Author: BEX Staff

A 2023 ruling by the Arizona Court of Appeals means developers may now be able to receive monetary damages from municipalities that provide incorrect information during the land development process. In Hammer Homes vs. City of Phoenix, the Court ruled the relationship between developers and municipal planners resembles that of an expert and a client, since clients pay experts for their knowledge and guidance. The foundation for this “special relationship,” which is similar to the relationship clients have with doctors or lawyers, stems from the municipality’s financial interest in the outcome of actions the developer takes based on that professional…

The Federal Energy Regulatory Commission has approved a preliminary permit for a feasibility study of the proposed Red Lake Pumped Storage Project northeast of Kingman. Gravity Storage LLC has proposed a 3,000 MW closed loop storage plant on the Red Lake dry lakebed on a federal site managed by the Bureau of Land Management. The project would generate power by releasing water over turbines situated between two reservoirs at different elevations. Water would then be pumped from the lower reservoir to the upper to be reused in the process. The preliminary permit allows Gravity Storage to conduct engineering feasibility studies…

Groundbreakings 1. TPA Group has broken ground on the Butterfield Logistics Center, an industrial project in Tucson located in the Butterfield Business Center at the Palo Verde/Alvernon interchange with I-10. The logistics center will be approximately 194.9KSF, with leasing opportunities starting at approximately 32.2KSF. Completion is expected for Q3 2025. The project is designed by Atlas Collaborative Architects and is being constructed by FCL Builders. 2. Wespac Construction, Inc. announced the upcoming construction of a new 76.7KSF academic facility at the Saint Thomas the Apostle campus on 24th Street between Camelback Road and Campbell Avenue in Phoenix. The project is…

The Boys & Girls Clubs of Greater Scottsdale is launching a capital campaign for the development of a branch on the NEC of the Tonalea Middle School campus at 68th Street and Continental Drive in Scottsdale. The $15M project will be called the Steve & Maria Sanghi Branch. The project will encompass 15.5KSF and is expected to begin construction in May 2025. (Source)

By Roland Murphy for AZBEX In its meeting later this week, the Casa Grande Planning and Zoning Commission will be presented with two separate proposals for industrial park master plans that could put more than 2,300 acres up for new development. Both sets of requests were submitted by Colliers Engineering & Design, formerly HILGARTWILSON. Grande Valley Industrial The first project—Grande Valley Industrial—calls for a major General Plan amendment from Neighborhoods to Manufacturing/Industry for approximately 2,250 gross acres at the SEC of Maricopa-Casa Grande Highway and Indian Valley Road. According to the submitted narrative, “The majority of the property within close…

By Roland Murphy for AZBEX After a unanimous vote by the Carefree Town Council to pursue finalizing a development agreement, The Empire Group of Companies and Diversified Partners announced the official commencement of their Carefree Quarter development at the NEC of Carefree Highway and Cave Creek Road. Council is expected to formally approve the agreement next month. The development agreement centers around a Retail Development Sales Tax Incentive. A presentation to Council explaining the plan and agreement terms shows the roughly 20-acre property divided into three distinct development areas and bisected by a wash feature, which had negatively impacted previous…

The City of Mesa is facing a potential lawsuit over claims its zoning and land use regulations damaged a local business owner. Under Arizona law, if a jurisdiction enacts land use legislation that negatively impacts the value of a property owner’s land, the owner is entitled to compensation. Toms Investment LLC, managed by Alan Tom, owns a 2.24-acre vacant parcel north of University Drive and Ellsworth Road. The company took ownership in 1999. The land is zoned for limited commercial uses, which generally includes a car wash or other automotive-related businesses. Last October, Toms entered into a ground lease letter…

The City of Tempe is proposing three separate bond issues for a combined total of more than $500M. The funds would go toward Capital Improvement Projects, consistent with public wishes gleaned from surveys, as well as the goals of General Plan 2050. According to the City, “Owners of a median home in Tempe with a full cash property tax value of $410K will pay additional secondary property taxes of about $74. Tempe’s plan of financing is to pay off some existing general obligation bonds before issuing the new bonds and the portion of the existing secondary property taxes that was…

Awards & Accolades 1. Schnitzer Properties President and CEO Jordan Schnitzer received the Cornerstone Award at Sun Corridor Inc.’s annual luncheon. The award recognizes community leaders for significant contributions to strengthening southern Arizona’s economy. The company is breaking ground on 334KSF in new industrial developments in Tucson. 2. Jeremy Sharpe, the Managing Partner of Rancho Sahuarita and President of Sharpe Development Group, is the recipient of the 2024 CopperPoint Small Business Leader of the Year. The award was presented at the CopperPoint Copper Cactus Awards ceremony. Sharpe has also raised more than $3M for brain cancer research. New Hires 3.…

Sales Transactions 1. Cushman & Wakefield has arranged the $18M sale of Pima Street Logistics Center, a 97.2KSF standalone industrial building on approximately 4.2 acres in Phoenix near Sky Harbor. The infill building is currently 100% leased to three tenants. The property was acquired by an Ares Management Real Estate fund and will be managed by Ares Industrial Management. C&W’sWill Strong, Michael Matchett and Molly Hunt represented the seller, Berkeley Partners. 2. MLS Realty LLC was represented by Keyser Commercial Real Estate in its sale of a 78.7KSF industrial property at 7885 N. Glen Harbor Blvd. The property sold for…