Author: BEX Staff

By Howard Fischer for Capitol Media Services via Arizona Daily Star  The COVID-19 outbreak is going to blow a billion-dollar hole in state finances.  And about 775 Arizonans will die by the end of May from the virus.  Those predictions from the Joint Legislative Budget Committee as staffers said the decline in state revenues plus additional costs to the state from the effects of the virus should leave Arizona with a $1.1B budget deficit by the end of the next fiscal year. That’s out of what is basically an $11.8B spending plan.  The potential fiscal effects of the pandemic are even more dire.  The report says…

By Adrian Skabelund for Arizona Daily Sun  During their last work session, the majority on the Flagstaff City Council decided that given the current crisis and uncertainties that exist, it would not be prudent to move forward with any new municipal bonds.  Flagstaff Mayor Coral Evans added that she believed, “At this particular time, we need to really focus and make sure that we can put our economy and our city back together in a strong way.”  In March the council had postponed making any decision about which bonds they were interested in moving forward with, but had indicated it at least supported a…

Giving Back  1. Doug Bondon and the team at Artisan Colour are stepping up their efforts in response to the current COVID-19 pandemic by making face shields. The first set of shields was donated to the Scottsdale fire and police departments. When the project is completed, an estimated 100 hours of manufacturing time will produce 1,200 to 1,400 face shields.  2. To bolster the support of those on the front lines providing critical resources to those who need it most, the Burns & McDonnell Foundation is donating $1.5M to the United Way COVID-19 Community Response and Recovery Fund. In addition to providing relief funding nationwide, the Burns & McDonnell Foundation also is matching donations…

Sales Transactions  1. Button Capital Limited purchased Park Place at Fountain Hills, a 230-unit Class A multifamily community in Fountain Hills, for $63.5M. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch structured the transaction on behalf of the seller, Real Capital Solutions. Rocco Mandala, Anthony Valenzuela, and Dominique Damerell of CBRE Debt & Structured Finance arranged the multifamily debt on behalf of the buyer.  2. Meritage Homes of Arizona purchased 73 acres, platted for 79 SFR lots at The Villages at Silverhawke in Oro Valley for $5.055M. The seller, Capri Company was represented by Greg Wexler and James Kai, CCIM, of Wexler and Associates.  3. Fringe Capital Partners acquired Scottsdale Hayden, a 25-unit boutique apartment…

By Rebekah Morris for AZBEX  The State of Arizona is continuing on with a push for expanded medical facilities, even as revised projections for COVID-19 infections and hospitalizations are trending down. The state is preparing for a worst-case scenario to ensure that any surge in demand for medical facilities can be met.  In a press conference on Tuesday, April 7, 2020, Dr. Cara Christ, Director of the Arizona Department of Health and Human Services explained that the projected demand for hospital beds is being revised daily, and while it appears the social distancing measures in place are working, the state is continuing to prepare for that worst-case scenario.   Hospitals Have Capacity  Talking…

By Tasha Anderson for AZBEX  The City of Mesa is currently seeking design services for the development of a new reuse pipeline project as well as improvements to three of Mesa’s Water Reclamation Plants.  The city has recently issued a Request for Qualifications for up to four qualified firms to provide programming, final design and construction documents, and possible construction services for two design packages.  The first Design Services package described in the RFQ is the, “Design of upgrades, replacements, or new equipment associated with delivery of reclaimed water by means of new in-line pumping and equalization storage systems,” and the second is the, “Design…

Source: Associated Builders and Contractors  Estimated February not seasonally adjusted construction unemployment rates fell nationally and in 37 states, rose in 12 states and were unchanged in one state (Texas) 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 February 2020, the construction industry employed 208,000 more workers nationally compared to February 2019 while the national NSA construction unemployment rate decreased from 6.2 percent to 5.5 percent over the same period, according to BLS numbers. This is an indication of the underlying strength of the construction industry prior to widespread concern over the impact of the coronavirus and reaction…

Awards & Accolades  1. AZRE Magazine has announced the winning projects for the 2020 Real Estate Development (RED) Awards via a virtual ceremony. AZRE magazine received a record number of nominations for the RED Awards this year, and 17 were for projects away from the Valley, making it a truly statewide event. Click here to see the list of finalists and to watch the award ceremony.  Groundbreakings  2. Sundt Construction, Inc. recently started work on the $9M, two-story, 28KSF Sunstate Training Office Building located on the corner of 56th and Washington Streets in Phoenix.  3. Queen Creek has started a new capital improvement project at Queen Creek and Signal Butte roads, with…

By Tasha Anderson for AZBEX  Despite a recent sharp decline in Arizona hotel occupancy and temporary closures due to COVID-19, plans for a new Holiday Inn Hotel and Conference Center are making their way through the City of Casa Grande.  Casa Grande’s Planning and Zoning Commission recently approved a request for a Planned Area Development amendment to allow hotel and convention center uses on a 4.65-acre site at 238 N. Camino Mercado, within the Casa Grande Crossings PAD. A major site plan/final development plan for the project was also approved.  According to the project documents, the full 17-acre site is known as “Parcel 10” and was split into two parcels…

Policy & Stimulus News  Major Disaster Declaration Request Approved  Governor Doug Ducey announced that President Donald Trump, in coordination with the Federal Emergency Management Agency, approved Arizona’s request for a Presidential Major Disaster Declaration for the state. The declaration makes available additional federal assets and resources to aid Arizona’s COVID-19 response efforts. (Source: Office of the Governor)  Governor’s Office Releases Essential Service Guidance  Governor Doug Ducey’s office has released additional guidance to help businesses and residents understand the revised policies on essential services. (Source: Office of the Governor)  Ariz. to Get $51M in Low-income HUD Assistance  Arizona will get nearly $51M in Department of Housing and Urban Development funding to help low-income families and others hurt by the COVID-19 pandemic.…