Author: BEX Staff

The Cottonwood Planning and Zoning Commission voted 4-0 to approve a master development plan for a major new residential community called 89 and Vine. The area was first approved for Planned Area Development/Master Development in 1987 by the Yavapai County Board of Supervisors and has seen several different proposals considered in the intervening years. The new residential community, to be developed by Sunbelt Holdings, could contain up to 2,050 residential dwellings (single-family and multifamily) while maintaining room for commercial shops and restaurants. The site is 682 acres on the north side of Cornville Road opposite to the Verde Santa Fe…

The District Downtown, an approximately 50-acre mixed-use development, recently received a recommendation of approval for its updated plans. Original plans for The District featured a mixed-use development with 360KSF of office space across four buildings, a five-story hotel with 180 rooms, 795 apartment units, 45KSF of retail space and 34KSF of restaurant space. The amended plans, recommended for approval by Chandler’s Planning & Zoning Commission in the Sept. 18 meeting, reduce the office space to 72KSF spread across two buildings instead of four. The commercial space has been reduced to 45.1KSF. Meridian West AZ/202 LLC, the developer, also intends to…

By Roland Murphy for AZBEX Toll Brothers Apartment Living is planning a new 420-unit luxury apartment community on 14.98 gross acres at the SEC of Arizona Avenue and Grace Blvd. in Chandler. The developer has requested approval for a planned area development, preliminary development plan and preliminary plat for the property. The Chandler Planning and Zoning Commission recommended the requests for approval by City Council in the Commission’s Sept. 18 meeting. The property was first developed 40 years ago as an automotive dealership and is currently used by Earnhardt Chevrolet, according to the project narrative. “To the north of the…

By 5C Data Centers 5C Data Centers announced plans to launch a new region in Phoenix. The first facility in the region, PHX01, is scheduled to go live in 2025. The first data center will comprise 140KSF and 20MW of critical IT power capacity. With 5CDC’s experience designing for the latest GPUs and direct-to-chip liquid cooling, PHX01 will be able to accommodate the most demanding AI and machine learning workloads, supporting power densities of up to 132kW per cabinet. 5CDC prioritizes its commitments to climate responsibility in its expansion to Phoenix, minimizing power and water usage through adiabatic trim cooling…

By BEX Staff for AZBEX The Goldwater Institute has issued a warning to the Gilbert Town Council about a set of proposed taxes the Town says will fund local services and infrastructure. Local news outlets report Council is set to consider increases to the Town’s sales and bed taxes and the institution of a use tax for online purchases from vendors whose Arizona sales total less than $100K/year. The measure is on the agenda for Oct. 22. Gilbert plans to use the tax revenue to fund part of more than $700M in planned costs for public safety and parks and…

Giving Back 1. P.B. Bell employees gathered at Feed My Starving Children and packed 21,168 meals for hungry children around the world. P.B. Bell employees and communities also collected toys and household items for the Arizona Multihousing Charitable Foundation’s Hope for the Holidays drive throughout the month of August. All items collected will benefit the children and families of UMOM New Day Centers experiencing homelessness. Awards & Accolades 2. Beth Jo Zeitzer, President and Designated Broker of R.O.I. Properties is the winner of AZCREW’s Woman Icon Award. The award was presented at the 2024 Woman Icon event on Sept. 18.…

Sales Transactions 1. CBRE negotiated the sale of Vela on Camelback, a 237-unit multifamily community in the Camelback Corridor submarket of Phoenix. The seller, Pacific Development Partners, was represented by CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen. Sherman Residential acquired the community for $72.1M. 2. Brown Group sold the 217-unit Build-to-Rent development Sanctuary on 51st for $61.4M. The Phoenix property, located at 7100 S. 51st Ave, was sold to Brunton Management. The seller was represented by Berkadia Phoenix’s Mark Forrester, Ric Holway, Dan Cheyne, Spencer Scott and Andrew Curtis. 3. TruVista Development was the seller and developer…

By Roland Murphy for AZBEX Arizona’s seasonally adjusted unemployment rate held steady at 3.4% in August, according to the latest report published by the Arizona Office of Economic Opportunity. The national unemployment rate dropped to 4.2%, down from 4.3% in July. Last August, Arizona had a seasonally adjusted rate of 4.1%. The national rate was 3.8%. The Arizona Construction sector dropped 200 jobs over the month. Arizona had a not-seasonally adjusted gain of 43,600 in nonfarm employment jobs month-over-month. “Prior to the pandemic (2010-2019), NSA nonfarm employment gained 54,000 jobs on average in August,” the report states. The private sector…

Caliber is getting ready to undertake one of the Valley’s largest office-to-residential redevelopment projects. The company recently paid “in the low $20M range” for Canyon Corporate Center at 2510 W. Dunlap Ave. Seller ViaWest was represented by Cushman & Wakefield’s Steve Lindley and Alexandra Loye. ViaWest paid $27M for the property in 2020. The 300KSF-plus Canyon Corporate Center is located in an Opportunity Zone and features two office buildings and two parking garages. Caliber plans to renovate the buildings to develop at least 400 new residential units. The project could also expand to create additional units on a currently vacant…

By BEX Staff for AZBEX Developer Mike Lafferty’s plan for a multiphase workforce multifamily community that would provide 354 units on a 20-acre site near the Inland Port of Arizona moved closer to fruition this month with a recommendation for rezoning approval from the Coolidge Planning and Zoning Commission. Lafferty Development is seeking planned area development rezoning for the site near the SEC of State Route 87 and Hanna Road. In their presentation to the Commission at the Sept. 11 meeting, Lafferty and Bill Gasque of Civil Design Solutions explained Lafferty’s years of involvement with workforce housing development in Arizona…