Author: BEX Staff

By Jeff Metcalfe for The Arizona Republic  Mesa voters rejected a ballot proposal to build a youth sports megacomplex, so a private investment group is taking on an even grander project.  Legacy Cares, Inc., an Arizona based non-profit organization, closed last week with Ziegler, an investment bank, on $250M financing to build a family sports and entertainment complex in southeast Mesa.   The Legacy Sports Park will cover 320 acres at Ellsworth and Pecos, east of Mesa Gateway Airport on the former General Motors Proving Ground. The complex is 50 acres larger than the ESPN Wide World of Sports complex in Orlando, Florida.  A groundbreaking ceremony is planned for mid-September with the park, to…

By Adam Baugh for Withey Morris PLC  At the beginning of COVID, when the world suddenly halted in March, my children and I decided to build a bike shed.  It was a great time bonding with my daughters, but the end product looked nothing like the fancy shed we intended. Corners weren’t square, hinges didn’t close evenly, and several wood boards were warped. I enjoyed the family time, but at the end of the day, I really wished I had hired a professional to construct it, or at least help us build it with quality plans.   This experience reminds me of the many times I’ve…

Source: Arizona Multihousing Association  Each spring, the Arizona Multihousing Association (AMA), the statewide trade association for the apartment industry, hosts its annual Tribute Awards program.  Arizona’s apartment industry annually generates 22,000 jobs, $699M in wages and $3.8B in economic output. Events such as the Tribute Awards are important because they elevate the industry and create motivation for improvement for more than 2,300 AMA members.  The Tribute Awards are about more than one night of recognition – being a nominee, a finalist or award recipient creates new opportunities for mentorship, leadership development and pathways for promotion.  Due to the current climate, the 28th Annual AMA/Cox Communications Tribute Awards ceremony took place virtually on…

Giving Back  1. Resolution Copper is donating up to $780K this year to assist organizations throughout the broader community during the ongoing COVID-19 crisis. Groups that have received Resolution Copper’s COVID-19 relief funds include Local First Arizona, Cobre Valley Youth Club, Community Alliance Against Family Abuse, Gila Safe Haven Domestic Violence Safe Home, Hayden Senior Center and others.  Awards & Accolades  2. Phoenix Business Journal has released the honorees for Outstanding Women in Business. Some of the honorees include:  Patricia Lee Refo – Snell & Wilmer  Sarah Weiss – Elite Roofing Supply  Sandra Watson – Arizona Commerce Authority  Alaina Chabrier – SRP  Carrie Smith – Foundation for Senior Living  Company News  3. Mai Vu, Brittany Trotter and John Garigen, a trio of Valley commercial…

Sales Transactions  1. COMSovereign Holding Corp. a U.S.-based developer of 4G LTE and 5G connectivity and infrastructures, announced that it has signed an agreement to acquire a 140KSF building on 12.7 acres at 5120 S. Julian Drive, Tucson, for its U.S.-based manufacturing facility. An amount was not disclosed. Steve Cohen with Cushman & Wakefield | PICOR is handling the sale.  2. ACB Properties, LLC purchased a 141KSF industrial distribution and warehouse facility at 2130 S. Industrial Park Avenue, Tempe, for $7.75M. JLL Capital Markets also arranged $11.8M in financing for the buyer. The JLL Capital Markets Investment Advisory team led by Managing Director Brian Ackerman represented the buyer, while Director Carl Beardsley led…

By Tasha Anderson for AZBEX  Developer, The Terrance A Plas Company, recently submitted plans to the City of Phoenix to redevelop an existing medical plaza located at the NWC of McDowell Road and 12th Street, into a new 71.7KSF hotel.  The hotel, to be called The McDowell Hotel according to the project documents, will sit on approximately 1.58 acres adjacent to the Coronado Neighborhood.  “One of the major goals of The McDowell Hotel is to incorporate a comfortable overnight stay/experience within walking distance to Banner Hospital to reduce the need for vehicular trips within the Coronado Residential Neighborhood,” the documents state.  The project proposes an adaptive re-use of the existing vacated medical…

Budget, Policy & Stimulus News  Scottsdale Still Accepting Reimbursement Applications  Small businesses in Scottsdale can receive up to $5K in reimbursement grants for their costs related to COVID-19. The city is still accepting applications for the Small Business Reimbursement Program. (Source: Rose Law Group Reporter)  Phoenix Moves Faster Than State in Rent Relief  Phoenix has provided almost double the relief to renters impacted by COVID-19 in roughly a month than the Arizona Department of Housing has in nearly five months, government data shows. The city program is processing applications at least twice as fast as the state, in part because of easier application requirements, a wider pool of employees to review applications and lessons learned from hiccups in the…

Source: Arizona Department of Transportation  The Arizona Department of Transportation has been granted environmental approval to move forward with plans to improve the US 93/I-40 traffic interchange in west Kingman.  ADOT issued a Finding of No Significant Impact after completing a Final Environmental Assessment for the project, which was prepared in compliance with the National Environmental Policy Act. The Final Environmental Assessment includes comments from the community received through the public hearing. The document is posted at azdot.gov/WestKingmanTIP.  The improvements to the traffic interchange include a free-flowing direct connection between US 93 and I-40, designed to reduce congestion and improve traffic flow. Currently, traffic switching between…

By David A. Blake for GlobeSt.com  Those entering into new construction contracts should include custom language addressing the parties’ respective rights and responsibilities related to COVID-19. Many articles and webinars have focused on how traditional contract clauses in existing contracts may respond to COVID-19 issues. The fit is not always clear. Some guesswork is involved and creativity is called upon as square pegs are coaxed into round holes. While there is a need to perform that retrospective analysis to assess how COVID-19 issues will play out under existing contracts, there is no need to propagate uncertainty in new contracts. Uncertainty can cause parties to shy away from new…

Awards & Accolades  1. Three of the state’s major freeway and highway projects have earned regional awards from The American Association of State Highway and Transportation Officials. These projects will now be considered for selection as one of the “Top 12” in the national competition sponsored by AASHTO, AAA and the U.S. Chamber of Commerce. They are:  Loop 202 South Mountain Freeway, First Place in Best Use of Technology & Innovation, Large Project  Interstate 10/State Route 87 Improvement Project, including Dust Detection, First Place in Operations Excellence, Medium Project  State Route 347 Overpass at Union Pacific Railroad, First Place in Quality of Life/Community Development  Groundbreakings  2. Gila River…