Author: BEX Staff

Progress Reports 1. W. Silver Recycling announced the development of the $5M expansion of its Tucson facility at 3440 E. 36th St. should be ready to open within the next 45 days. The full expansion over five years will add 25 jobs and a capital investment of $5M, with an economic impact of $26M. The project is being developed in partnership with Sun Corridor Inc., Pima County, City of Tucson and PICOR. Completions 2. The Arizona Department of Transportation announced the new collector-distributor lanes on I-10 westbound in Tempe have opened, with the eastbound opening later this year. The new…

A Request for Information from the City of Goodyear seeks a potential partner for the development and operation of a potential new sports complex for use by residents and for hosting tournaments. The RFI covers the design, construction, financing and operation of the 130-acre City-owned site along Interstate 10 on both sides of Litchfield road. The City’s vision is for 15 soccer/multiuse sports fields, walking trails, 48 pickleball courts, and supporting facilities like parking, restrooms, maintenance and water storage. Other recreational uses could also be considered. The development would take place across three phases and has an estimated cost of…

By Roland Murphy for AZBEX Arizona’s seasonally adjusted unemployment rate rose to 3.4% in July, up from 3.3% in June, according to the latest report published by the Arizona Office of Economic Opportunity. The national unemployment rate also increased over the month, rising to 4.3% from 4.1%. Last July, Arizona had a seasonally adjusted rate of 3.9%. The national rate was 3.5%. The Arizona Construction sector added 2,900 jobs over the month. Arizona had a not-seasonally adjusted loss of 9,400 in nonfarm employment jobs month-over-month. “Prior to the pandemic (2010-2019), NSA nonfarm employment lost 19,900 jobs on average in July,”…

By Roland Murphy for AZBEX (NOT BEXclusive) The Mesa Design Review Board recently examined a plan from NOVVA Data Centers to build a campus with five data center halls, office space, a warehouse, public gathering areas and a Salt River Project switchyard on 160.5 acres at the NWC of Ellsworth and Warner roads. The development—known as Project Borealis—also has a planned retail component that will be presented separately. Most of the more than 1.3MSF development will be dedicated to data center uses. AZBEX was the first news outlet to report on Project Borealis in early December of last year. The…

In a unanimous vote earlier this month, the Gilbert Town Council prohibited the use of Government Property Lease Excise Tax incentives for redevelopment projects. Under a GPLET, ownership of a property is transferred to the municipality and leased back to the developer, meaning there is no property tax on the site. The incentive is one of the few allowed under Arizona law and has been used extensively by towns and cities to promote targeted redevelopment efforts. In a presentation to the Council, Gilbert staff reported GPLETs have never been used there, nor has there been any stated intention of using…

Giving Back 1. Arizona Multihousing Charitable Foundation announced it has distributed more than $200K in grants to a variety of organizations. AMCF has contributed to the following groups: HSL Center of Opportunity – $75,250; Southwest Autism Research and Resource Center – $46,870; UMOM New Day Centers – $46,870; Interfaith Community Services – $29,140; and, Julie Hurst & Steve Peters Education Fund – $7,500. Awards & Accolades 2. Inc. Magazine has named Creation and LGE Design Build to its list of 5000 of America’s fastest-growing private companies. Creation was ranked at 1,462 and LGE Design Build was ranked at 3,263. 3.…

Sale Transactions 1. Artis Real Estate Investment Trust sold six industrial properties in the Valley to Radnor. The deal was part of a larger, nine-property sale worth $197.4M, which consisted of 822.4KSF in Phoenix and 317.6KSF in Minnesota. EQT Exeter was the buyer. 2. A 380KSF office property fully leased by CVS Health Corporation sold for $71.5M by Net Lease Office Properties in Scottsdale. Robert C. Samuel, of Robert C. Samuel Revocable Trust was the buyer. 3. JLL Capital Markets announced the $51M sale of KV Buckeye 10, a 249.6KSF industrial complex in Buckeye. The complex is 60% leased. JLL’s…

By Roland Murphy for AZBEX In what is quickly becoming a theme in construction-related trend reporting, the newly released Marcum Accountants and Advisors 2024 Construction Survey showcases a generally positive and confident outlook across the industry despite lingering headwinds. Key findings in the report and its accompanying announcement include a sense of cautious optimism tempered by ongoing economic and political concerns, “particularly in an election year.” Public sector investment—most notably through the Infrastructure Investment and Jobs Act, CHIPS and Science Act, and Inflation Reduction Act—is expected to continue fueling industry growth. This growth is impeded, however, but the fact that…

By Roland Murphy for AZBEX Yes, we’re spending a lot of time talking about housing this month, particularly multifamily. There are three primary reasons we’re putting so much focus on the sector at the moment: 1. Housing makes up 27% of the Arizona construction market. 2. Multifamily’s Arizona construction market share is valued at $7.3B. 3. We get deluged with so many new studies, findings, projections, conclusions and general information that some weeks multifamily news makes up most of our individual inboxes. So, let’s take a few minutes to get you caught up on the news we didn’t touch on…

The Prescott Valley Town Council has voted to approve annexation and zoning requests that will allow Fain Signature Group to develop its Lakeshore 650 master plan between Badger and Fain roads north and south of Lakeshore Drive. AZBEX NOTE: AZBEX was the first outlet to report on the Lakeshore 650 proposal in an exclusive article earlier this year. (AZBEX, May 31) The process includes a pre-annexation, annexation and zoning map change. The planned area development is included in a master development plan that includes PADs for residential, single-family limited, residential and services, and commercial, general sales and services. The first…