Author: BEX Staff

By Tasha Anderson for AZBEX  An undeveloped, forested 13.65-acre site at the NWC of Fourth Street and Butler Avenue in Flagstaff may become the site of a new horizontal multifamily mixed-use development.  The owner, Flagstaff at 4th, LLC, also shown as Caliber Companies on the documents submitted to the city, is requesting to rezone the site, which is bounded to the north and east by Sinagua Middle School, to the south by Butler Avenue and to the West by Pinehurst at Flagstaff Apartment Complex, from Medium Density Residential to Highway Commercial.  The project, called The Elkwood, will mostly be made up of four, 62.7KSF four-story apartment buildings consisting of a mix of…

Source: Rio Nuevo  Facing a substantial reduction in next year’s revenue due to COVID-19, the Rio Nuevo Board approved a break-even budget reflecting an estimated $6M reduction in annual state tax revenue. The District has been dramatically impacted by COVID-19 related business closures and the subsequent economic slowdown.   The District ended the year with a little over $6M cash on hand and has elected to hold those funds as a reserve while watching the current and future revenue trends.  A number of previously approved projects have been put on hold while revenue stabilizes.   Additionally, the Board allocated zero dollars for marketing and sponsorship support for downtown centric events. Historically, the District has spent on average approximately $1M a year supporting such events. Chairman Fletcher McCusker offered…

Groundbreakings  1. Builderz Warehouse has broken ground on a new $5M, 40KSF facility at 3156 E. Roeser Road, Phoenix, that will more than quadruple the size of the company’s current facility. Sun State Builders is both the architect and general contractor. The project broke ground on July 1st and is scheduled to be complete in February 2021.  2. CP Technologies broke ground on its new 50KSF headquarters and manufacturing facility near SR 89 and Deepwell Ranch/Crystal Lane in Prescott on June 24th. It is expected to be completed in the first quarter of 2021.  3. Greenlight Communities announced they, in partnership with Holualoa Companies, have broken ground on Cabana on Power, a 244-unit multifamily community at 6151 S. Power Road, Mesa, and construction of the rental community will begin soon. The…

By Tasha Anderson for AZBEX  Preliminary plans for a new multifamily, mixed-use development called The Alexander were recently recommended for approval with conditions at the Town of Marana’s June 24th Planning Commission meeting.  Developer, Sears Financial Corporation was requesting to rezone approximately 10.74 acres at the SWC of Aerie Drive and Thornydale Road from Neighborhood Commercial to Specific Plan. They were also requesting approval of a land use category change in the Marana General Plan from Commercial to Master Plan Area.  The Alexander, while entirely conceptual at this time according to the staff report, is expected to include a market rate, high-density multifamily development on the western part of the site, while…

Budget, Policy & Stimulus News  Virus Surge May Force More Business Relief  Because more than $130B remains in funding from the Paycheck Protection Program, Congress has approved a six-week extension for applications. There is speculation that, due to a nationwide surge in new COVID-19 cases, Congress will have to use the additional time to devise and implement a new or expanded relief/stimulus program before it recesses in August. (Source: Phoenix Business Journal)  Phoenix Backs Down on Hospitality Ordinance  A controversial ordinance that would have dramatically impacted how Phoenix hotels rehired workers after being furloughed because of the pandemic was removed from last week’s Phoenix City Council agenda. In what appears to be a win for hotel owners, there was no date set to reschedule the measure. City…

By Melissa Rosequist for Independent Newsmedia  Official marching orders have been set laying out perimeters for the Paradise Valley Planning Commission to scrutinize and evaluate revamped plans for SmokeTree Resort.  While the resort is in the early stages of going through the town’s official municipal approval process, the larger discussion of welcoming public input and comment while adhering to COVID-19 safety guidelines is on the minds’ of Paradise Valley officials, it appears.  The Paradise Valley Town Council discussed, and later unanimously approved, the statement of direction for the legacy resort.  The SOD is a municipal document that outlines the areas and aspects of a project the council would like Planning Commission to focus…

By Melissa Rosequist for Independent Newsmedia  A lawsuit between Five Star Development — the entity behind the forthcoming Ritz-Carlton Paradise Valley — and the Town of Paradise Valley has emerged in the Superior Court of Arizona, records show.  The June 25th  complaint seeks declaratory judgment on Five Star’s legal responsibilities to pay for the costs of underground drainage structures — a point of contention for both sides within the development agreement — as well as a judgment that it is entitled to credits for plan review fees; and requesting the town must pay $1M toward Five Star’s portion of the cost of street improvements.  Paradise Valley officials believe they have acted fairly,…

Awards & Accolades  1. Here are the Top 10 Green Builders in Arizona, based on public voting for the 2020 edition of Ranking Arizona:  CORE Construction  DPR Construction  Ryan Companies US, Inc.  Kitchell  McCarthy Building Companies Inc.  CHASSE Building Team  Haydon Building Corp.  Layton Construction Co.  The Weitz Company – Green Builders  Adolfson & Peterson Construction  2. Phoenix Business Journal has published their 2020 class of 40 Under 40. The CRE honorees include:  Courtney Beller – Fennemore Craig P.C  Carrie Masters – LGE Design Build  Vanessa Williams – Colliers International  Steve Larsen – JLL  3. CHASSE Building Team has been awarded the 2020 Tempe Chamber of Commerce Large Business of the Year. Barry Chasse accepted…

Sales Transactions  1. DS Tucson Landlord, LLC, an affiliate of SunTrust Equity Funding LLC purchased the 15.6KSF Walgreens at 4685 E. Grant Road, Tucson, for approximately $7M. There were no outside brokers involved in the transaction.  2. A private California investor purchased the 15.1KSF Walgreens at 11951 N. 1st Avenue, Oro Valley, for $5.2M, from Tangerine Valley, LLC. John Barnes of Colliers International in Phoenix handled the transaction.  3. John Schweikert and Chad Tiedeman at Phoenix Commercial Advisors represented the seller in the $4.495M sale of the 25KSF Goodwill at 9060 N. 29th Avenue, Phoenix.  4. Steven Underwood and Chad Tiedeman at Phoenix Commercial Advisors represented the seller in the $2.569M sale…

By Tasha Anderson for AZBEX  A new 10-story building is being proposed as an expansion to the four-building Optima Kierland Center multifamily development currently under construction in Phoenix.  While the original development’s location is 7120, 7140, 7160 and 7180 E. Kierland Boulevard, the expansion’s location will be designated as 7190 E. Kierland Boulevard. 7190 will be located at the site of the current La Maison Interiors building that was purchased by the developer, Optima, back in 2019 according to an article published by the Phoenix Business Journal on August 2nd, 2019.  Optima Kierland Phase II is proposed as a 10-story, 288-unit multifamily development meant to provide a, “unique high quality modern high-rise urban…