Author: BEX Staff

Awards and Accolades 1. Hines announced that its award-winning Offices at Chandler Viridian, a six-story, 252.4KSF building at the intersection of Loop 101 and Loop 202 near the Chandler Fashion Center, has recently earned Gold certification from the U.S. Green Building Council’s LEED® Core and Shell rating system. Groundbreakings 2.  Raul Hector Castro Port of Entry in Douglas is undergoing an extensive renovation, including inspection booth replacements and a pavement project, which began Monday. The project is scheduled to be completed in May. 3. Trammell Crow Company Phoenix has started the construction of Axis Raintree, a 175KSF Class A speculative…

By Tasha Anderson for AZBEX Scottsdale-based Cavan Companies is looking to add another “Bungalows”-branded multifamily community to Arizona, this time in Gilbert. Plans were submitted to the Town of Gilbert and were discussed at the December 4th Planning Commission Study Session. A minor general plan amendment and request to rezone approximately 15.91 acres just north of the NEC of Gilbert Road and Houston Avenue from General Commercial Zoning district with a Planned Area Development Overlay, to Multifamily Low Zoning District with a Planned Area Development Overlay, was also heard. The newly proposed development, called Bungalows on Ash, is planned as…

By Nanci Hutson for Daily Courier If Humboldt Unified School District was to simply fix and renovate its 10 school facilities so that they are “functionally” suitable as a learning environment for children, the price tag would be just under $25M. The Governing Board on December 10th was given a full report from a third-party contractor, ADM Group, that did a thorough inspection and review of all district facilities to determine needs, giving a priority listing of what should be done immediately and what projects can be spread over seven years. The report breaks down the cost totals in three…

Source: AZ Big Media The Arizona Corporation Commission (ACC) recently voted to reject a request from the state’s investor-owned utilities to set two-year contract terms for renewable energy projects under the federal Public Utility Regulatory Policies Act (PURPA). Instead, commissioners voted unanimously to set contract terms at 18 years, providing renewable energy developers the financial certainty they need to develop new clean energy projects in the state. Even in a state like Arizona, where solar and battery storage can cost billions of dollars less than coal power, short PURPA contract terms make financing far too risky for capital-intensive projects with…

By Mary Salmonsen for Multifamily Executive The average U.S. multifamily rent fell $3 to $1,473 in November, according to the latest National Multifamily Report by Yardi Matrix. Year-over-Year rent growth fell by 20 basis points, down to 3.1 percent for the month. National rent growth has held at three percent or above since spring 2018, demonstrating the strength and consistency of multifamily demand, according to Yardi. More than 320,000 new multifamily units have been absorbed so far in 2019, marking the sixth straight year with at least 250,000 new multifamily units absorbed. Seattle, Denver, and Dallas have had the highest…

Source: National Association of Home Builders Sens. Jeanne Shaheen (D-NH), Lisa Murkowski (R-AK), and Maggie Hassan (D-NH) introduced legislation to address an unintended consequence of the Tax Cuts and Jobs Act of 2017 that increased costs for some builders and developers. For builders and developers working in areas served by a for-profit, corporate water utility, a small tax change in the 2017 tax reform bill resulted in higher sewer and water costs. As part of the new tax law, a longstanding exemption to the tax treatment of contributions in aid of construction (CIAC) was removed to the detriment of housing…

Awards & Accolades 1. Karen Benoit, senior vice president of corporate marketing at Kidder Mathews, has been selected nationally as a top Influencer in Commercial Real Estate Marketing and Communications by the editors of GlobeSt. Real Estate Forum. 2. Taylor Morrison has netted its second Glassdoor Employees’ Choice Award, recognizing the Best Places to Work for 2020. The Employees’ Choice Awards, now in its 12th year, relies solely on the anonymous input of employees, who elect to provide feedback on their jobs, work environments and companies via Glassdoor. Boards & Commissions 3. Total Building Commissioning (TBCx)’s Todd Watson has been…

Sales Transactions 1. Starwood Income Real Estate Trust purchased the 277-unit Alta Drinkwater apartment complex at 3234 N. Scottsdale Rd, for $96M. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix brokered the sale. The sellers were Wood Partners and the Carlyle Group. 2. Stockdale Capital Partners purchased 371K+SF of Class A medical laboratory and creative office building formerly known as Henkel Corporate Center located at 7201 East Henkel Way, Scottsdale, for an undisclosed price. 3. Ensemble Real Estate Solutions and Investments purchased the Best Western Plus Arroyo Roble Hotel & Creekside Villas, located at 400…

By Tasha Anderson for AZBEX Vancouver, Washington-based developer IDM Companies is proposing a new multifamily development at the NEC of Melrose and Quartz Streets in Gilbert. Pew & Lake PLC, on behalf of the developer and property owner, Leseur Investments, submitted plans to the Town of Gilbert and requested a minor General Plan Amendment on the 14.88-acre property as well as a rezone from Regional Commercial to Multifamily/Medium. The Town of Gilbert heard the request at its December 4th Planning Commission Study Session meeting. The project, dubbed Acero Val Vista, is proposed as a 328-unit multifamily community comprised of 24…

Source: City of Phoenix Local subcontractors have an opportunity to submit scopes of work and be part of the $230M Talking Stick Resort Arena renovation. General contractor Okland, the Phoenix Suns and City of Phoenix are hosting a trade partner outreach event on Tuesday, December 17th, in the Arena Pavilion. Registration is required for the free event. The transformation of the Arena into a state-of-the-art sports and entertainment facility requires partnerships with subcontractors and specialty vendors. Carrying forward with the Suns’ tradition of keeping business local, Okland is seeking specialty trade partners and supply vendors needed for the major renovation…