Author: BEX Staff

By Rebekah Morris for AZBEX  The top 10 Capital Improvement Programs (CIP) in Arizona total $22.5B, a 6.01 percent year-over-year increase over last year’s tally. BEX evaluates the internal planning documents produced within more than 30 municipalities each year, identifying funding levels and future trends in public spending for infrastructure and public spaces. This is the fifth consecutive year of increased budget levels for capital spending in Arizona municipalities.  Top Capital Programs  The preliminary top capital programs for the state are very similar in order from last year. This year the added instability due to COVID-19 introduced a new layer of risk. By and large, the preliminary CIP documents are not…

Budget, Policy & Stimulus News  Beyond PPP: Help for Contractors  A recent article in ConstructionDive takes a look at federal loans, tax credit and other assistance programs beyond the Paycheck Protection Program that can be of help to contractors trying to weather the COVID-19 downturn. (Source: ConstructionDive)  New SBA PPP Rule Allows for (Some) Higher Salaries  The Small Business Administration has officially expanded the amount business owners can pay themselves and their employees and still get full forgiveness for Paycheck Protection Program Loans. That new, higher cap only applies to employees. Owners — those who file a Schedule C or F form — are capped at a much lower $20,833…

By Tasha Anderson for AZBEX  Global energy storage developer, Invenergy LLC, is requesting a Special Use Permit Amendment from Navajo County in order to construct a 400 MW photovoltaic solar and energy storage facility south of Joseph City, called Hashknife Energy Center.  The Special Use Permit Amendment, which was recommended for approval at the Navajo County Planning and Zoning Commission meeting on June 18th, was specifically to expand the previously approved 3,000-acre site area to approximately 3,960 acres. The original Special Use Permit was approved by the Navajo County Board of Supervisors back in November 2019.  The Hashknife Energy Center will generate up to 400 MW of electricity using “Single…

By Tasha Anderson for AZBEX  Arizona’s seasonally adjusted unemployment rate decreased to 8.9 percent in May 2020, from April 2020, according to the latest report published by the Arizona Office of Economic Opportunity.   The national rate decreased to 13.3 percent from 14.7 percent in April. In May 2019, the state had a seasonally adjusted rate of 4.8 percent, and the national was at 3.6 percent.  The state had a net gain of 45,200 non-farm jobs over the month. “Historically (2010-2019), Nonfarm employment has averaged a loss of 6,800 jobs in May,” the report states. Leisure & Hospitality had the largest net gain with 37,200 jobs, followed by Trade, Transportation & Utilities with a gain of 9,000. Construction gained 3,500 jobs over the month.  Construction took the top spot in job gains from May 2019 to May 2020 with a total of 1,500, while Leisure & Hospitality took the top spot in job losses over the year with 87,000.  The Construction sector features three major segments: Buildings, Heavy,…

Awards & Accolades  1. Ranking Arizona published the Top 10 Construction Companies in Arizona. They are:  Haydon Building Corp  Hunter Contracting Co  Ace Asphalt of Arizona  Regional Pavement Maintenance  Granite Construction Company  DPR Construction  Buesing Corporation  Sunland Asphalt & Construction  Achen-Gardner Construction  Hensel Phelps  2. Mike Gallegos, a CRE coach & trainer for several national commercial brokerage firms, and the Managing Director at SVN Desert Commercial Advisors, was one of more than a dozen commercial real estate professionals named to the elite 2020 Best Bosses list of recipients.  3. Haydon Building Corp is proud to announce its Certification from HealthyVerify, the country’s only medically-based, scientific and professional independent certification program helping to…

Sales Transactions  1. Ascent Real Estate Advisors purchased the Wells Fargo Gainey Center building, a 141KSF building at the SEC of Scottsdale and Doubletree Ranch roads, for $43.5M. Barry Gabel, Chris Marchildon and Will Mast of CBRE in Phoenix represented the seller, Principal Real Estate Investors.  2. Long Beach Trading Company Inc. purchased Lyra Residences, an 18-unit luxury townhome rental community comprised of two-story smart homes at 2950 N. 38th Street, Phoenix, for $8.11M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the buyer, who was completing a 1031 exchange, and seller, Lyra Residences 38th St, LP.  3. A joint venture lead by Jim Riggs, who partnered with Cambridge Properties and Magna Legacy purchased 16640 North Scottsdale Rd., a nearly…

Update – According to Eric Froberg with the City of Phoenix and the June 23rd Policy Session meeting agenda, the council is considering whether to invest more than eight hours of staff time researching a policy related to prevailing wage. “Before any formal Council action would be taken on an ordinance there would be extensive public involvement with our stakeholders. This first step just gets the ball rolling,” said Froberg. By Rebekah Morris and Tasha Anderson for AZBEX  Earlier this week, BEX staff was made aware of a prevailing wage ordinance that will be proposed at the Phoenix City Council meeting on Tuesday, June 23, 2020.  The…

Budget, Policy & Stimulus News  Mesa Allowing Permit Extensions  Mesa is allowing developers and builders to extend construction and development permits as well as planning and zoning approvals because of the impacts of COVID-19. (Source: Rose Law Group Reporter)  Peoria Figuring out CARES Act Allocations  With an expected $20M in AZCares funding expected, Peoria’s plan is to put at least some of the money in the pockets of residents and business owners. A June 2nd study session unveiled a rough plan to help businesses and residents. Andrew Granger, a Peoria deputy city manager, later said city staff members are working on specifics for the $20M. (Source: Peoria Times)  Economic News  Offices, High-rise Markets Face…

By Corina Vanek for Phoenix Business Journal  A massive mixed-use development with Class A office, hotel, retail and apartment buildings near Peoria Sports Complex is one step closer after the Peoria City Council approved an agreement Tuesday with American Life Inc. and Steinhauer Properties Inc.  The project, called Stadium Point, will include more than 1MSF of development on 17 acres owned by the city along 83rd Avenue south of Bell Road. In October 2019, the city released a request for proposals seeking a master developer for the site. American Life was named the successful respondent in March.  Economic development leaders in the West Valley have pitched the area for…

Source: City of Phoenix  Phoenix City Council unanimously approved a new citywide affordable housing initiative that will work to address the many housing needs in the nation’s fastest-growing city. Earlier in the day, Phoenix Housing Department staff and Mayor Kate Gallego joined U.S. Housing Secretary Ben Carson as he toured city housing sites.   The plan will address the need for an additional 163,000 housing units in Phoenix. Housing costs have grown in Phoenix as wages have stayed stagnant. This, along with a dearth of affordable and workforce housing options, have widened the gap of housing accessibility for residents. The plan seeks to address the following areas:  Prioritize new…