Author: BEX Staff

By Rebekah Morris for AZBEX  Next month, the BEX research team will present detailed market analytics at the fourth annual Construction Forecast Event. The topic will be an exclusive and deep analysis of the next three years of the Arizona construction market. Below is a sneak peek:  How Much Construction Happens Each Year?  Annual construction volume in Arizona has been increasing by double-digit percentages year-over-year (Y-O-Y) since 2017. Prior to 2017, changes from year to year bumped around zero, averaging -1.88 percent between 2011 and 2016. For comparison, the average change in statewide construction volume Y-O-Y between 2008-2009-2010 was -29.91 percent. Since 2017 however, the industry has sustained a consistent and robust growth track.    Statewide…

Budget, Policy & Stimulus News  Expiring Aid Could Create Eviction Explosion  An end to aid for renters could lead to a spike in evictions for Arizona renters. Maricopa County has run out of funds in its $30M rental aid program. The Centers for Disease Control and Prevention’s eviction ban is set to expire. A new federal stimulus and relief package has yet to pass. Gov. Doug Ducey has moved the remaining $400M in CARES Act funds to state agencies for operating expenses. Arizona renters owe an estimated $178M to landlords, and up to 150,000 renters could face eviction in January. (Source)  Grants Available to Rio Nuevo Small Businesses …

By Tasha Anderson for AZBEX  Another luxury multifamily development is being proposed for the Kierland area in Phoenix.  In November, The Related Group submitted plans to the City of Phoenix in order to redevelop two underutilized single-story office buildings at the SEC of Kierland Boulevard and Greenway Parkway, into a five-story, 360-unit luxury rental residential community currently called RD Kierland.  According to the project’s narrative, “The overall goal of the project is to provide a quality, modern urban living experience for its future residents and to create a pedestrian friendly, walkable environment along its three roadway frontages for the benefit of the larger community.”  RD…

By NAI Horizon and Crescent Communities  NAI Horizon represented Gilbert Growth Properties LLC (Park Corporation) in the disposition sale of 8.61 acres of land at Val Vista Square in Gilbert to Crescent Communities, LLC.  Val Vista Square is a large, mixed-use commercial land development at the SEC of Val Vista Drive and Pecos Road, just north of the Loop 202 in Gilbert. NAI Horizon Senior VP Lane Neville and Associate Logan Crum represented the seller in the $7.5M transaction.  The new development is for a high-density, luxury apartment project. The buyer, CC Val Vista, LLC (Crescent Communities) is a nationally recognized developer. The new, 317-unit multi-family community is called NOVEL Val Vista.  

Giving Back  1. The Tucson office of engineering consulting firm Terracon presented a $6K check from its foundation to the University of Arizona’s Mel and Enid Zuckerman College of Public Health. The grants fund scholarships for students enrolled in environmental and occupational health, industrial hygiene and environmental health sciences graduate and PhD programs.  Awards & Accolades  2. The Design-Build Institute of America (DBIA) has named Sundt Construction’s Marty Hedlund as one of the four industry leaders chosen for the 2020 Class of DBIA Fellows. Designated Design-Build Professional Fellow status is the highest DBIA certification level and acknowledges the nation’s most accomplished design-build professionals’ achievements.  Boards & Commissions  3. The Arizona Chapter of NAIOP elected…

Sales Transactions  1. Apex Capital Investments Corporation purchased Grand2, a nine-story, 358KSF, Class AA office building at 1033 W. Roosevelt Way, Tempe, for $187.5M. CJ Osbrink from Newmark represented the seller, Lincoln Property Company, in the sale of Grand2, in cooperation with Newmark’s Kevin Shannon, Ken White, Brunson Howard, Paul Jones and Rick Stumm. Apex Capital was self-represented. The sale price represents the largest office sale to close in Arizona this year and the fifth largest office sale of the year in the Southwest region.  2. RREEF Property Trust, an entity traced to DWS Group, purchased Maxwell on 66th, a 349-unit luxury multifamily complex at 6611 E. Mayo Boulevard, Phoenix, for $122.5M. Institutional…

By Tasha Anderson for AZBEX  The City of Tucson is looking to build a new Public Safety Complex at 4410 South Park Avenue and has recently issued a Request for Qualifications for professional design services.  The project, called the Southside Public Safety Complex, will replace the existing Santa Cruz Police Substation and Fire House 10 and bring them both under one roof. The project will also incorporate other public facilities including a community meeting room and community basketball court.  “The intent of collocating both Police and Fire in one facility is the goal of maximizing efficiencies and creating shared spaces which can be utilized by both departments,” the RFQ…

Budget, Policy & Stimulus News  Senators Propose $908B in New Relief  Following an appeal from Federal Reserve Chairman Jay Powell, a bipartisan group of senators has proposed $908B in new relief and stimulus spending in the wake of the ongoing COVID-19 pandemic. Components of the package include $288B in small business aid, $180B in unemployment benefits and $160B for state and local governments. (Source)  Glendale Evaluating Funds Allocations  Glendale is considering how to allocate $9M in planning and development funds, which include $5M of CARES Act monies. Among city staff recommendations are $3.3M for affordable housing, $3.2M for homeless services and $1M for communications technology in public housing. (Source) …

Budget, Policy & Stimulus News  Senators Propose $908B in New Relief  Following an appeal from Federal Reserve Chairman Jay Powell, a bipartisan group of senators has proposed $908B in new relief and stimulus spending in the wake of the ongoing COVID-19 pandemic. Components of the package include $288B in small business aid, $180B in unemployment benefits and $160B for state and local governments. (Source)  Glendale Evaluating Funds Allocations  Glendale is considering how to allocate $9M in planning and development funds, which include $5M of CARES Act monies. Among city staff recommendations are $3.3M for affordable housing, $3.2M for homeless services and $1M for communications technology in public housing. (Source) …

By Arizona Builders Alliance  The Arizona Builders Alliance is calling on construction workers across the state to help them make a difference in the lives of hundreds of children in need this holiday season. The ABA Community Service Board’s 2020 Toy Drive has begun collecting toys, gifts, and donations for five nonprofit organizations that serve more than 880 children and developmentally disabled adults.  The ABA will use monetary donations to purchase toys from a wholesaler, then sort and wrap all the gifts for children at Sunshine Acres Children’s Home, Sunshine Residential Homes, Santo Niño Catholic Community and Sequoia Charter School. These charities serve children who are separated from their parents, survived abuse…