Author: BEX Staff

Source: GlobalData  GlobalData has revised its forecast for North America’s construction industry to -1.7 percent this year from the previous projection of -6.5 percent in the Q2 2020 update, as the recovery in the US residential market from the initial shock of the COVID-19 pandemic has been faster than expected.   Dariana Tani, Economist at GlobalData, comments: “The US residential market has been benefiting from an increase in pent-up demand for new homes, record-low interest rates and the noticeable shift in remote working, which have prompted many renters and first-time buyers, who have held on to their jobs and wealth, to look for more affordable and larger…

Groundbreakings  1. Johnson Carlier broke ground on the Southeast Justice Courts and Adult Probation for Maricopa Court. Located at 222 E. Javelina Dr. in Mesa, the 109KSF facility will triple the amount of space of the existing building and allow for additional operations, administrative support, and adult probation space. The $27M project was designed by Gould Evans and is expected to be completed in early 2022.  2. Benjamin Franklin Charter School, Waltz Construction and Orcutt | Winslow broke ground on October 6th for the new 26KSF Fine Arts auditorium facility on the campus in Queen Creek. Construction is scheduled to complete in spring 2021. The project consists of a hybrid-building that will include an 850-seat auditorium and performing arts theatre. …

By Tasha Anderson for AZBEX  Approximately $700M worth of Arizona K-12 school district bond measures will be on the Tuesday, November 3rd ballot, a significant decrease from the record-breaking $1.6B total request from 2019.  The largest bond requests are once again coming from Maricopa County, with Pinal County again at a far distant second.  The school districts with the largest bond requests include:  Glendale Union High School District – Maricopa County – $130M  Peoria Unified School District #11 – Maricopa County – $125.255M  Roosevelt Elementary School District #66 – Maricopa County – $90M  Buckeye Union High School District #201 – Maricopa County – $87.31M  Riverside Elementary School District – Maricopa County – $75M  Florence Unified School District – Pinal County…

Budget, Policy & Stimulus News  Gilbert to Start Spending Relief Funds  Gilbert will begin spending some of its nearly $30M in coronavirus relief funding, three months after the town received the money. The Town Council will spend $18M for business grants, loans and other support and $2M for nonprofits. A majority of the remaining funds may go to a public safety project. (Source: AZCentral) ARTICLE REFERENCES PUBLIC SAFETY DISPATCH CENTER. TRAINING FACILITY WAS THE ONLY PROJ I SAW.  SBA Could Start Issuing PPP Forgiveness Decisions  Businesses are expected to start receiving forgiveness decisions on the Small Business Administration’s Paycheck Protection Program loan applications this week or early next…

By Tasha Anderson for AZBEX  Plans for a 26-story multifamily tower with ground-floor retail proposed for the Roosevelt Row area is making its way through the City of Phoenix.  On September 23rd, the Phoenix Workforce and Economic Development Subcommittee recommended approval for City Council to enter into a development agreement with developer, Hubbard Street Group to build the multifamily project located at the SEC of Sixth and Garfield Streets, which previously housed the Roosevelt Growhouse.  The agreement also includes easements and Government Property Lease Excise Tax (GPLET) incentives which will be abated for up to eight years from the date of the certificate of occupancy.  Currently called Hubbard Street Group Tower, the project calls…

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…