Author: BEX Staff

Budget, Policy & Stimulus News  Florence Offers “Returning Stronger” Grants  Florence businesses have until October 31st to apply to the town for grants to reimburse them for expenses and losses resulting from the COVID-19 pandemic. The Town Council has authorized the creation of the Returning Stronger Grant Program for businesses that have assisted the town in fulfilling its role to protect public health, and which aim to enhance development and stabilize the local economy. Applications are available on the town website. (Source: PinalCentral)  Multifamily Industry Needs Rental Assistance  Without a stimulus bill, any further sliding by the economy could leave millions of renters unable to make payments and landlords without crucial revenue…

By Tasha Anderson for AZBEX  Arizona’s seasonally adjusted unemployment rate decreased to 5.9 percent in August 2020, from July 2020, according to the latest report published by the Arizona Office of Economic Opportunity.   The national rate decreased to 8.4 percent from 10.2 percent in July. In August 2019, the state had a seasonally adjusted rate of 4.6 percent, and the national was at 3.7 percent.  The state had a net gain of 79,200 non-farm jobs over the month. “Historically (2010-2019), Nonfarm employment has averaged a gain of 53,900 jobs in August,” the report states. Government had the largest net gain with 48,800 jobs, followed by Education & Health Services with a gain of 11,400. Construction gained 1,300 jobs over the month.   Trade, Transportation & Utilities took the top spot in job gains from August 2019 to August 2020 with a total of 11,600, while Leisure & Hospitality took the top spot in job losses over the year with 63,500.  The Construction sector features three major segments: Buildings, Heavy, and…

Source: Arizona Department of Transportation  The Arizona Department of Transportation will open an additional comment period for the revised 2021-2025 Tentative Five-Year Transportation Facilities Construction Program on Friday, September 18th. The additional comment period will extend through Tuesday, October 27th.  The State Transportation Board will receive the newly revised Tentative Program during its monthly meeting on September 18th. Earlier this year, ADOT conducted its traditional process for the annual update to the Five-Year Program and held a public comment period and two public hearings.   The 2021-2025 Five-Year Program was scheduled to be approved by the board during its June meeting. Due to the coronavirus pandemic and associated impacts on transportation, the board requested more…

Awards & Accolades  1. Engineering News-Record (ENR) Southwest selected Valley Metro’s Gilbert Road Light Rail extension as the best project in its highway/bridges category. Stacy and Witbeck was the design firm and Sundt Construction was the general contractor on the project.  Groundbreakings  2. The 320-acre Legacy Sports Park and entertainment center will break ground in Mesa today. Icon Architectural Group is the design firm and Waltz Construction is the general contractor.   3. Tucson issued a $58.6M building permit for Northwest Healthcare’s 51-bed hospital and related services at Old Spanish Trail and Houghton Road with an emergency room, labor and delivery services, orthopedics and cardiology. The project is expected to open by 2021.  4. Banyan Residential has announced the start of construction on their 223…

By Tasha Anderson for AZBEX  Plans have recently been resubmitted to the City of Mesa for the development of a new industrial condominium project to be located at 8607 East Pecos Road.  Real Estate Developer, Cavan Commercial, and partner The Kaidence Group is requesting approval of a few different applications: a rezoning of the 10.6-acre site with a PAD overlay, site plan review, preliminary plat approval and design review. The project, called Pecos 10, was heard and approved at the City of Mesa’s Design Review Board meeting on September 8th.  Pecos 10 is proposed as a 111.4KSF, upscale light industrial project consisting of 14 units within eight buildings. According to the project documents, there…

Budget, Policy & Stimulus News  Yuma County to Contribute to State Relief Fund  The Yuma County Board of Supervisors voted to fund a state-sponsored relief grant program designed to help small businesses in the unincorporated areas of county. In doing so, county staff members have been authorized to execute an Executive Services Agreement with Local Arizona First Foundation to contribute $20K to Gov. Doug Ducey’s recently created $10M Arizona Small Business Rent and Mortgage Relief grant fund. The money is being allocated from the county’s general fund contingency budget. (Source: Yuma Sun)  Phoenix Expands Aid to Include Newer Businesses  The Phoenix City Council expanded the type of small businesses that could apply to be…

By Cecilia Chan for Gilbert Sun News  A much-ballyhooed 25-acre water park in Gilbert touting technology that can create ocean waves for surfing in the desert is delayed yet again – this time until 2022.  The Strand@Gilbert in February 2019 inked a deal with Gilbert to build the $60M project on town-owned land near Queen Creek and Higley roads, adjacent to the Regional Park.   The developer proposed a summer 2020 opening but later postponed it to the summer 2021.   With Town Council’s recent approval, the project is now looking to open in August 2022. According to a town staff report, the developer cited “economic conditions…

By Les Shaver for GlobeSt.com  While many CRE sectors and product types have floundered after COVID-19 hit, one industry has continued to flourish.  In the second quarter, cap rates for dollar stores fell a 12-basis point decrease when compared to the prior year, according to The Boulder Group.  There are some long-term concerns for the sector, most notably overbuilding. But e-commerce is not a near-term threat, according to Randy Blankstein, president of The Boulder Group. The main reason is that dollar stores are essential in small towns and rural areas.   “Amazon is a very developed network in the top 25-40 metros,” Blankstein says. “Once you start getting to rural areas,…

Awards & Accolades  1. Keith Stanton, ASID, NCIDQ, CHID – Director of Design Development at Thoma-Holec Design, was named the 2020 Designer of Distinction by ASID AZ North, recognizing his high-quality body of work.  2. The Phoenix Business Journal has unveiled the finalists for the 2020 Small Business Awards presented by Pacific Premier Bank, recognizing excellence among entrepreneurs and small business owners around the Valley. Finalists include:  Dynamic Water Technologies – Micro Category  Agate Construction – Midsize Category  The Laughton Team/My Home Group – Midsize Category   Boards & Commissions  3. Bobby Walker, Senior Preconstruction Manager at PENTA Building Group, has joined the New Pathways for Youth (NPFY) Board of Directors. Walker also sits on the ASU Art Museum’s…

Sales Transactions  1. An undisclosed buyer purchased The Vineyard Apartments, a 300-unit multifamily community at 6706 N. Dysart Road, Glendale, for $41M. Newmark Knight Frank Director Chris Canter, Executive Managing Director Brad Goff and Senior Managing Director Brett Polachek represented the seller, Univest.  2. Western Wealth Capital purchased Villas de Azul, a 300-unit, garden-style multifamily complex at 2627 N. 45th Avenue, Phoenix, for $33M. The seller was Sterling Azul Holding Company.  3. Cowabunga Two, LLC purchased 32 Arcadia, a 104-unit multifamily community at 3211 E. Pinchot Avenue, Phoenix, for $14.8M. The seller was Moderne Living. Kidder Mathews’ multifamily investment broker, Karl Abert, represented the buyer.  Lease Transactions  4. Children’s clothing retailer, SpearmintLOVE LLC moved into an 18KSF warehouse…