Author: BEX Staff

Budget, Policy & Stimulus News  Will Latest Stimulus Proposal Stop Housing Crisis?  The $1.5B bipartisan stimulus proposal from the bipartisan House Problem Solvers Caucus offers another round of $1,200 stimulus checks and other cash assistance for those in need as the COVID-19 recession wears on. But it’s unlikely the proposal would stop a potential wave of evictions and foreclosures next year if the economy doesn’t rapidly improve. (Source: Forbes)  Prop 208 Wealth Tax Strongly Opposed  Business groups across Arizona are opposing Proposition 208, saying the initiative, which seeks to tax certain earners to help fund education, would actually hurt small companies at a time when they are struggling during COVID-19 shutdowns. What many voters…

Source: Habitat for Humanity  Habitat for Humanity CIT pre-apprenticeship program is a 16-week, fast track, on the job training program.   The program is uniquely designed as an immersive and intensive curriculum that specializes on basic core construction fundamentals, leadership and soft skills development for participants ages 18 and over that are disenfranchised, underserved, underemployed and at-risk of being left out of the economy.  Our specialized training curriculum integrates technical, behavior and mindset skills where on the job failure is most likely to occur. Most of the job technical training curriculum emphasizes on practical skills. Assessment is done on a regular basis throughout the program, focusing on…

Source: JLL  COVID-19’s impact on public safety and stay-home orders drove significant demand for immediate digital connectivity around the world. JLL’s 2020 Mid-Year Data Center Outlook finds data centers’ resiliency and reliability established the sector as one of the few to perform strongly during the first half of the year.  According to the report, Phoenix ranks as a top location among all U.S. markets, performing second in the nation for year-over-year absorption, with 18.5 MW absorbed during the first half of the year. The amount of metro Phoenix data center projects under construction is also strong at 24 MW, representing a combination of speculative…

Giving Back  1. The David R. Sellers Foundation has funded several nonprofits during the COVID-19 pandemic and officially launched its website. During the COVID-19 crisis, it has funded seven organizations, which include Global Orphan Hope, UMOM, Phoenix Rescue Mission, Child Crisis Center, The Joy Bus, Children’s Advocacy Center of Collin County, and Amanda Hope.  Awards & Accolades  2. Kedrick Ellison, a project manager with the City of Phoenix’s Economic Development Department, was recently named the Arizona Minority Champion of the Year by the U.S. Small Business Administration.  3. CCS Presentation Systems was honored as a design icon in Arizona’s Sources for Design magazine.  4. For the sixth consecutive year, Fulton Homes has been recognized by the U.S. Environmental Protection Agency. The Tempe-based homebuilder…

Sales Transactions  1. Fundamental Income announced its acquisition of vehicle inspection and emissions testing centers for ~$56M from Opus Group AB. Opus, which is leasing the properties back from Fundamental, will continue uninterrupted operations at the sites as part of the company’s testing network. The sale leaseback transaction allows Opus a total lease term of up to 35 years.  2. Fundamental Income acquired a 75-acre vehicle inspection center at 600 S. 94th Avenue, Tolleson for $50M from Carvana. The e-commerce platform for buying and selling used cars will lease-back the property under a 25-year deal. SRS Real Estate Partners’ National Net Lease Group’s Travis Fidel represented both parties.  3. KKR announced the…

By Tasha Anderson for AZBEX  Developer, Keystone Equities LLC, is looking to transform a vacant, underutilized site in Goodyear into a master planned employment hub with office, commercial, retail, light-industrial and entertainment uses.  Keystone is requesting a rezoning of approximately 223.9 acres located at the SWC of Interstate 10 and AZ State Route 303 to Planned Area Development in order to develop the project, known as Innovation Centre. According to the project documents, while the site is currently designated a Business and Commerce on the General Plan map, it is currently entitled for a mobile home/RV park. The rezoning request was heard at the…

Budget, Policy & Stimulus News  Florence Offers “Returning Stronger” Grants  Florence businesses have until October 31st to apply to the town for grants to reimburse them for expenses and losses resulting from the COVID-19 pandemic. The Town Council has authorized the creation of the Returning Stronger Grant Program for businesses that have assisted the town in fulfilling its role to protect public health, and which aim to enhance development and stabilize the local economy. Applications are available on the town website. (Source: PinalCentral)  Multifamily Industry Needs Rental Assistance  Without a stimulus bill, any further sliding by the economy could leave millions of renters unable to make payments and landlords without crucial revenue…

By Tasha Anderson for AZBEX  Arizona’s seasonally adjusted unemployment rate decreased to 5.9 percent in August 2020, from July 2020, according to the latest report published by the Arizona Office of Economic Opportunity.   The national rate decreased to 8.4 percent from 10.2 percent in July. In August 2019, the state had a seasonally adjusted rate of 4.6 percent, and the national was at 3.7 percent.  The state had a net gain of 79,200 non-farm jobs over the month. “Historically (2010-2019), Nonfarm employment has averaged a gain of 53,900 jobs in August,” the report states. Government had the largest net gain with 48,800 jobs, followed by Education & Health Services with a gain of 11,400. Construction gained 1,300 jobs over the month.   Trade, Transportation & Utilities took the top spot in job gains from August 2019 to August 2020 with a total of 11,600, while Leisure & Hospitality took the top spot in job losses over the year with 63,500.  The Construction sector features three major segments: Buildings, Heavy, and…

Source: Arizona Department of Transportation  The Arizona Department of Transportation will open an additional comment period for the revised 2021-2025 Tentative Five-Year Transportation Facilities Construction Program on Friday, September 18th. The additional comment period will extend through Tuesday, October 27th.  The State Transportation Board will receive the newly revised Tentative Program during its monthly meeting on September 18th. Earlier this year, ADOT conducted its traditional process for the annual update to the Five-Year Program and held a public comment period and two public hearings.   The 2021-2025 Five-Year Program was scheduled to be approved by the board during its June meeting. Due to the coronavirus pandemic and associated impacts on transportation, the board requested more…

Awards & Accolades  1. Engineering News-Record (ENR) Southwest selected Valley Metro’s Gilbert Road Light Rail extension as the best project in its highway/bridges category. Stacy and Witbeck was the design firm and Sundt Construction was the general contractor on the project.  Groundbreakings  2. The 320-acre Legacy Sports Park and entertainment center will break ground in Mesa today. Icon Architectural Group is the design firm and Waltz Construction is the general contractor.   3. Tucson issued a $58.6M building permit for Northwest Healthcare’s 51-bed hospital and related services at Old Spanish Trail and Houghton Road with an emergency room, labor and delivery services, orthopedics and cardiology. The project is expected to open by 2021.  4. Banyan Residential has announced the start of construction on their 223…