Author: BEX Staff

Groundbreakings 1. Hines announced it will host a groundbreaking ceremony for its new 25-story, 379-unit downtown Phoenix luxury multifamily complex Adeline on January 14, 2020 at 10:00 a.m. The ceremony will be held at 222 E. Jefferson St. 2. U-Haul® International broke ground on a multi-million dollar, 54.2KSF conference and fitness center, a part of a corporate expansion in Midtown Phoenix. The two-story, state-of-the-art facility will be stationed along Roanoke Avenue between Central Avenue and 3rd Street, just east of the U-Haul corporate towers. It is scheduled for completion by December 2020. Carhuff + Cueva Architects, LLC, is the project…

By Rebekah Morris for AZBEX The final Leading Market Series (LMS) event for 2019 was held on Thursday, December 5, 2019, featuring Craig Coppola, Lee & Associates, Megan Creecy-Herman, Prologis, Jenna Borcherding, VanTrust Real Estate, Korey Wilkes, Butler Design Group, moderated by Rusty Martin with Graycor Construction. The topic of Office & Industrial was discussed, focusing on how much future construction activity will happen, constraints, opportunities and trends in the marketplace. Overview of the Office & Industrial Market Coppola and Creecy-Herman provided office and industrial statistics to put the current cycle into perspective. The focus on job growth and population…

By Mike Sunnucks for Rose Law Group Reporter The Phoenix City Council has voted to move forward with development of a new Latino Cultural Center. The council voted yesterday to designate the North Building at Margaret T. Hance Park as the preferred location for a new Latino Cultural Center. The park is located north of downtown Phoenix off Central Avenue. The City Council did leave the door open to other locations if they arise and can offer an economic development to south or west Phoenix. The council also approved a measure instructing city staff to craft a request for proposals…

By Rebekah Morris for AZBEX In early November 2019, a record-setting 6,800 high school students from across Arizona took part in the annual Construction Career Days event. This free two-day event enabled students to preview many facets of the construction industry in a hands-on and fun environment. The variety of careers and opportunities with and without a college education were highlighted with the goal being to promote industry careers at a time when the construction workforce shortage is hitting critical mass. The event is organized in Phoenix by the non-profit organization Arizona Construction Career Days and Executive Director Rose Ann…

Source: Associated Builders and Contractors In October, estimated not seasonally adjusted construction unemployment rates increased nationally and in 34 states, fell in 13 states and were unchanged in three states on a year-over-year basis, according to an analysis of U.S. Bureau of Labor Statistics data released by Associated Builders and Contractors. As of October 2019, the construction industry employed 146,000 more workers nationally compared to October 2018, even as national NSA construction unemployment rate climbed from 3.6 percent to 4 percent over the same period, according to BLS numbers. This continues the trend of declining growth in construction employment. October’s…

Source: Associated Builders and Contractors Associated Builders and Contractors Chief Economist Anirban Basu forecasts continued momentum for the construction sector next year but advised an overall “wait-and-see” approach based on leading and lagging indicators and economic uncertainties, according to a 2020 economic outlook published in Construction Executive magazine. Although ABC’s Construction Backlog Indicator—a leading indicator that reflects projects under contract yet to be executed—climbed to nine months in August 2019, construction spending and employment—lagging indicators—have started to soften. Yet, while spending in private nonresidential categories such as office and lodging has decreased, public spending categories remain a bright spot. “Indeed,…

Giving Back 1. The Sundt Foundation awarded a total of $27.5K in grants to 10 Tucson-area nonprofits, including Student Expedition Program (STEP), during its fourth-quarter disbursements. Awards & Accolades 2. Kidder Mathews’ Chairman and CEO, Jeff Lyon, has been honored as a Power 100 leader by the Puget Sound Business Journal in the publication’s inaugural Power 100 list. The list is made up of people who have built iconic companies on a global scale; they are innovators and visionaries in their industry. 3. Newmark Knight Frank (NKF) announced that Managing Director Trisha Talbot, CCIM was awarded one of commercial real…

Sales Transactions 1. Sumitomo Corporation of Americas purchased the Collier Center, a 24-story, 578KSF commercial complex located in downtown Phoenix. Eastdil Secured brokered the deal for an undisclosed amount. 2. JLL Income Property Trust has bought the Chandler Distribution Center, a 211KSF industrial complex near Loop 202 and Germann Rd, for $31M from Minnesota-based Meritex. 3. Townline Homes purchased 2600 Tower, a 323K+SF, 20-story office tower at 2600 N. Central Ave, Phoenix, for $30.75M. Mindy Korth with Colliers International represented both seller, Alder Realty Investments, and buyer. 4. Richmond American and Meritage Homes purchase a total of 128 lots at…

By Rebekah Morris for AZBEX The Arizona Planning Association hosted a two panel, half-day symposium discussing housing in Arizona on Thursday, November 21st, 2019. The aim of the event was to encourage dialogue about the state of housing in Arizona and potential solutions to creating a diverse mix of all forms of housing that are attainable to all who want to reside here. First Panel-Trends and Policies Ambika Adhikari, AICP-City of Tempe Principal Planner, Long Range Community Development Maria Laughner, Economic Development Program Manager Mike James, AICP-Civtech, Transportation Planning Director Meagan Ehlenz-Arizona State University, Assistant Professor School of Geographical Sciences…

By Melissa Rosequist for Independent Newsmedia A project seeking to redevelop a multifamily residential area in the heart of Scottsdale has been met with overwhelming, unanimous approval by city officials. On December 3rd, the Scottsdale City Council voted 7-0 to approve a major General Plan amendment to construct mixed-use development, Gentry on the Green, upon 41.5 acres. The request is for a four-story development project comprised of five buildings, and additional buildings with up to 156KSF of commercial floor area and up to 1,864 dwelling units to be built over two phases, replacing two 1970s-era apartment complexes. The owner of…