Author: BEX Staff

By Bree Florence for West Valley View At Saturday’s “State of the City” meeting, the city of Litchfield Park focused on new developments, including a new downtown city center and museum. A design for the city center was unveiled at the February 1st meeting, held at the Church at Litchfield Park. Mayor Thomas Schoaf discussed plans to develop a central hub in Litchfield Park’s downtown area for the city center property, north of Wigwam Boulevard between North Litchfield and North Old Litchfield roads. The parcels of land were purchased between 2014 and 2017. The project is expected to be completed…

Source: Arizona Department of Transportation With 30 years of maintenance part of the public-private partnership behind the Loop 202 South Mountain Freeway, taxpayers will face no additional cost to address spots next to some West Valley interchanges where the surface asphalt has deteriorated. The Arizona Department of Transportation will hold freeway developer Connect 202 Partners accountable for repairing the problem and is monitoring these spots, which are next to some West Valley interchanges, to ensure the safety of drivers. An exact reason hasn’t been determined for this deterioration, which is occurring where the rubberized asphalt surface layer meets the concrete…

Source: Colliers International The Greater Phoenix office market experienced its best year since 2008, posting strong net absorption and adding more than 3.4MSF of new space to the inventory. The metropolitan area has been recognized with three of the Nation’s top ten “Best Cities for Jobs,” as researched by WalletHub. Scottsdale, Chandler, and Tempe were all ranked, based on job growth in 2019 and our healthy economy. Sizable job creation announcements from companies like DoorDash, Open Door and Deloitte all contributed to office leasing. The 12-month period ending in November brought 56,500 net new jobs, increasing the workforce by 2.6…

Groundbreakings 1. Cousins Properties and Hines announced they have commenced development of 100 Mill, a 287KSF, 18-story office tower at the SWC of Mill Avenue and Rio Salado Parkway in Tempe. Initial occupancy is expected in the first quarter of 2022. Total development cost is anticipated to be approximately $153M. 2. Irgens broke ground on 999 Playa del Norte, an 83-foot-tall, six-story, 94.3KSF, Class A office building just north of the Rural Road bridge in Tempe. WORKSBUREAU is the architect and A.R. Mays Construction is the general contractor. 3. Fain Signature Group and Dorn Homes recently broke ground on Parke…

By Tasha Anderson for AZBEX As 2020 settles in, BEX Events kicked off the first Leading Market Series of the New Year with a close look into the Higher Education market, specifically toward Arizona State University. More than 80 registered attendees gathered at ASU Skysong 3 on Thursday, February 6th, for the event to gain insight into any upcoming projects as well as how to do business with Higher Education owners. BEX Founder and President, Rebekah Morris began the presentation by giving the attendees a brief overview of the market, including top players, with analytics taken from the BEX Database.…

Source: inMaricopa.com A state lawmaker from Maricopa is taking a direct route to fund an overpass on State Route 347 across Riggs Road. Rep. Bret Roberts is the primary sponsor of House Bill 2802. The brief text of the bill asks for the allocation of $35M for the construction. If passed, the money would be appropriated from the general fund for fiscal year 2020-21. Roberts cited the continuing growth of Maricopa, and the projected population of 124,000 in 20 years, as his reasons for taking the matter to the Legislature. At the same time, Pinal County is studying solutions for…

Source: Associated Builders and Contractors The construction industry added 44,000 net new jobs in January, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has expanded by 142,000 jobs, an increase of 1.9 percent. Nonresidential construction employment increased by 23,800 jobs on net in January and is up by 97,700 net jobs during the last 12 months, a year-over-year increase of 2.1 percent. All three major nonresidential categories added jobs, with the largest increase in the nonresidential specialty trade segment, which added 17,200 jobs for…

Awards & Accolades 1. Robson Communities was named the National Association of Home Builders (NAHB) Best 55+ Builder of the Year during the 2020 NAHB International Builders’ Show in Las Vegas. Boards & Commissions 2. Arizona Multihousing Association announced the election of its 2020 officers and board members. Assuming the chair is Kim Pacheco, CPM, Director of Multifamily Operations at Scotia Group Management Inc., in Tucson. Joining Pacheco on the leadership group are Reid Butler, vice chair, Butler Housing Company; Scott Hines, treasurer, PEM Real Estate Group; John Carlson, immediate past chair, Mark-Taylor Residential; Linda Coburn, secretary, NexMetro Development; and…

Sales Transactions 1. Southwest Value Partners, A real estate investment firm founded by Phoenix Suns owner Robert Sarver, has purchased the 235-key Hilton Scottsdale Resort & Villas for $62M, and the 378-room Doubletree Resort by Hilton Paradise Valley-Scottsdale for $100M from Rockpoint Group LLC. 2. BKM Capital Partners acquired several properties in Arizona totaling $157.5M. The properties in the newly acquired Phoenix portfolio include: Magnolia – a 35.4KSF building at 2655 Magnolia Street, Phoenix. Hohokam 10E – an 82-unit multi-tenant industrial property located along S. 48th Street, 12th Street, and S. Park Lane, Tempe. Broadwood – a four-building, 34-unit multi-tenant…

By Tasha Anderson for AZBEX The City of Phoenix recently received plans from San Antonio-based real estate developer, Embrey Partners, for a new six-story luxury multifamily development proposed for the Scottsdale Road Corridor. The project, dubbed Embrey Kierland North, is proposed as an approximately 272-unit “luxury rental residential community” to be located at the NWC of Scottsdale Road and Tierra Buena Lane, and will “provide quality modern urban living experiences for its future residents and create a pedestrian friendly, walkable environment streetscape along its Scottsdale Road frontage for the benefit of the larger community,” according to the project’s narrative. The…