Author: BEX Staff

By Sanjana Garg for Phoenix Business Journal Sparrow Partners has started construction on a 193-unit active-adult community in downtown Surprise, called Mera City Center. The company also plans to begin work on three more active-adult communities in the Phoenix area and will invest approximately $150M across all four deals. The second development, Mera Goodyear, will be a 188-unit community next to the planned 36-acre Centerscape mixed-use project. Construction is expected to begin in March. The Mera City Center project in Surprise is part of the master-planned Surprise City Center project. That project and Mera Goodyear are scheduled to open in…

Source: Real Estate Daily News Work at 75 E. Broadway could soon recommence after the Rio Nuevo Board reached an agreement with the developers of the mixed-use project planned for the site. Last year, the Board learned that JE Dunn, the original developer/general contractor, wanted to transfer its ownership share to its co-developer Dabdoub Schwabe Properties. Marcel Dabdoub said that an agreement had been reached with a lender to provide the funding for such a transfer. The Board unanimously voted to give the group a 60-day extension to finalize the deal. Dabdoub said the potential investors have expressed a desire…

Groundbreakings 1. Sundt Construction, Inc. has started work on the new Ruthrauff Road and Interstate 10 (I-10) interchange on the Northwest side of Tucson for ADOT. The $79M project includes widening I-10 to four lanes in each direction and reconstruction of the traffic interchange. Construction is slated to complete by the end of 2021 with the Ruthrauff Road overpass opening to traffic by fall 2021 and interchange ramps opening later in the year. 2. Hamilton Partners recently broke ground on the Hamilton Commerce Center, a three building, 300KSF industrial complex in the Estrella Industrial area of Avondale. The project was designed by…

By Tasha Anderson for AZBEX Plans for the hotel portion of the 134-acre Cavasson mixed-use development located at the NWC of Loop 101 and Hayden Road have recently been submitted to the City of Scottsdale. BRP Architects, on behalf of developer, Nationwide Realty Investors, has requested site plan, landscape plan and building elevation approval for the development of a 199KSF, full-service Hilton brand hotel on a +/-5-acre site at 7965 E. Cavasson Boulevard. The project, to be known as Hilton Scottsdale North at Cavasson, is proposed as a six-story, 230-room hotel with 15KSF of meeting space, outdoor pool and full-service…

Source: Colliers International Goettl Air Conditioning & Plumbing has purchased approximately six acres of land at 8701 E. McDowell Road for approximately $5M. The company plans to build a new corporate facility on the site that will serve as its corporate headquarters and also house the firm’s new “Goettl University.” The property will be the site of an approximately 60KSF commercial building, scheduled for completion in late 2020. In addition to the Goettl Headquarters, the company will operate its Goettl University in the new building. The new, high-tech trade school will be the first of its kind in their industry.…

By Jon Hecht for JournalAZ.com The Cottonwood City Council unanimously voted in favor of selling a 3.74- acre parcel of land at 535 S. Sixth Street, to Sunridge Properties Inc., a management company that has 17 hotels spread across Arizona, California, Colorado, New Mexico and Utah, for a price of $383,328. The sale is equal to $4/SF, based on a January 2018 appraisal. Sunridge requested to purchase the property with a plan to build a Springhill Suites by Marriott hotel at the location, with a plan for 85 beds. Sunridge expects to spend $11M to construct the new hotel. “Our…

Awards & Accolades 1. Sen. Lisa Otondo (D-Yuma) and Rep. T.J. Shope (R-Coolidge) were recognized by the Arizona Association for Economic Development (AAED) with a 2019 Economic Development Champion Award. Otondo was the lead on water issues going into the 2019 legislative session and was a tremendous advocate for passage of the Drought Contingency Plan (DCP). Shope advocated for infrastructure improvements in the budget, resulting in an allocation of $10M for I-10 expansion from Phoenix to Casa Grande. 2. Darren Tappen, senior vice president and managing director, and Jenette Bennet, a first vice president and shareholder of Kidder Mathews Phoenix…

Sales Transactions 1. Nelson Partners Student Housing has acquired Sol y Luna, a 14-story, 341-unit modern student housing complex located just 38 feet from the University of Arizona in Tucson, for $200M. Timothy S. Bradley of TSB Realty closed the transaction. 2. FSC Realty purchased Parc Midtown, a 306-unit apartment complex just west of the Central Avenue and Indian School Road intersection in Phoenix, for $78.5M. Steve Gebing and Cliff David with Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Evergreen, and procured the buyer. 3. Harbor Group International purchased Luxe Scottsdale, a 218-unit apartment…

By Tasha Anderson for AZBEX Plans for a new multifamily affordable housing development to be located near the Light Rail Corridor have recently been resubmitted to the City of Phoenix. Catholic Charities Communities Services of Arizona, along with developer, Trinity Housing Development is requesting to rezone approximately 3.9 acres just north of the NEC of 19th Avenue and Camelback Road at 5033 N. 19th Avenue, from Intermediate Commercial District, Interim Transit-Oriented Zoning Overlay District One and Walkable Urban Code, Transect T5:5 District, Transit Solano Character Area, to Walkable Urban Code Transect T5:5 District, Transit Solano Character Area. The City of…

By Mark Carlisle for Independent Newsmedia The coming year in Goodyear will be marked by the development of four major city projects, plenty more businesses coming to town and continued population growth. Goodyear is planning two new fire stations, a recreation center, a water treatment facility and a Civic Square, which will include a new City Hall, a new library, a two-acre park for festivals and retail and office space. City Projects Each of the planned city projects are at different stages. Fire Station 186, at Northeast Rainbow Valley and Willis roads, will be the first to be completed. It…