Author: BEX Staff

By Corina Vanek for Phoenix Business Journal  The City of Avondale is seeking ideas from private developers about how to best develop 34 acres of city-owned land into a mixed-use development with office, hospitality, retail, residential and community amenities.  The area, which the city has named “The BLVD,” is at Avondale Boulevard south of Interstate 10.  Ken Chapa, economic development director for the city, (said) the BLVD is envisioned to be “the flagship development for our city.”  The city’s request for information asks potential developers to submit a project development plan containing some key features, including a central gathering area…

Source: Rider Levett Bucknall  International property and construction consultancy firm Rider Levett Bucknall has released its new Quarterly Cost Report for North America. With data current to April 1st, 2020 and featuring construction cost information for 14 US and Canadian markets, the QCR provides a statistical view of the state of the construction industry, detailing indicative construction costs for eight building sectors.   The impact of the coronavirus is seen in construction project shut-downs and pauses that marked the early phase of the pandemic, generating elevated unemployment numbers. Jobsite reopenings are encouraging, but as these projects wrap up, the business equation will shift: the construction backlog appears to be evaporating quicker than the pipeline…

Giving Back  1. Rosendin Holdings, Inc., the parent company to Rosendin and Modular Power Solutions (MPS) announced it has established The Rosendin Foundation, a 501(c)(3) non-profit incorporated to positively impact communities, build and empower people, and inspire innovation through financial grants and volunteer hours.  Awards & Accolades  2. SOLON Corporation has been recognized by Solar Power World magazine as the number one commercial EPC solar contractor in Arizona for the second year in a row, and the company is among the top 26 percent nationally. SOLON’s 2019 installations totaled 12.3 MW, a 66 percent year-over-year increase.   Company News  3. Phoenix West Commercial announced it moved into a new office at 700 N. Estrella Parkway, Suite 205,…

Sales Transactions  1. Elim Mining Inc. has completed a $19.1M financing package and will complete its acquisition of the Cactus Mine. The copper mine is located near Casa Grande.   2. Ivanhoe/Evergreen purchased a 96KSF industrial building at 6615 W. Boston Street, Chandler, for 9.19M. Jackie Orcutt, John Grady and Jonathan Teeter with CBRE represented both the buyer and seller, Cabot Properties. 6615 W. Boston Street was 100 percent leased at the time of sale to two tenants, including Advanced Circuits, Inc.  3. Sperry Equities, LLC purchased the Shoppes at Legacy House, a 54.2KSF retail center at 5609 E. McKellips Road, Mesa, for $9M. Newmark Knight Frank Senior Managing Directors Jesse Goldsmith and Steve…

By Rebekah Morris for AZBEX  On Wednesday, July 22, 2020, BEX held a panel discussion regarding upcoming retail, hospitality, and entertainment projects in the Valley and beyond. Participants included Jeff Mills, Project Executive for PENTA Building Group, Dave Sellers, President & CEO of LGE Design Build, and Aaron Studebaker, Community Development Project Manager for Salt River Pima-Maricopa Indian Community (SRPMIC). The discussion was moderated by Rebekah Morris, President & Founder of BEX.  Overview of Current and Upcoming Projects  PENTA Building Group previewed their current projects, including nearly 1MSF of convention center space recently completed in Las Vegas, a High-Limit space at Talking Stick Resort, and new facility expansion at San Manuel Yaamava, located in Highland, CA. Beyond…

Budget, Policy & Stimulus News  Lawmakers Trying to Push Through New Relief  Democrats and Republicans remain divided on what a next potential federal stimulus package should look like, but lawmakers “are going to be in an all-out sprint” to pass a measure soon, said Sen. Ben Cardin, ranking member of the Senate Small Business & Entrepreneurship Committee. (Source: Phoenix Business Journal)  Three Development Agencies Get Tax Credits  Three Phoenix-area community development agencies have been awarded key federal tax credits designed to spur real estate development in areas with high poverty rates and low median family incomes. Last week, the Treasury Department announced $3.5B in New Market Tax Credits for developing low-income…

By Tasha Anderson for AZBEX  A new 418-unit multifamily residential development is being proposed for the NWC of Bell Road and the Loop 101 in Glendale.  Applicant, Tiffany & Bosco, P.A., on behalf of project and property owner, Glendale Bell 101 LLC, is requesting a General Plan Amendment from Offices to High Density Residential allowing 20-30 dwelling units per acre. They are also requesting rezoning approval of the approximately 16.1-acre site from Palm Canyon Planned Area Development to just Planned Area Development.  The Glendale Planning Commission heard and recommended approval for the GPA and rezone at its July 16th meeting.  The project, dubbed Evergreen Loop 101 & Bell Road, or Glendale Bell Apartments, will…

Source: City of Phoenix  In Phoenix, the COVID-19 pandemic and economic downturn is intensifying the already existing housing crisis. Phoenix residents, as well as residents in other cities across the country, are experiencing job losses, which can make it even more challenging to afford a place to live.  According to Housing and Urban Development’s Fair Market Rents, in Arizona the cost of a two-bedroom apartment is $1,097. To afford this level of rent, as well as utilities, a household would need to earn $43,892 annually, or an hourly wage of $21.10 – more than $9 (more than) Arizona’s minimum wage.  To assist residents with this challenge, Phoenix Mayor Kate Gallego announced the city’s first-ever Housing Phoenix Plan, which establishes…

Groundbreakings  1. Nikola Corporation is one step closer to bringing a 1MSF manufacturing facility to Coolidge, following an official groundbreaking ceremony on its approximate 430-acre parcel. The first phase of construction is scheduled for completion in late 2021, with the second phase projected to be complete within the following 12-18 months.  2. A long-awaited Aldi grocery store is being built at the Sunrise Promenade shopping center in Peoria. Despite signs that Aldi’s plans were dragging, this store is expected to be open in December.  3. A groundbreaking ceremony was held July 9th for the roughly $25M, three-story, 90KSF Highgate Senior Living community on McMillan Mesa at 1831 N. Jasper Drive. The project is expected to…

By Tasha Anderson for AZBEX  Global energy storage developer, Invenergy, LLC is planning a new photovoltaic solar energy production facility on approximately 1,642 acres of private land north and south of Highway 287 just west of the Eleven Mile Corridor in Pinal County.  The developer, also noted in the project documents as SunDog Energy Center LLC, is requesting a Major Comprehensive Plan Amendment to change the land use designation from Moderate Low Density Residential to Green Energy Production. Pinal County heard the request at its July 16th Planning and Zoning Commission meeting as a work session item.  The project, also called SunDog Energy Center, will be a 200…