-year College or University Scholarship and the ED SNELL 2-year Continuing Education Scholarship. Applications can be found on the ATB website and are due on or before May 30th, 2021. Boards & Commissions 2. Mike Gonzalez with McCarthy Building Companies is named to the Associated Minority Contractors of Arizona board of directors. Having over 29 years of construction industry experience, Gonzalez will be instrumental in fulfilling the organization’s mission to protect, grow…

Sales Transactions 1. Funds managed by Oaktree Capital Management, L.P. recently purchased The Core Chandler, a 220-unit, Class A multifamily community in Chandler, for $65M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Sunrise Luxury Living. 2. Taurus Investment Holdings LLC purchased Indigo Springs, a 240-unit apartment community in Mesa for $56.4M. 3. A private buyer purchased Grove Deer Valley, a 208-unit apartment asset in Phoenix, for $46.75M. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, procured the buyer and represented the seller,…

By Tasha Anderson for AZBEX  Plans for a 4.55-acre outdoor family entertainment center to be located at the SWC of Santan Village Parkway and Knox Road in Gilbert, are finally making their way through the Town’s Planning Department.  SAP Holdings, LLC is requesting the town’s input on plans, including a site plan, landscape, grading and drainage, elevations, floor plans, lighting, colors and materials for the development, known as Santan Adventure Park.  Santan Adventure Park is proposed to be constructed in two phases. The first phase, to be located at the southern portion of the site, will consist of an 18-hole miniature golf course, 22-kart go-kart racetrack, splash pad and concession stand on…

Economic News  CBO Predicts Mid-year Rebound  Recent estimates from the Congressional Budget Office, show the U.S. may return to pre-pandemic levels by the middle of this year. Gross Domestic Product is expected to increase an average of 1.7 percent a year from 2020 to 2024. The improved GDP rebound is caused for optimism, but output will still be lower than it would have been had the pandemic not taken place. (Source) 

By ClearSky Health  ClearSky Health has announced plans to build an inpatient rehabilitation hospital in Avondale. The hospital is expected to create about 100 new healthcare-related jobs.  ClearSky Rehabilitation Hospital of Avondale will be a 30-bed facility located at 109th Avenue and West McDowell Road. It will provide specialized rehabilitative care to individuals living with disabling injuries or illnesses.  The planned 43KSF medical facility will feature private rooms, a rehabilitative gym, dining room, and an activity of daily living space. Groundbreaking is planned for April, with construction expected to take about 13 months.  ClearSky Rehabilitation Hospital of Avondale is expected to treat about 650 patients annually. (Source) 

By Associated Builders and Contractors  National nonresidential construction spending declined 0.8 percent in December 2020, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $790.2B for the month, 4.8 percent lower than in December 2019 but 3.8 percent higher than in December 2018.  Spending fell on a monthly basis in nine of the 16 nonresidential subcategories. Private nonresidential spending was down 1.7 percent, while public nonresidential construction spending was up 0.5 percent in December. (Source)