Author: BEX Staff

Source: Associated Builders and Contractors The construction industry added 44,000 net new jobs in January, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has expanded by 142,000 jobs, an increase of 1.9 percent. Nonresidential construction employment increased by 23,800 jobs on net in January and is up by 97,700 net jobs during the last 12 months, a year-over-year increase of 2.1 percent. All three major nonresidential categories added jobs, with the largest increase in the nonresidential specialty trade segment, which added 17,200 jobs for…

Awards & Accolades 1. Robson Communities was named the National Association of Home Builders (NAHB) Best 55+ Builder of the Year during the 2020 NAHB International Builders’ Show in Las Vegas. Boards & Commissions 2. Arizona Multihousing Association announced the election of its 2020 officers and board members. Assuming the chair is Kim Pacheco, CPM, Director of Multifamily Operations at Scotia Group Management Inc., in Tucson. Joining Pacheco on the leadership group are Reid Butler, vice chair, Butler Housing Company; Scott Hines, treasurer, PEM Real Estate Group; John Carlson, immediate past chair, Mark-Taylor Residential; Linda Coburn, secretary, NexMetro Development; and…

Sales Transactions 1. Southwest Value Partners, A real estate investment firm founded by Phoenix Suns owner Robert Sarver, has purchased the 235-key Hilton Scottsdale Resort & Villas for $62M, and the 378-room Doubletree Resort by Hilton Paradise Valley-Scottsdale for $100M from Rockpoint Group LLC. 2. BKM Capital Partners acquired several properties in Arizona totaling $157.5M. The properties in the newly acquired Phoenix portfolio include: Magnolia – a 35.4KSF building at 2655 Magnolia Street, Phoenix. Hohokam 10E – an 82-unit multi-tenant industrial property located along S. 48th Street, 12th Street, and S. Park Lane, Tempe. Broadwood – a four-building, 34-unit multi-tenant…

By Tasha Anderson for AZBEX The City of Phoenix recently received plans from San Antonio-based real estate developer, Embrey Partners, for a new six-story luxury multifamily development proposed for the Scottsdale Road Corridor. The project, dubbed Embrey Kierland North, is proposed as an approximately 272-unit “luxury rental residential community” to be located at the NWC of Scottsdale Road and Tierra Buena Lane, and will “provide quality modern urban living experiences for its future residents and create a pedestrian friendly, walkable environment streetscape along its Scottsdale Road frontage for the benefit of the larger community,” according to the project’s narrative. The…

By Sanjana Garg for Phoenix Business Journal Sparrow Partners has started construction on a 193-unit active-adult community in downtown Surprise, called Mera City Center. The company also plans to begin work on three more active-adult communities in the Phoenix area and will invest approximately $150M across all four deals. The second development, Mera Goodyear, will be a 188-unit community next to the planned 36-acre Centerscape mixed-use project. Construction is expected to begin in March. The Mera City Center project in Surprise is part of the master-planned Surprise City Center project. That project and Mera Goodyear are scheduled to open in…

Source: Real Estate Daily News Work at 75 E. Broadway could soon recommence after the Rio Nuevo Board reached an agreement with the developers of the mixed-use project planned for the site. Last year, the Board learned that JE Dunn, the original developer/general contractor, wanted to transfer its ownership share to its co-developer Dabdoub Schwabe Properties. Marcel Dabdoub said that an agreement had been reached with a lender to provide the funding for such a transfer. The Board unanimously voted to give the group a 60-day extension to finalize the deal. Dabdoub said the potential investors have expressed a desire…

Groundbreakings 1. Sundt Construction, Inc. has started work on the new Ruthrauff Road and Interstate 10 (I-10) interchange on the Northwest side of Tucson for ADOT. The $79M project includes widening I-10 to four lanes in each direction and reconstruction of the traffic interchange. Construction is slated to complete by the end of 2021 with the Ruthrauff Road overpass opening to traffic by fall 2021 and interchange ramps opening later in the year. 2. Hamilton Partners recently broke ground on the Hamilton Commerce Center, a three building, 300KSF industrial complex in the Estrella Industrial area of Avondale. The project was designed by…

By Tasha Anderson for AZBEX Plans for the hotel portion of the 134-acre Cavasson mixed-use development located at the NWC of Loop 101 and Hayden Road have recently been submitted to the City of Scottsdale. BRP Architects, on behalf of developer, Nationwide Realty Investors, has requested site plan, landscape plan and building elevation approval for the development of a 199KSF, full-service Hilton brand hotel on a +/-5-acre site at 7965 E. Cavasson Boulevard. The project, to be known as Hilton Scottsdale North at Cavasson, is proposed as a six-story, 230-room hotel with 15KSF of meeting space, outdoor pool and full-service…

Source: Colliers International Goettl Air Conditioning & Plumbing has purchased approximately six acres of land at 8701 E. McDowell Road for approximately $5M. The company plans to build a new corporate facility on the site that will serve as its corporate headquarters and also house the firm’s new “Goettl University.” The property will be the site of an approximately 60KSF commercial building, scheduled for completion in late 2020. In addition to the Goettl Headquarters, the company will operate its Goettl University in the new building. The new, high-tech trade school will be the first of its kind in their industry.…

By Jon Hecht for JournalAZ.com The Cottonwood City Council unanimously voted in favor of selling a 3.74- acre parcel of land at 535 S. Sixth Street, to Sunridge Properties Inc., a management company that has 17 hotels spread across Arizona, California, Colorado, New Mexico and Utah, for a price of $383,328. The sale is equal to $4/SF, based on a January 2018 appraisal. Sunridge requested to purchase the property with a plan to build a Springhill Suites by Marriott hotel at the location, with a plan for 85 beds. Sunridge expects to spend $11M to construct the new hotel. “Our…