Author: BEX Staff

By Roland Murphy for AZBEX The Phoenix Planning Commission voted in favor of a rezoning that would allow UMOM New Day Centers to build a 192-unit multifamily development on 6.89 acres at the NEC of 39th and Grand avenues. The Alhambra Multifamily development site is currently covered by two different multifamily zoning types. The rezoning will establish a single zoning designation of R-4A (Multifamily Residence – General). Surrounding land uses consist of a school bus depot, a used car dealership, a restaurant, a freight railway and other industrial uses. According to the staff report prepared for the Commission and the…

As the former Metrocenter Mall continues its $850M redevelopment into The Metropolitan mixed-used master plan, Formation Interests is planning a new speculative industrial business park nearby. The plans for Formation Park 17, located east of Interstate 17, will redevelop a 22-acre former seven-building office site with four new buildings of between 95.2KSF and 111.6KSF. The total build area will be 425.3KSF, with space available for occupants needing between 20KSF and the full space. Likely tenants include warehouse/logistics and manufacturing companies, with semiconductor firms being one named possibility. The initial site plan received preliminary approval from the City last month. The…

Embry-Riddle Aeronautical University is planning a new student union on its Prescott campus. The new development will replace five older structures, some of which date back to the 1960s. The facility is planned for 48KSF and will include food services and office space. Following construction, the existing student union will be converted to office space, according to university officials. The new development will be located in the central campus area off the campus’ entrance road. The proposed student union recently received a water allocation recommendation from the City of Prescott’s Water Issues Subcommittee. A water demand analysis from Dibble Engineering…

By Roland Murphy for AZBEX Axon had planned to break ground this week on its new headquarters in north Scottsdale. The efforts of the city’s cohort of NIMBYs, CAVEs and BANANAs have led to that event being put on indefinite hold, possibly along with all the company’s future plans in Arizona. The company said in a Jan. 8 press release, “Today, Axon is announcing the cancellation of its planned January 10 groundbreaking for its new world headquarters in Scottsdale, Arizona. The decision comes amid delays caused by a ballot referendum effort led by a California-based labor union, which has created…

The extend and wait approach to managing commercial real estate loans prevalent over the last few years, in which maturing loan terms were extended in the hope of better market condition coming soon, may prove to be a benefit in the multifamily sector. More than $1T could due between the start of last year and the end of 2025. Even higher volumes will mature between 2026 and 2028. Stabilizing interest rates, lower volumes of starts and deliveries compared to the post-pandemic boom, and still relentless demand could fuel increased sales activity in multifamily, according to the Gray Capital multifamily forecast…

Groundbreakings 1. A joint venture between Ryan Companies US, Inc. and Standard Real Estate Investments, LP announced the groundbreaking of Phase Two of 17 North Corporate Centernear Interstate 17 and Pinnacle Peak Road in north Phoenix. The project is comprised of two industrial buildings, totaling more than 186KSF. Ryan Companies is developing and building the project. Bankers Trust is financing construction. Butler Design Group is the architect. CBRE’s Cooper Fratt, John Werstler and Tanner Ferrandi are marketing and leasing the building. Completion is expected in Q4 of this year. 2. Tiffany Construction Co. will begin replacing the existing City of…

By Roland Murphy for AZBEX The Mesa Design Review Board recently reviewed and made recommendations on the building elevations and landscape design for a new skilled nursing facility on Main Street east of 56th Street. The vacant, 2.07-acre property is situated next to a warehouse owned by Velda Rose Methodist Church. The submitted narrative states the church is working with the applicant—identified on the landscape plans as Circle the City—and the City of Mesa to separate the two parcels. Circle the City provides healthcare services to individuals facing homelessness in Maricopa County. The project will require a site plan and…

A proposal by the Arizona Department of Transportation to sell two parcels of land near State Route 179 and Sombart Lane to the City of Sedona could pave the way for a long-envisioned creekwalk as part of the local parks and trails system. Deputy City Manager Andy Dickey informed the City Council about the proposal at a retreat last month and added the land could be used for trails and/or a creek park. The site is located south of a recently completed pedestrian underpass. A future creekwalk could connect between the parcel and the underpass at SR 179. The other…

By BEX Staff for AZBEX Early last month, the Phoenix City Council unanimously voted to approve slightly more than $3M for the development of Senior Bridge, a transitional and affordable senior housing development at 2853 E. Van Buren St. north of Phoenix Sky Harbor International Airport. The Council action directs the City Manager to enter into an Affordable Housing Loan Program agreement for the funding using U.S. Department of Housing and Urban Development HOME Investment Partnerships American Rescue Plan program funds. Other funding sources for the development include $7.1M from the Arizona Department of Housing, $1.95M from Bloomspot LLC and…

Arizona’s population has grown 6% since 2020 and is up 1.5% between 2023 and 2024, according to the latest estimates from the U.S. Census Bureau. The state’s total population sits at almost 7.6 million people. Arizona is 10th for percent growth and eighth for numeric growth over the last year, which saw more than 109,000 new resident arrivals. Nine states added more than 100,000 people each between July 2023 and July 2024. The national population rose 1%, with Texas leading growth and adding 563,000 people. California led additions in the western region with more than 232,500. Despite California’s population gains,…