Author: BEX Staff

Source: Rider Levett Bucknall  International property and construction consultancy firm Rider Levett Bucknall has released its latest RLB Crane Index and Quarterly Cost Report. Together, the two documents provide an insightful look at the North American construction industry in 14 key markets.  “The pandemic-induced recession is going to have far-reaching effects,” said Julian Anderson, FRICS, president of RLB North America. “Lenders are less likely to support large new developments in sectors that have been hard-hit, like sports and hospitality. As construction costs soften, we are already seeing more interest in the projects that are coming online.”  Crane Index Notes   Cities seeing an increase in cranes include Phoenix, Seattle, Toronto, and Washington D.C.  Cities with…

Boards & Commissions  1. The Central Arizona Chapter of CCIM has announced its leadership and board for 2021. Todd Hamilton, CCIM, SIOR, Citywide Commercial Real Estate, will serve as 2021 President. The leadership team includes Marina Hammersmith, CCIM, ORION Investment Real Estate, Vice President/Immediate Past President; and Sabrina Walters, SLW Realty Group, Treasurer. The 2020 board comprises:  Jenette Bennett, CCIM, Kidder Mathews  Bettina Hunt, Healthcare Trust of America  Chad Kirkorsky, Citywide Commercial Real Estate  Nicole Marucci, Kensington Vanguard  Michael Marsh, CCIM, Lee & Associates (Now Colliers International)  Bobbie Mastracci, CCIM, SIOR, Phoenix West Commercial  Belinda Rosthenhausler, CDC Small Business Finance  Kaitlyn Shepard, CCIM, Bay Area Health Trust  Brian Teske, CCIM, Casita Capital Realty  Company…

Sales Transactions  1. A California-based buyer purchased Mountain Gate Apartments, a 132-unit multifamily community at 4602 E. Paradise Village Parkway North, Phoenix, for $22.25M, from a California-based seller. ABI Multifamily’s Alon Shnitzer, Rue Bax, Doug Lazovick, John Kobierowski, and Eddie Chang represented the buyer.  2. TA Realty LLC purchased Parc Germann, a new 224.4KSF, two-building urban industrial development in Chandler, for an undisclosed amount. JLL brokered the sale on behalf of the sellers, Jackson-Shaw and LaPour Partners.  3. GDC SV LLC purchased Galeria de Coronado, a 15-home and 75-unit townhome community at 1016 Sentinel Peak Road, Sierra Vista, for $15.5M. Justin Lanne and Mike Chapman with NAI Horizon’s Tucson office, represented the buyer and sellers, GDC Townhomes, LLC.  4. An Arizona-based buyer purchased Paseo 51 Apartments,…

By Rebekah Morris for AZBEX  On Wednesday, September 30th, 2020, more than 100 people logged on to the most recent Leading Market Series (LMS) event presented by BEX, which explored the topic of Alternative Project Delivery Methods (APDM) contract usage by public owners. Since 2000, HB2340 enabled the usage of APDM, including Design-Build, Construction Manager at Risk (CMAR) and Job Order Contract (JOC). Given these new tools to use in the realm of public procurement of construction services, public owners have been able to deliver construction projects faster with more collaboration, less risk of litigation and higher quality than a traditional Design-Bid-Build approach.   Panelists included Chris Coulter, Executive Director for Capital Programs…

Budget, Policy & Stimulus News  When to Apply for PPP Loan Forgiveness?  The SBA’s formulas for loan forgiveness, and businesses’ individual forecasts, have created confusion as to when may be the best time to apply. A recent article provides an executive summary and process overview. (Source: AZ Big Media)  House Considering Long Shot PPP Gridlock Bypass  Some House lawmakers are signing on to a new — and long-shot — effort to bypass congressional leadership and vote on another round of Small Business Administration Paycheck Protection Program loans as Congress continues to deadlock on small-business stimulus measures. (Source: Phoenix Business Journal)  Economic News  Sustainability May be New Normal Post-COVID  Today, as we watch the…

By Tasha Anderson for AZBEX  Mark-Taylor Development recently submitted plans to the City of Scottsdale for a new multifamily residential community at the NWC of 78th Street and Princess Boulevard.  The project, called San Bellara Apartments, will sit on a +/-12.1-acre site and consist of approximately 180 dwelling units comprised of a mix of 60 one-, 94 two-, and 26 three-bedroom residences.  “The Santa Barbara-esque architectural style, is complementary to the character of the Scottsdale Airpark and range of architectural styles established in the area,” according to the submitted project documents. The site plan shows approximately 16 buildings housing residential units, as well as a…

By Les Shaver for GlobeSt.com  As COVID-19 forced lockdowns across the country, the amount of vacant sublease increased in the first half of 2020, according to new figures from Cushman & Wakefield.   C&W monitored activity across 83 office markets and 92 industrial markets in North America and determined sublease vacancy generally increased across the office market and minimally throughout the industrial market in the first half of the year.  C&W found that 15MSF of total office sublease space was added to the market in the first half of the year. The market experienced a 21.8 percent increase in total office sublease space, which accounts for 1.4 percent of total…

Groundbreakings  1. Salt River Project and sPower announced construction is underway on East Line Solar, a new solar power plant that will bring $10M in 25 years of tax revenue and up to 350 construction jobs to Pinal County.  2. The Town of Payson plans for its splash pad took a step forward with the demolition of an old building in Green Valley Park near the Rim Country Museum on September 15th. The town hopes to have the splash pad by next summer.  3. Turning Leaf of the Nazarene Church broke ground on September 27th, on Litchfield Road just south of Bethany Home Road.  4. On September 15th, Trinity Christian School celebrated a groundbreaking ceremony for their new campus at…

By Tasha Anderson for AZBEX  A new Residence Inn hotel is being proposed on 2.37 acres of the Agave Development in the Southwest District Overlay of Tempe.  Applicant and civil engineer, Sustainability Engineering Group, LLC, on behalf of the owner The Barclay Group is requesting a use permit to allow a hotel in the General Industrial Zoning District, another use permit to increase the maximum building height for the hotel from 60 feet to 63 feet, and approval of the site plan, building elevations and landscape plan.  To be called the Residence Inn Tempe, the project is proposed as a five-story, 111-room hotel at the SWC of Ranch Road and Harl Avenue.…

Budget, Policy & Stimulus News  Small Business PPP-Type Loan Program Needed  An opinion piece in Triangle Business Journal by Editor-in-Chief Sougata Mukherjee summarized the looming disaster faced by small businesses as extended unemployment benefits dry up, along with the initial small business assistance provided by the Paycheck Protection Program to alleviate COVID-19 impacts. Despite wrangling by both major parties before the pending November elections, Mukherjee calls for immediate and comprehensive bipartisan relief efforts before it’s too late for many small businesses. (Source: Phoenix Business Journal)  Oro Valley Giving $1M in Small Business Aid  Oro Valley is allocating $1M to assist local businesses with its new OV Safe Steps initiative. The program gives qualified businesses financial reimbursement of up…