Author: BEX Staff

By Tasha Anderson for AZBEX  A new mixed-use development including office and hotel towers is being planned for the site of the historic Tempe train depot that was built in 1924.  E&R Holdings, LLC, a company affiliated with mixed-use developer, RED Development, is requesting a Planned Area Development Overlay, a use permit for tandem parking and a Development Plan Review for the project, known as Tempe Depot.   Tempe Depot will be located on a 2.52-acre site at 300 South Ash Avenue, the site of the current Macayo’s Depot Cantina and historic train depot. The developer is proposing to preserve and rehabilitate the 3.7KSF train depot structure along the…

By Tasha Anderson for AZBEX  Kaplan Management Company has recently resubmitted their plans for a new multifamily development within the McCormick Ranch Center in Scottsdale.  The site, located at 9375 East Shea Boulevard, is still currently zoned as Commercial Office Planned Community District and Highway Commercial Planned Community District. Kaplan has resubmitted a request to the City of Scottsdale to rezone the +/- 11-acre site to Planned Unit Development Planned Community District, in order to allow for a new luxury multifamily development that would boost the existing surrounding office and retail and promote a live/work/play environment.  Their request for a Non-Major General Plan Amendment from an Office land-use designation…

Budget, Policy & Stimulus News  Litchfield Park Revises Business Assistance Program  Litchfield Park has eased the requirements for businesses and nonprofits seeking COVID-19-related relief grants under its Business Assistance Program. Despite putting $180K in federal CARES Act monies aside in August to provide grants of up to $10K, the initial qualification requirements and deadlines proved too cumbersome for some potential applicants. Nonprofits had also been excluded from the initial program. (Source)  Economic News  2022 Recovery Predicted for Hotels  The hotel sector suffered record performance impacts as a result of the COVID-19 pandemic, but CBRE’s latest Hotel Horizons report predicts the demand for accommodations in the U.S. market will return to pre-crisis levels…

Groundbreakings  1. Sky Plus Hotels, an affiliate of SkyBridge Arizona, announced the development of a new dual brand, 127-room Wingate/Hawthorn Suites hotel at Phoenix-Mesa Gateway Airport. The Sky Plus Phoenix-Mesa Gateway Hotel will open sometime in the first quarter of 2022.  2. Tower Capital arranged a $56M construction loan for The Village at Pioneer Park, a new 332-unit single-family rental community at 83rd Avenue and Olive being developed by The Empire Group. The Village at Pioneer Park is scheduled to be complete in 2022.  3. The Gadsden Elementary School District recently broke ground on a 6.1KSF gymnasium for Rio Colorado Elementary School located at 1055 N. Main Street, Yuma. Pilkington Construction is the general contractor, and the project is expected to be done in June 2021.  Progress Reports  4.…

By Tasha Anderson for AZBEX  Developer, Wood Partners is looking to bring another “Alta” brand multifamily residential development to the City of Chandler.  The city recently heard and approved a request to amend the existing Planned Area Development zoning at the SWC of Chandler and Parklane Boulevards to multifamily with a Mid-Rise Overlay, and approved the preliminary development plan for the proposed 293-unit luxury apartment complex, called Alta Chandler at the Park.  The other project Wood Partners developed, called Alta San Marcos, is located at the SWC of Chandler Boulevard and Dakota Street and was completed in late 2018.  The development will consist of a…

Budget, Policy & Stimulus News  Floodgates Open on PPP Loan Forgiveness  The Small Business Administration is facing a mountain of Paycheck Protection Program loan documents and forgiveness applications as the “floodgates” open on small businesses asking for their loans to be forgiven. The renewed forgiveness push comes after the SBA released a simplified forgiveness form for businesses with loans under $50K. (Source: Phoenix Business Journal)  Economic News  Amendments Allow for Clarification on Existing Leases  For the last six or seven months, lease modifications and amendments have been abundant. While many of the modifications and amendments have been pandemic related and frustrating for the parties, the good news is that like lease…

By Sebastian Obando for National Real Estate Investor  Commercial real estate investors are showing increasing interest in biolab facilities as healthcare research and development has accelerated due to the pandemic.  “[There is] an increased demand for laboratory space which, when coupled with low vacancy rates in most life science cluster markets, drives rental rates higher,” says Russell Brenner, president of the medical office and life sciences division with CA Ventures. “Very few sectors can demonstrate the same level of rent growth, especially in the COVID-19 environment. Similar to medical office, life sciences are viewed as a defensive asset class.”  Data firm the CoStar Group is receiving more inquiries about lab properties in…

Source: Colliers International  The Greater Phoenix retail market posted positive net absorption in third quarter, despite the continued impact of the COVID-19 pandemic. Vacancy rose slightly during the quarter to 7.7 percent as the city was recognized for comparatively low unemployment and small business closures.  During third quarter, Greater Phoenix posted a 1.7 percent increase in unemployment, finishing September at 5.9 percent. This marks a steep decline from an April unemployment rate of 12.5 percent. August employment in the Retail Super Sector dropped just 0.26 percent below the level of August 2019 Retail Super Sector employment. Many retail establishments are small businesses.   An Opportunity Insights report shows the number of…

Giving Back  1. CHASSE Building Team partnered with the Tempe Elementary School District in October to assemble and launch “Little Free Libraries” at four local elementary schools: Laird, Thew, Nevitt and Scales. The general contractor both assembled the four 4-foot structures at the schools as a team, as well as donated books to each Little Free Library to get the sharing started.  Awards & Accolades  2. WESTMARC’s 28th Annual Best of the West Awards Dinner on October 22nd honored the West Valley’s best leaders, investments and programs. The winners are:  Economic Engine: Desert Microsoft  Excellence in Innovation: Ottawa University  Quality of Life Enhancement in the Community: Verizon Wireless  Quality of Life Enhancement in Education: Abrazo Healthcare Residency…

Sales Transactions  1. TA Realty acquired Alta North Central, a 229-unit four-story apartment complex at 777 E. Stella Lane, Phoenix, for $75M. The seller was an entity tracing back to Wood Partners.  2. Kennedy Wilson Multifamily acquired Apache Station Apartments, a 400-unit gated apartment complex at 2323 E. Apache Boulevard, Tempe, for $69.75M. The seller was Green Leaf Partners. CBRE Capital Markets delivered $38.9M in new debt for the acquisition.  3. A discretionary fund managed by CBRE Global Investors has purchased a 368.5KSF multi-tenant warehouse at 4450 N. 45th Avenue, Phoenix, for $41.1M. JLL’s Tony Lydon and John Lydon assisted in the sale.  4. Two LLCs affiliated with the McMillin Companies purchased Nine90, a 72-unit…