Author: BEX Staff

By Tasha Anderson for AZBEX  A new 144-unit affordable multifamily development is being proposed for the Town of Prescott Valley.  Owner, Matthew Hepperle is requesting a zoning map change for the approximately 5.4-acre site encompassing the Baja Circle right-of-way and Prescott Valley Unit 24 (Lots 1-3, 7-10), from Commercial; general Sales ad Services-Planned Area Development to Residential and Services-Planned Area Development. The owner is also requesting approval of the preliminary development plan for the project, called Baja Professional Apartments.  The Baja Professional Apartments is proposed to comprise six, three-story buildings housing 24 dwelling units each. Buildings two and five will consist of one-bedroom units, while…

Economic News  Who Foots the Bill for COVID Building Changes  Incremental operating costs for office buildings could increase by at least $19.40/SF or 5.8 percent of average annual office rents at the beginning of 2020, according to a recent report from consulting firm Deloitte. These incremental costs could vary based on the measures taken at each property and the quality of materials used. But whether these added costs are the responsibility of the owner or the tenant will largely depend on the terms outlined in each lease. (Source: National Real Estate Investor)  Resources  Maricopa County Small Business Grant Opportunities  A number of Small Business Grant Opportunities remain available for…

By Corina Vanek for Phoenix Business Journal  The City of Avondale is seeking ideas from private developers about how to best develop 34 acres of city-owned land into a mixed-use development with office, hospitality, retail, residential and community amenities.  The area, which the city has named “The BLVD,” is at Avondale Boulevard south of Interstate 10.  Ken Chapa, economic development director for the city, (said) the BLVD is envisioned to be “the flagship development for our city.”  The city’s request for information asks potential developers to submit a project development plan containing some key features, including a central gathering area…

Source: Rider Levett Bucknall  International property and construction consultancy firm Rider Levett Bucknall has released its new Quarterly Cost Report for North America. With data current to April 1st, 2020 and featuring construction cost information for 14 US and Canadian markets, the QCR provides a statistical view of the state of the construction industry, detailing indicative construction costs for eight building sectors.   The impact of the coronavirus is seen in construction project shut-downs and pauses that marked the early phase of the pandemic, generating elevated unemployment numbers. Jobsite reopenings are encouraging, but as these projects wrap up, the business equation will shift: the construction backlog appears to be evaporating quicker than the pipeline…

Giving Back  1. Rosendin Holdings, Inc., the parent company to Rosendin and Modular Power Solutions (MPS) announced it has established The Rosendin Foundation, a 501(c)(3) non-profit incorporated to positively impact communities, build and empower people, and inspire innovation through financial grants and volunteer hours.  Awards & Accolades  2. SOLON Corporation has been recognized by Solar Power World magazine as the number one commercial EPC solar contractor in Arizona for the second year in a row, and the company is among the top 26 percent nationally. SOLON’s 2019 installations totaled 12.3 MW, a 66 percent year-over-year increase.   Company News  3. Phoenix West Commercial announced it moved into a new office at 700 N. Estrella Parkway, Suite 205,…

Sales Transactions  1. Elim Mining Inc. has completed a $19.1M financing package and will complete its acquisition of the Cactus Mine. The copper mine is located near Casa Grande.   2. Ivanhoe/Evergreen purchased a 96KSF industrial building at 6615 W. Boston Street, Chandler, for 9.19M. Jackie Orcutt, John Grady and Jonathan Teeter with CBRE represented both the buyer and seller, Cabot Properties. 6615 W. Boston Street was 100 percent leased at the time of sale to two tenants, including Advanced Circuits, Inc.  3. Sperry Equities, LLC purchased the Shoppes at Legacy House, a 54.2KSF retail center at 5609 E. McKellips Road, Mesa, for $9M. Newmark Knight Frank Senior Managing Directors Jesse Goldsmith and Steve…

By Rebekah Morris for AZBEX  On Wednesday, July 22, 2020, BEX held a panel discussion regarding upcoming retail, hospitality, and entertainment projects in the Valley and beyond. Participants included Jeff Mills, Project Executive for PENTA Building Group, Dave Sellers, President & CEO of LGE Design Build, and Aaron Studebaker, Community Development Project Manager for Salt River Pima-Maricopa Indian Community (SRPMIC). The discussion was moderated by Rebekah Morris, President & Founder of BEX.  Overview of Current and Upcoming Projects  PENTA Building Group previewed their current projects, including nearly 1MSF of convention center space recently completed in Las Vegas, a High-Limit space at Talking Stick Resort, and new facility expansion at San Manuel Yaamava, located in Highland, CA. Beyond…

Budget, Policy & Stimulus News  Lawmakers Trying to Push Through New Relief  Democrats and Republicans remain divided on what a next potential federal stimulus package should look like, but lawmakers “are going to be in an all-out sprint” to pass a measure soon, said Sen. Ben Cardin, ranking member of the Senate Small Business & Entrepreneurship Committee. (Source: Phoenix Business Journal)  Three Development Agencies Get Tax Credits  Three Phoenix-area community development agencies have been awarded key federal tax credits designed to spur real estate development in areas with high poverty rates and low median family incomes. Last week, the Treasury Department announced $3.5B in New Market Tax Credits for developing low-income…

By Tasha Anderson for AZBEX  A new 418-unit multifamily residential development is being proposed for the NWC of Bell Road and the Loop 101 in Glendale.  Applicant, Tiffany & Bosco, P.A., on behalf of project and property owner, Glendale Bell 101 LLC, is requesting a General Plan Amendment from Offices to High Density Residential allowing 20-30 dwelling units per acre. They are also requesting rezoning approval of the approximately 16.1-acre site from Palm Canyon Planned Area Development to just Planned Area Development.  The Glendale Planning Commission heard and recommended approval for the GPA and rezone at its July 16th meeting.  The project, dubbed Evergreen Loop 101 & Bell Road, or Glendale Bell Apartments, will…

Source: City of Phoenix  In Phoenix, the COVID-19 pandemic and economic downturn is intensifying the already existing housing crisis. Phoenix residents, as well as residents in other cities across the country, are experiencing job losses, which can make it even more challenging to afford a place to live.  According to Housing and Urban Development’s Fair Market Rents, in Arizona the cost of a two-bedroom apartment is $1,097. To afford this level of rent, as well as utilities, a household would need to earn $43,892 annually, or an hourly wage of $21.10 – more than $9 (more than) Arizona’s minimum wage.  To assist residents with this challenge, Phoenix Mayor Kate Gallego announced the city’s first-ever Housing Phoenix Plan, which establishes…