Author: BEX Staff

By Rebekah Morris for AZBEX  Sales tax data available on AZEconomy.org, published by the University of Arizona Economic and Business Research Center, shows a surprising trend: construction in Arizona has risen despite the broad economic downturn as a result of the COVID-19 health epidemic. At the BEX Annual Construction Forecast event in January 2020, BEX researchers presented data that projected strong growth across the industry. Once COVID-19 hit in full force in mid-March, it appeared those projections were going to fall far short. Now, seven months into the pandemic, it is apparent that construction is mostly spared from severe downturns.  Monthly Volume Speaks, Well, Volumes!  Every month in 2020, Arizona construction volume has experienced a year-over-year (Y-o-Y) growth of more than 10 percent. The…

Budget, Policy & Stimulus News  Glendale Introduces Landlord, Tenant Relief  The Glendale City Council approved a program designed to help tenants and property owners apply for assistance if they’ve been affected by the coronavirus pandemic. The Property Owner Preservation program is designed to allow landlords to apply for federally funded assistance on behalf of their residential tenants if they are struggling to make rent because of the pandemic. (Source: KTAR)  Economic News  Apartments in Lower-Cost Areas Set to Thrive  With remote working increasing and oversupply a concern in urban markets, trends seem to favor suburban apartments in the future. (Source: GlobeSt.com)  Hotels to See Uneven Recovery  At the…

By Tasha Anderson for AZBEX  Deer Valley Unified School District is looking for help to develop a new Elementary School on approximately 14 acres located at the intersection of Inspiration Mountain Parkway and Pinnacle Vista Drive in Phoenix.  The school district recently published a Request for Qualifications for Construction Manager at Risk (CM@R) and construction services for the $20.3M school, called Elementary School No. 32.  “The purpose of the Request for Qualifications is to obtain qualification proposals for pre-construction and construction services necessary for design assistance and construction of Elementary School No. 32,” the RFQ states. “The CM will be required to work with District…

By Brian P. D. Hannon for Associated Press  Sunbathers understand the benefits of applying sunscreen, but in America’s hottest big city the same concept is being tested at street level in the hope of bringing some lasting relief from the relentless Arizona sun.  A team from Arizona State University is working with the City of Phoenix on a pilot program studying the use of “cool pavement” to reduce heat island effect, a phenomenon that raises temperatures in urban areas covered by asphalt and concrete.  Heather Murphy, a Street Transportation Department spokesperson, said Phoenix is applying cool pavement coating to nine sites representing different urban characteristics, from…

Groundbreakings  1. Developer Joe L. Cook, My Home Group (MHG) Commercial, Construction Solutions Company (CSC) and the City of Maricopa are holding a groundbreaking ceremony for the 30+ acre Estrella Gin Business Park on October 23rd at 9am, at 45654 W. Edison Rd. The Estrella Gin Business Park is an Arizona Commerce Authority Certified Gold Site, making it truly shovel-ready.  2. Lifestyle Homes was recently selected by The Empire Group as the general contractor for two new single-family-rental communities. The construction cost for the The Village at Olive Marketplace, which is currently under construction, is approximately $30M and The Village at Pioneer Park, which is expected to break ground this month, is estimated at $50M. The Village at Olive Marketplace is located in Glendale and will…

By Tasha Anderson for AZBEX  Porter Kyle, a Scottsdale-based developer well known for creating high-end residential communities, is planning a new townhome community across from the popular Park West mixed-use development in Peoria.  The project, known as The Prescott at Park West, will sit on a vacant 5.4-acre property at 8128 North 99th Avenue. The site is currently zoned C-2 Intermediate Commercial. Porter Kyle is requesting to rezone the site to Planned Area Development in order to develop the new 95-unit, luxury residential community.  The two-story buildings at The Prescott at Park West will house a mix of 30 one-, 41 two- and…

Economic News  Phoenix Commercial Leasing Remains Bogged Down  Phoenix CRE is slogging away amid the COVID-19 pandemic, with some deals continuing to move forward but many major deals remaining stalled. Andrew Cheney, principal for Lee & Associates, says almost any deal for more than 50SKF has been put on ice. Nonetheless, confidence has increased slightly over the course of the pandemic, and more transactions have proceeded as scheduled, according to a survey done by the Society of Industrial and Office Realtors. (Source: Phoenix Business Journal)  Tech Sees a Largely Remote Future Work Environment  Now that many corporations have gone largely remote, and found that their workforces remain productive, the technology sector appears…

By Richard Dyer for Independent Newsmedia  A massive planned sports-oriented complex north of Florence will be adjacent to the future North-South Corridor connecting U.S. Highway 60 in Apache Junction to Interstate 10 in Eloy.  The Town Council recently voted to approve amending the 2020 General Plan to change the land-use designation on approximately 357 acres in two parcels from low- and medium-density residential and community commercial to a new category of sports-oriented mixed-use.  A map with the amendment shows the parcels are at the SEC of Judd and Felix roads, and at the SEC of Felix Road and the extension of Bella Vista Road, and are…

Source: Colliers International  The Greater Phoenix industrial market has surged during the COVID-19 pandemic, driven largely by the country’s increased use of e-commerce and elevated grocery shopping while restaurants were closed. Completion of new industrial projects in 2020 has been the strongest year in more than a decade.  Arizona’s business-minded approach led to more companies remaining open during the pandemic. The Trade, Transportation and Utility Super industries actually increased jobs year-over-year in the months of June through August. Additionally, demand for warehouse and distribution buildings surged because of online purchasing of goods and groceries.   Net absorption of industrial space exceeded 2.5MSF during third quarter. This marked the sixth consecutive quarter…

Giving Back  1. The Central Arizona chapter of CCIM, commercial real estate’s global standard for professional achievement, is offering two scholarships for classes in 2021 that lead toward getting the prestigious CCIM designation. The 2021 scholarship programs include:  The Tim Hatlestad, CCIM Endowed Scholarship, $1,000 value (CI 102, 103 or 104);  The David S. Miller, CCIM Endowed Scholarship, $1,000 value (CI 102, 103 or 104).  The deadline for submission is November 5th.  Awards & Accolades  2. The Greater Phoenix Economic Council (GPEC) has been named the top economic development organization in the U.S. (population 500k+) by the International Economic Development Council (IEDC) on Thursday during IEDC’s Virtual Annual Conference. The EDO…