Author: BEX Staff

Source: Associated Builders and Contractors  Construction industry employment declined by 29,000 in March, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. Nonresidential construction employment declined by 24,600 in March.  All three nonresidential segments registered job losses, with the largest decrease experienced in nonresidential building (-10,700) followed closely by heavy and civil engineering (-10,200). Nonresidential specialty trade lost 3,700 jobs on net.  The construction unemployment rate was 6.9 percent in March, up 1.7 percentage points from the same time one year ago. Unemployment across all industries rose from 3.5 percent in February to 4.4 percent last month,…

Giving Back  1. Although the annual golf tournament benefitting Kids for Hope was postponed, engineering consulting firm, Terracon still found a way to donate. Terracon gave companies that signed up for the tournament the option of donating their registration/sponsorship fees to Kids at Hope, matched the first $2,500 in donations and presented Kids at Hope with a check for $5,000. Esco Corporation, Katerra and Transco Energy all donated their fees.  New Hires  2. Bob Kline has joined Colliers International as managing director of Debt and Structured Finance in the Southwest Region. Kline will be based in the Phoenix office, working on capital and finance efforts for the company throughout the Southwest Region and beyond.  3. Phoenix-based ViaWest…

Sales Transactions  1. Tower Capital, an independent structured finance firm, arranged two acquisition loans totaling $26.19M for multifamily properties in Phoenix. Tower Capital arranged $21.5M for San Marina, a 400-unit, affordable housing apartment complex. The second acquisition loan, amounting to $4.69M, is for Arcadia Palms, a mid-century modern, 34-unit multifamily community located in the Arcadia submarket.   2. CapRock Partners announced its acquisition of the newly constructed 7200 W. Roosevelt Street, a 216.8KSF Class A industrial building in Phoenix, for an undisclosed amount. CapRock Partners acquired the industrial building in an off-market transaction. The private industrial real estate investment and development firm was represented by Payson MacWilliam and Don MacWilliam of Colliers International.  3.…

By Rebekah Morris for AZBEX  Nearly 80 individuals logged onto the first-ever virtual delivery of the BEX Leading Market Series. Healthcare was always meant to be the topic for the April 2nd event; however, in the last few weeks the questions drastically changed, and the relevance of the topic took on new meaning. Panelists included: Mark Barkenbush, senior project executive for Banner Health, Chad Halmrast, contract executive for Southland Industries, and AJ Thomas, Healthcare Sector leader for Corgan. The discussion was moderated by BEX President and Founder, Rebekah Morris.   Preparing for COVID-19  Barkenbush explained that Arizona is several weeks behind other hot spots such as New York and California, and his team is able to learn from Banner facilities in Colorado which are also a couple weeks ahead of Arizona in experiencing a…

Budget & Stimulus News CARES Act Business Tax Incentives  The historic $2T stimulus package known as the Coronavirus Aid, Relief, and Economic Security Act, aka The CARES Act, provides economic stimulus for the devastation resulting from the spread of COVID-19. Here are some of the Act’s business-related tax relief measures. (Source: Snell & Wilmer)  EPA Enforcement Policy Review  EPA announced a temporary policy on March 26th regarding enforcement of environmental legal obligations. In general, EPA does not expect to seek penalties for violations of routine compliance monitoring, integrity testing, sampling, laboratory analysis, training, and reporting or certification obligations in situations where EPA agrees that COVID-19 was the cause…

By Tasha Anderson for AZBEX  Plans to redevelop a 6.78-acre property at the SEC of Marilyn Road and Kierland Boulevard into a Class A office development with ground floor retail have recently been submitted to the City of Phoenix.  The site is currently home to a 100KSF building with associated parking. Developer, Kierland Sky LLC is proposing to replace the building and parking spaces with two six-story buildings totaling 540KSF and a seven-level parking garage.  According to the narrative submitted to the City of Phoenix, the project, dubbed Kierland Sky, is planned to be constructed in two phases. Phase one consists of the development of one six-story building with…

By Rodric Hurdle-Bradford for Bisnow  Gov. Doug Ducey issued a statewide stay-at-home order Monday to stop the spread of the novel coronavirus, while naming essential businesses that can continue operations for now.   CRE and construction are still on that essential services list, a status that remained intact after his executive order.   “We worked closely with the governor’s office last week to submit a request that construction was included in the essential services list, and we were very happy with being a part of that list,” DeMenna Public Affairs partner Ryan DeMenna said.   DeMenna represents the Arizona Subcontractors Association, which observed other states’ essential services lists. This led to a more proactive and simplified approach from…

Source: Associated Builders and Contractors  National nonresidential construction spending fell 1.8 percent in February but is up 2.5 percent compared to the same time last year, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, spending totaled $795.1B for the month.  Private nonresidential spending declined 2 percent on a monthly basis and is down 0.7 percent compared to February 2019.  Public nonresidential construction spending was down 1.5 percent for the month, but is up 7.2 percent on a year-over-year basis.  “Data characterizing the economy prior to the coronavirus outbreak continues to trickle in,” said ABC Chief Economist Anirban Basu. “While nonresidential construction spending declined in February, according to today’s…

Awards & Accolades  1. The American Society of Civil Engineers Phoenix Branch recognized outstanding projects at their March 11th luncheon. The $7.5M Pinal Valley Recharge and Recovery Facility in Coolidge received the Small Project of the Year award. The team consisted of Arizona Water Company, Carollo Engineers and Clear Creek Associates, and Hunter Contracting. The $17M Santiago Trail Nitrate Removal Facility, Booster Pump Station, and Water Storage Tank in Casa Grande received the Large Project of the Year award. The team consisted of Arizona Water Company, Dibble Engineering and GHD, and Fann Environmental.  Groundbreakings  2. Concord General Contracting recently broke ground on the new 32KSF sanctuary that will seat 700 people for Sun Valley Community Church in South Gilbert, as well as the new 18KSF addition and 14KSF renovation to the…

By Tasha Anderson for AZBEX  Multifamily housing developer, Wood Partners recently submitted plans to the City of Phoenix Planning Department for a new five-story luxury multifamily development to be built just east of the NEC of 16th Street and Camelback Road.  The project, called Alta Bluewater, is planned as a 216-unit “modern luxury” multifamily development composed of a mix of 146 one-bedroom and 70 two-bedroom dwelling units in several different floor plans. The units will range in size from 677 square feet to 1,244 square feet.  The purpose of the project is to “provide a quality modern urban living experience, both internally and externally for its future residents,”…