Author: BEX Staff

Source: AZ Big Media At a time when millennials are reaching key life milestones, the U.S. housing market will continue to slow in 2020 as inventory reaches historic lows and economic uncertainty prompts consumers to pull back on their spending, according to the realtor.com 2020 Housing Forecast released. The housing forecast predicts that despite some relief from new construction, moderating home prices and relatively low interest rates, first-time buyers will continue to struggle with affordability. Sellers will contend with flattening price growth and slowing activity. These trends will drive existing home sales down 1.8 percent to 5.23M. What Will 2020…

By Kelsi Maree Borland for GlobeSt.com The Phoenix industrial market has found its perfect balance. The market has one of the most active new construction pipelines in the nation for industrial product, but the development isn’t in danger of surpassing demand. “The most remarkable factor of the Phoenix Industrial Market has been consistency,” Cooper Fratt, SVP at CBRE, tells GlobeSt.com. “Each year, beginning in 2016, Phoenix has seen between 9.5MSF and 10MSF of annual net absorption and between 17MSF and 18MSF of annual gross absorption. This trend has held true through the first three quarters of 2019 and we expect…

Groundbreakings 1. Sigma Contracting, Inc. broke ground on the iconic Papago Plaza in Scottsdale for up to 88KSF in new retail and office buildings and a 120KSF parking garage. Sigma’s portion of the project is valued at $11M-$16M and will consist of the complete demolition of the original Papago Plaza. The architect of record is Nelsen Partners. Notable subcontractors include Atwell Demolition (building and site demolition) and Coreslab (precast for the parking garage). 2. Capstone Development Partners announced a new student housing project under development with Arizona State University on its Polytechnic campus. The $34.2M project is scheduled to be…

By Tasha Anderson for AZBEX National real estate development firm, Alliance Residential Company has submitted plans to the City of Phoenix for a new multifamily residential development just east of the NEC of Camelback Road and 7th Avenue. Alliance is requesting a rezoning of the 4.35-acre site at 502 W. Camelback Road, from “Intermediate Commercial District with a height waiver and density waiver, Interim Transit Oriented Zoning Overlay District One” to “Walkable Urban Code, Transect 5:5 District, Transit Uptown Character Area”. The site currently houses the former Hotel 502 on Camelback building, which is expected to be demolished to make…

By Ron Eland for Sedona Red Rock News It was another unanimous vote by Yavapai County officials. On Wednesday, November 20th, the Yavapai County Board of Supervisors voted 5-0 to approve a zone map change for a proposed 154-room Hilton Garden Inn at the intersection of Jacks Canyon Road and State Route 179 in the Village of Oak Creek. The decision comes on the heels of the Yavapai County Planning and Zoning Commission’s 10-0 vote on June 20 in favor of recommending a zone change approval to the supervisors. Prior to the vote, District 2 Supervisor Tom Thurman said even…

By Richard Dyer for Queen Creek Independent A total of 13 road-construction projects are planned in the Town of Queen Creek in 2020, with three starting before the end of 2019. The 10 projects that will begin construction in 2020 are: Signal Butte Road and Queen Creek Road Intersection Queen Creek Road, Ellsworth Road to Crismon Road Ocotillo Road, Signal Butte Road to Ironwood Road Ocotillo Road, Hawes Road to Sossaman Road Chandler Heights Road, Via Del Arroyo to Power Road Chandler Heights Road, Power Road to Recker Road Power Road, Brooks Farm Road to Power Road Munoz Street, Ellsworth…

By Gary Nelson for East Valley Tribune Back in the day when Mesa first appointed a citizens advisory panel to evaluate the appearance of new buildings in the city, they named it the Design Review Advisory Board. The acronym – DRAB – may have been unfortunate, but city officials admit it could describe a lot of the architecture passing muster at City Hall over the years. DRAB is now just the Design Review Board, but body and the city’s professional planning staff still don’t believe they have the tools they need to begin giving the city a facelift. But it’s…

Source: Marcum LLP The Marcum Commercial Construction Index for the third quarter of 2019 finds the industry in overall good health as 2020 approaches, despite some causes for concern. Entitled, The Good, The Bad, and The Ugly, the report is produced by Marcum LLP’s Construction Services Group. The Good On the positive side, Marcum’s third quarter index points to increased public construction spending, growing backlogs, falling input prices, the ongoing U.S. economic expansion, a strong construction labor market, and interest rate cuts as key factors sustaining the construction industry’s momentum. Highlights noted include: A 1.5 percent increase in public construction…

Giving Back 1. George Randall and Payson Concrete & Materials once again did their part to make it a good Thanksgiving for Rim Country residents in need by donating $4K to split evenly between four area nonprofits, and more than a ton of food to the food bank. Every October the local business owned by brothers George, Robert and Fred Randall, raises food to donate to the St. Vincent de Paul Food Bank and money for four Rim Country nonprofits through their Oktoberfest project. 2. The Sundt Foundation awarded over $95K in grants to 26 Phoenix-area nonprofits, including Maggie’s Place,…

Sales Transactions 1. Forum at Gilbert, LLC purchased The Forum at Gilbert Ranch, a 92K+SF Class A office and medical campus at 1472,1482,1528 and 1530 E. Williams Field Rd and 2314 S. Val Vista Dr., Gilbert, for $20.5M. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix represented the seller, EverWest Real Estate Investors. Jeff Stein and Jeff Harris of CBRE Debt & Structured Finance in Houston arranged the financing for the buyer. 2. BCH 3001LP purchased Bellum Manor, a 214-unit apartment located near the I-17 freeway and Thomas Ave…