Author: BEX Staff

By Tasha Anderson for AZBEX  Plans for a new 203.4KSF residential mixed-use development to be located at the NEC of Smith Road and Apache Boulevard have been submitted to the City of Tempe.  The 4.09-acre property is within Tempe’s Eastline Village development site. Applicant, Gammage & Burnham P.L.C., on behalf of developer, Jones Multifamily, LLC, is requesting a General Plan Density Map Amendment from Medium to High Density, a Zoning Map Amendment to Mixed-use High Density, a PAD Overlay and approval of plans including site plan, elevations and landscape plan.  The project, called Blue at Eastline Village, is proposed as a four-story residential mixed-use development comprised of two buildings housing 187 dwelling units, and approximately 4KSF…

Economic News  Experts Fear ‘Credit Infection’  Jim Belfiore of Belfiore Real Estate Consulting and other experts are warning the impacts of unemployment and reduced credit availability could result in a “credit infection” that will affect buyers’ ability to purchase new homes. “If unemployment rises further, as it’s expected to, more people are missing their rent and mortgage payments and credit card delinquencies are rising,” Belfiore said. “We’re going to have a bigger infection on our hands. It’s going to infect long term the housing demand.” (Source: Phoenix Business Journal)  Pandemic Could Continue Rough Times for Senior Housing  The decrease in seniors moving into elderly homes because of the coronavirus could result in…

By Tasha Anderson for AZBEX  Arizona’s seasonally adjusted unemployment rate increased to 12.6 percent in April 2020, from March 2020, according to the latest report published by the Arizona Office of Economic Opportunity.   The national rate increased to 14.7 percent from 4.4 percent in March. In April 2019, the state had a seasonally adjusted rate of 4.8 percent, and the national was at 3.6 percent.  The state had a net loss of 283,300 non-farm jobs over the month. “Historically (2010-2019), Nonfarm employment has averaged a gain of 8,700 jobs in April,” the report states. Of the 11 sectors tracked Natural Resources & Mining was the only sector with a net employment gain with 100 jobs for the month. Leisure & Hospitality had the largest net loss with 122,600 jobs, followed by Trade, Transportation & Utilities with a loss of 57,400. Construction lost 4,200 jobs over the month.  Natural Resources & Mining in Arizona took the…

Source: Maricopa County  Maricopa County is putting hundreds of millions of dollars in federal funds to immediate use helping people impacted by the COVID-19 pandemic while also pulling back on discretionary spending unrelated to the crisis.   It’s a one-two effort to best serve taxpayers during a time of national emergency. The Board of Supervisors approved a tentative $3.071B budget for fiscal year 2021. The bulk of spending is focused on core statutory responsibilities like public safety, with an increased amount dedicated to community health.   The overall county budget increased this year in large part because of an injection of federal funding through the Coronavirus Aid, Relief, and Economic Security Act. As the nation’s fastest-growing county with the 3rd largest public health jurisdiction, Maricopa County received more than $398M to combat COVID-19, money that is being spent…

Groundbreakings  1. To make way for improvements to State Route 189 (Mariposa Road) in Nogales, the 3.75-mile road that connects the international border with Interstate 19, crews have been clearing brush from the path of the first of two flyover ramps that will connect northbound SR 189 with northbound I-19. Construction on ADOT’s $134M project began this week. The improvements to SR 189 also include building a roundabout at SR 189 and Target Range Road as well as a traffic signal, drainage improvements and additional work, including improvements east of I-19 and on Grand Avenue.  Progress Reports  2. With the completion and sale of a 6.5KSF…

By Tasha Anderson for AZBEX  Real estate developer, The Empire Group of Companies submitted plans to the City of Phoenix for a new single-family for rent development to be located at the NWC of Camelback Road and Ball Park Boulevard.  Empire is requesting to rezone approximately 18.02 acres from Suburban S-1 District – Ranch or Farm Residence, Special Permit and Suburban S-1 District – Ranch or Farm Residence, to Multifamily Residence District. They are also requesting a General Plan Land Use Designation amendment from Park/Open Space-Public and Residential 3.5 to 5 dwelling units per acre, to Residential 10 to 15 dwelling units per acre…

Policy & Stimulus News  Cities, Counties Pushing for More Funds  Arizona cities and counties are pressing for more funding at both the state and federal levels as they deal with coronavirus outbreak. Local officials from across the state are pushing Gov. Doug Ducey to send them a portion of more than $1.9B in federal coronavirus relief funds. Mayors from cities around the state are also lobbying representatives in Washington to support additional funding sent directly to local governments. (Source: Arizona Daily Sun)  State Gets $21M in Federal Housing Funds  Arizona received close to $21M from the federal government this month to address housing needs during the new coronavirus pandemic. The U.S. Department of…

Source: Arizona Commerce Authority  Governor Doug Ducey has announced that following a national search, Taiwan Semiconductor Manufacturing Company has selected Arizona for its new U.S. advanced semiconductor factory. The project will create more than 1,600 new high-tech jobs and generate thousands of additional jobs in the state for suppliers and other companies within the semiconductor industry. TSMC’s total spending on this project, including capital expenditure, will be approximately $12B from 2021 to 2029.  “We’re incredibly proud that one of the world’s leading technology companies has chosen Arizona for this high-tech project, one with national and global significance,” said Governor Ducey. “I’d like to thank TSMC Chairman Dr. Mark Liu for his commitment to Arizona.…

By Paulina Pineda for The Arizona Republic  Tempe likely will ask voters to approve a $349M bond issue to pay for dozens of capital projects in the next five years, ranging from road improvements to park upgrades.  The city weighed asking voters for about half the proposed bond amount — $174M— to help pay for projects planned in the first three years of the five-year program after council members previously expressed concerns that asking voters to approve a bond during an economic downturn could be a tough sell.  That would have required the city to ask voters for additional funding in two years. …

Giving Back  1. Harvard Investments, developer of Cadence at Gateway, recently thanked Dignity Health Arizona General Hospital Mesa healthcare heroes by delivering fresh meals from two local favorite Mesa restaurants, Handlebar Diner and Native Grill & Wings.  2. Director of Marketing, PR & Administration with SVN Desert Commercial Advisors, Melissa Swader has recently launched a national Facebook group called Women in Commercial Real Estate, to give women in CRE a platform to help elevate their business and brand.  Boards & Commissions  3. Sean Ray, Director of Craft Workforce Development for Sundt Construction, has been named vice-chairman of the National Center for Construction Education and Research (NCCER) National Workforce Development Committee (WFD). He has been an…