Author: BEX Staff

By Tasha Anderson for AZBEX  The City of Maricopa is looking to sell or lease a total of 24.17 acres of developable land in order to create more jobs within specific areas.  The city recently issued three Invitations to bid for interested developers for the sale or lease of three separate properties, including:  2.64 acres located between north Maricopa County Road and North John Wayne Parkway, north of Honeycutt Avenue;   10.19 acres located at the SEC of west Edison Road and north Estrella Parkway;   And 11.34 acres located on the north side of west State Route 238 between north White Road and north John Wayne…

Budget, Policy & Stimulus News  New Aid Announced as Eviction Ban Ends  Just as Arizona’s moratorium on tenant evictions ends, Gov. Doug Ducey’s office has announced $7M in new aid for renters and landlords. The Rental Property Owner Preservation Fund will get $5M, and the Arizona Department of Housing’s Rental Eviction Prevention Fund will receive $2M. (Source)  Shuttered Somerton Businesses Get Nearly $100K  Twenty-nine Somerton small businesses that were temporarily closed as part of Arizona’s efforts to slow the spread of COVID-19 have received a total of $96K in federal grants provided by the CARES Act to help them weather the fallout. (Source)  Expert Duo Calls SBA ‘Antiquated’   Former U.S. Agency for International Development Acting Director Agnes Dasewicz and her colleague, investor and economic development expert…

Ascent at the Phoenician, a $350M, 195-unit luxury condo community planned by Replay Destinations, recently moved a step closer to reality with the developer’s purchase of 32 acres near the Phoenician Golf Club.   Replay bought the land from The Phoenician’s owner, Host Hotels & Resorts, for $65M and subsequently sold a 51-lot portion to single-family developer Cullum Homes for $30M.  The first 30 condos Replay intends to build near the golf club’s first fairway are planned at 2.5KSF-3KSF. Replay will also serve as master developer for Cullum Homes’ luxury custom single-family project. (Source) 

While Apartment List’s National Rent Index is down 1.4 percent over the last year, rents in Tucson have increased 4.7 percent since the start of the COVID-19 crisis. Since March, Tucson’s month-over-month rents are up 0.6 percent, and year-over-year increases total 5.9 percent. Phoenix’s year-over-year growth is 3.3 percent since March. (Source) 

Giving Back  1. Friendship Village Tempe, City of Tempe and Ryan Companies announced the completion of the Friendship Evergreen Community Garden at Ehrhardt Park. The new, one-acre community garden will provide the opportunity for Friendship Village residents and the surrounding neighborhood to grow food or plants in a communal setting. Friendship Village Tempe signed a three-year lease with the City for 30KSF within Ehrhardt park to build the garden. Friendship Village funded most of the project and also received donations. Ryan was involved from conception to completion, designing and building the new park attraction.  Awards & Accolades  2. DWL Architects + Planners Inc. recently received four out of six…

Sales Transactions  1. A global real estate investor purchased a 110.7KSF industrial property at 225 S. 51st Street in the Phoenix Sky Harbor submarket for an undisclosed amount. Will Strong of Cushman & Wakefield represented the seller, CapRock Partners. The buyer represented itself. The property is currently fully leased by Greif, a global leader in industrial packaging products and services.  2. Agave Center OR, LLC, an entity formed by CAMCO purchased the Agave Business Center, a 55.2KSF multi-tenant industrial/flex building at 8945 S. Harl Avenue, Tempe, for $8M. Mike Coover, Eric Wichterman, Will Strong, Greer Oliver and Phil Haenel with Cushman & Wakefield in Phoenix represented the seller, DIG Agave Center, LLC, an entity controlled by Dornin Investment Group.  3.…

By Tasha Anderson for AZBEX  A new mixed-use development including office and hotel towers is being planned for the site of the historic Tempe train depot that was built in 1924.  E&R Holdings, LLC, a company affiliated with mixed-use developer, RED Development, is requesting a Planned Area Development Overlay, a use permit for tandem parking and a Development Plan Review for the project, known as Tempe Depot.   Tempe Depot will be located on a 2.52-acre site at 300 South Ash Avenue, the site of the current Macayo’s Depot Cantina and historic train depot. The developer is proposing to preserve and rehabilitate the 3.7KSF train depot structure along the…

By Tasha Anderson for AZBEX  Kaplan Management Company has recently resubmitted their plans for a new multifamily development within the McCormick Ranch Center in Scottsdale.  The site, located at 9375 East Shea Boulevard, is still currently zoned as Commercial Office Planned Community District and Highway Commercial Planned Community District. Kaplan has resubmitted a request to the City of Scottsdale to rezone the +/- 11-acre site to Planned Unit Development Planned Community District, in order to allow for a new luxury multifamily development that would boost the existing surrounding office and retail and promote a live/work/play environment.  Their request for a Non-Major General Plan Amendment from an Office land-use designation…

Budget, Policy & Stimulus News  Litchfield Park Revises Business Assistance Program  Litchfield Park has eased the requirements for businesses and nonprofits seeking COVID-19-related relief grants under its Business Assistance Program. Despite putting $180K in federal CARES Act monies aside in August to provide grants of up to $10K, the initial qualification requirements and deadlines proved too cumbersome for some potential applicants. Nonprofits had also been excluded from the initial program. (Source)  Economic News  2022 Recovery Predicted for Hotels  The hotel sector suffered record performance impacts as a result of the COVID-19 pandemic, but CBRE’s latest Hotel Horizons report predicts the demand for accommodations in the U.S. market will return to pre-crisis levels…

Groundbreakings  1. Sky Plus Hotels, an affiliate of SkyBridge Arizona, announced the development of a new dual brand, 127-room Wingate/Hawthorn Suites hotel at Phoenix-Mesa Gateway Airport. The Sky Plus Phoenix-Mesa Gateway Hotel will open sometime in the first quarter of 2022.  2. Tower Capital arranged a $56M construction loan for The Village at Pioneer Park, a new 332-unit single-family rental community at 83rd Avenue and Olive being developed by The Empire Group. The Village at Pioneer Park is scheduled to be complete in 2022.  3. The Gadsden Elementary School District recently broke ground on a 6.1KSF gymnasium for Rio Colorado Elementary School located at 1055 N. Main Street, Yuma. Pilkington Construction is the general contractor, and the project is expected to be done in June 2021.  Progress Reports  4.…