Author: BEX Staff

Budget & Stimulus News  Trump Signs $2T Stimulus Package  President Donald Trump signed a $2T economic stimulus package just hours after it was rushed through the House Friday, clearing the way for aid to businesses, increased benefits for workers and direct payments to taxpayers. The bipartisan CARES Act passed the House on a voice vote, over the objections of some members, would also include funding for research and medical equipment to fight the COVID-19 pandemic. (Source: Cronkite News)  ABC Issues CARES Act Thanks  Associated Builders and Contractors VP of Legislative and Political Affairs Kristen Swearingen issued a statement about the signing of the Coronavirus Aid, Relief and Economic Security Act, which…

By Wayne Schutsky for Scottsdale Progress  Southbridge Two developer Carter Unger has dropped plans to appeal a Maricopa County judge’s decision upholding the referendum to put the downtown Scottsdale development before voters.  But it is still unlikely the issue will actually make it to the ballot in November as Unger has asked the City Council to repeal its initial approval of the project, rendering a referendum moot.  “We have made the decision to not pursue further legal actions. Please feel free to (schedule) us for the next available date that works for you,” Unger wrote to the City Council and staff.  The 10-acre project was…

Source: Office of the Governor Doug Ducey  Governor Doug Ducey has issued an Executive Order ensuring Arizona hospitals increase capacity to prepare for a potential influx of patients due to COVID-19. The order requires hospitals to increase the amount of hospital bed capacity in the state, take steps to optimize staffing levels and maximize critical resources.   “Arizona is working day and night to ensure our hospitals are prepared while implementing measures to mitigate the spread of COVID-19 as much as possible,” said Governor Ducey. “Building additional capacity now, ahead of any increased demand, is the responsible thing to do.”  “As public health officials, we have a responsibility to prepare for…

Giving Back  1. The Russ Lyon Charitable Foundation, a subsidiary of Russ Lyon Sotheby’s International Realty, will be donating $10K to nine food banks across Arizona in the wake of the coronavirus outbreak.  2. The CoreCivic Saguaro Correctional Center offers inmates a construction program where the inmates design and build a perfectly scaled dollhouse detailed exactly the way a human house would be built. Participation in the course depends on behavior and whether the inmates have either a GED or high school diploma.  Awards & Accolades  3. WTS Metropolitan Phoenix Chapter has announced the winners of the 2020 WTS Metropolitan Phoenix Annual Awards. The annual awards ceremony will be…

Sales Transactions  1. Newmark Knight Frank Multifamily announced the $14.3M sale of Royal Palms, a 138-unit multifamily property at 5902 W. Royal Palm Road, Glendale. Senior Managing Director Brett Polachek, Director Chris Canter and Executive Managing Director Brad Goff represented the seller, 5902 Royal Palms LP. The buyer was not disclosed.  2. Sigma 301, LLC purchased Arcadia Palms, a 34-unit mid-century modern apartment community at 4446 N. 36th Street, Phoenix, for $6.7M. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the seller, Los Olivos Partners, LLC and buyer.  3. Tom Kolb of KW Commercial represented the buyer in the $6.3M purchase of Brittany Square, a 49KSF retail…

By Rebekah Morris for AZBEX  On Wednesday, March 25th, Major General Michael T. McGuire, the Adjunct General of the Arizona National Guard, indicated in a press conference that the state could be short 13K hospital beds due to the projected spike in demand for healthcare in the COVID-19 epidemic. That is beyond the existing statewide capacity of 15K hospital beds.  Across the nation, temporary healthcare facilities are popping up, from a facility on a soccer field in Oregon to fairground facilities in both Miami-Dade County and Riverside County in California. While outbreaks are reaching high levels in both Florida and California, Arizona infection rates are comparatively low but growing fast. The state and healthcare system operators are preparing now…

By Tasha Anderson for AZBEX  Arizona’s seasonally adjusted unemployment rate remained at 4.5 percent in February 2020, from January 2020, according to the latest report published by the Arizona Office of Economic Opportunity.   The national rate decreased to 3.5 percent from 3.6 percent in January. In February 2019, the state had a seasonally adjusted rate of 4.9 percent, and the national was at 3.8 percent.  The state had a net gain of 24,300 non-farm jobs over the month, which is less than the historical 10-year (2010-2019) average gain of 25,100 jobs. Leisure & Hospitality had the largest net gain of jobs with 8,000, followed by Government with 7,300. Of the 11 sectors tracked, Natural Resources & Mining had the smallest net gain with 100 jobs.  Education and Health Services in Arizona took the top spot in job gains from February 2019 to February 2020 with a total of 22,100, while Trade, Transportation & Utilities came in second with 10,600 and Leisure & Hospitality came in third with…

Source: Hines  International real estate firm Hines, along with a joint venture partner, announced it has closed on 11 acres to develop a 325-unit luxury for-rent residential property in north Phoenix.  Hines’ multifamily property, located at the NWC of Happy Valley Road and 35th Avenue, will consist of six three-story buildings. An additional one-story building will include a clubhouse and fitness amenity that surrounds the pool. In total, Hines will develop 318KSF.  Hines’ announcement comes on the heels of the developer breaking ground on Adeline, its first luxury for-rent property in the Phoenix market. Adeline will be a 25-story, 379-unit high-rise community at the Collier Center in downtown Phoenix.  The property is part of a larger commercial development by the Pederson Group of Phoenix which owns the adjacent existing 167KSF Stetson Village shopping center and has plans to develop seven acres of a mix of retail services directly in front of Hines’ multifamily…

By Jen Fifield for The Arizona Republic  Up until this month, many Arizona cities were riding high on good times.  Populations were growing, jobs were booming, and cash was flowing in.  Cities were preparing to put a bow on the optimistic budgets they had worked on since the fall for the next fiscal year starting in July.  Then, the new coronavirus came along.  Now, the stock market is tanking. Restaurants are restricting operations and other businesses are closing temporarily under Gov. Doug Ducey’s order. Tourists have altogether vanished, and snowbirds are heading home early.  Phoenix City Manager Ed Zuercher told department heads the impact on the economy is “unknown, but significant.”  The sudden loss…

Budget & Stimulus News  Ariz. $50M Relief Plan Progresses  The Arizona House of Representatives broke through a political logjam on Monday, approving a $50M relief package as the state faces the economic toll of the COVID-19 pandemic and adjourning for three weeks as a public health precaution. The package allows Gov. Doug Ducey’s administration to use the funds for housing assistance, aid for businesses, nonprofits and health care providers with fewer than 50 employees, and assistance for food banks as well as organizations serving people experiencing homelessness. (Source: AZCentral)  Feds Reach Emergency Aid Agreement  The White House and Senate leaders of both parties announced agreement early Wednesday on unprecedented emergency legislation…