Author: BEX Staff

By Sammy Williams for AZBEX On January 14th, the City of Tempe Development Review Commission approved a development plan review for a new 13-story, 237-key hotel located at 120 S. Mill Avenue. One Hundred Mill Hotel, located on the SWC of Mill Avenue and Rio Salado Parkway, is being developed by Supreme Bright Tempe, LLC, a partnership between LaPour Partners, Inc. and NewcrestImage Development LLC. One Hundred Mill Hotel will be the final phase of development for a 2.5-acre site that includes an office building already under construction and the historic Hayden House (formerly Monti’s La Casa Vieja), which is…

By Kaitlin Olson for Arizona Daily Sun Following a November work session, Flagstaff Unified School District has selected Killip Elementary School for replacement using funds from the 2018 bond measure. Groundbreaking on the new $19M school that will be built adjacent to the existing school, is projected to begin early next year, with completion by fall 2022. In a facility assessment conducted in early 2018, the now-72-year-old school and Kinsey Elementary, which was built 10 years later, were both recommended for replacement; costs to repair the two schools to last a few more years would have totaled more than $9M.…

By Corina Vanek for Phoenix Business Journal Once upon a time, Metrocenter was the king of the Valley’s shopping malls. Now, the nearly 47-year-old mall just off Interstate 17 and south of Peoria Avenue in Phoenix is becoming a decaying infestation that could afflict the surrounding area, at least according to a prominent city official. While the mall’s owner, Carlyle Development Group Inc., put together a redevelopment plan, it is now ready to sell Metrocenter. Marketing the property to the right buyer in order for it to reach its full potential is the first priority for Christine Mackay, economic development director…

By Maria Polletta, Andrew Oxford, Lily Altavena and Rachel Leingang for The Arizona Republic Buoyed by even healthier than expected state revenue projections, Arizona Gov. Doug Ducey unveiled a $12.3B spending plan for the next fiscal year that places two of his longtime priorities — public safety and education — front and center. The plan boosts spending by more than $600M above the current year. But it also sets aside $25M for Arizona’s rainy day fund, the state savings account that hit $1B last year. On the spending side, about half of new investments would go to K-12 schools. Ducey would boost funding for the state’s school safety grant program, fund the…

Source: Equipment Leasing & Finance Foundation The Equipment Leasing & Finance Foundation has released the January 2020 Monthly Confidence Index for the Equipment Finance Industry. The index reports a qualitative assessment of both the prevailing business conditions and expectations for the future as reported by key executives from the $900B equipment finance sector. Overall, confidence in the equipment finance market rose for the third consecutive month to 59.9, an increase from the December index of 56.2. When asked about the outlook for the future, MCI-EFI survey respondent David Normandin, CLFP, President and CEO, Wintrust Specialty Finance, said, “Demand for leasing in the segments we…

Giving Back 1. Clear Title Agency of Arizona has launched into 2020 by making a significant investment in the Central City South Neighborhood Revitalization initiative with Habitat for Humanity of Central Arizona. The three-year commitment will serve as a foundation for redevelopment efforts underway in four targeted neighborhoods that are part of the Central City South Community, located just south of Downtown Phoenix. Awards & Accolades 2. The recipients of the 2019 SAME Scholarship are: Lauren Hess – $1,500 scholarship Carter Christianson – $500 summer camp scholarship Boards & Commissions 3. AZCREW, Metro Phoenix’s premier real estate organization focused on…

Sales Transactions 1. The Blackstone Group purchased the 1,003-room Sheraton Phoenix Downtown hotel, located at 340 N. 3rd Street, from Marriott for $268M. In recent months the hotel has undergone a massive renovation, updating everything from guest rooms to restaurants. Renovations are scheduled to be completed in the first half of 2020. 2. Pillar Communities purchased the Circa Central Avenue apartments, a 227-unit complex just south of McDowell Road in Downtown Phoenix for $57.5M. The Hunt Companies, Tilton Development Co., Civitas Capital Group and Ryan Companies US Inc. developed the apartments which opened last year and announced the sale. Tyler…

By Tasha Anderson for AZBEX Hotel developer, Tharaldson Hospitality Development recently submitted plans to the City of Tempe for a new hotel to be located on 2.8 acres at 93 S. Rockford Drive, part of the Heavy Industrial District and the 2100 Rio Salado mixed-use development. Tharaldson has requested a use permit to allow a hotel in that district, a development plan review that includes a site plan, landscape plan and building elevations and an amended Planned Area Development to modify the site plan from retail and restaurant to hotel use. The project was heard at Tempe’s Development Review Commission…

Source: Arizona Commerce Authority Dot Foods, the largest foodservice redistribution company in North America, has announced it’s expanding its footprint in Arizona. The company plans to add nearly 70KSF to its current operation in Bullhead City and hire 70 additional warehouse employees and regional delivery drivers over the next three years to staff the growing operation. The Illinois-based company established operations in Bullhead City in 2017. The 190KSF Dot Foods Arizona distribution center includes refrigerated, frozen and dry storage and a garage to service the Dot Transportation, Inc., fleet. The expansion will nearly double the freezer space and expand the…

By Steve Burks for AZ Big Media Consistency may be boring, but when it comes to the commercial real estate outlook and the Greater Phoenix commercial real estate industry, no change is good for business. The United States is in what most economic experts feel are the latter stages of a growth cycle that is stretching into its 11th year. Many are signaling a global economic slowdown and are warning that could trigger the start of a recession in the U.S. However, commercial real estate experts in the Greater Phoenix market still see significant room for growth in all of…