Author: BEX Staff

By Maria Vasquez for Eloy Enterprise Last month Community Development Director Jon Vlaming presented City Council with a draft of amendments made by city staff as well as a private landowner. City staff was involved in updating selected elements and chapters while the private landowner requested a land use map change from light industrial to general industrial on approximately 397 acres located along Sunland Gin Road between Frontier Street and Interstate 10. The area is for the proposed Interstate 10-8 Business Park and with the change it would permit all industrial, employment and commercial use. One of the landowners surrounding…

By Alison Steinbach for The Arizona Republic The Arizona Department of Transportation plans to extend State Route 24 in southeast Mesa, given its proximity to the growing Phoenix-Mesa Gateway Airport region. The plan is to add another five miles to Ironwood Drive in Pinal County. State and federal agencies are finalizing design plans, and road construction is expected to begin next fall. The extension should open in 2022, according to ADOT. The project is budgeted at about $260M and is funded with a mix of local, state and federal funds. The extension will feature two lanes in each direction with…

By Chris Caraveo for Independent Newsmedia Maricopa County officials are looking ahead to another five years of planning for roadway improvements. The Maricopa County Department of Transportation is doing so through the Transportation System Plan 2040. The plan sets the framework of the future transportation system as population, development, technology, and other factors impact the country’s fourth-most populous county. The plan will evaluate roadway needs, set performance measures, and provide a clear vision through 2040. MCDOT said the TSP 2035 focused on capacity-driven needs. However, TSP 2040 will incorporate recent MCDOT planning efforts to inform a broader scope of needs.…

By Roland Murphy for ABI Multifamily As a reporter and an analyst, you are always on the lookout for things like riots, fires and mudslides because they’re riveting to report and write about. As someone who actually cares about the areas you cover, you want things to be slow, incremental and even placid. Q3 gave a fair amount of both and, unusually, did it in all the markets we cover. Following is a quick look at many of the happenings we’ve been following. National Rents In major markets across the U.S., rent growth has slowed or retreated slightly. While we…

Source: Associated Builders and Contractors Construction input prices remained unchanged on a monthly basis in October but are down 2.2 percent year-over-year, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data released. Nonresidential construction input prices fell 0.1 percent for the month and are down 2.0 percent compared to the same time last year. Falling energy prices accounted for much of the year-over-year price decline. Among the eight subcategories that decreased, the most significant were in natural gas (-31.8 percent), crude petroleum (-29.8 percent) and unprocessed energy materials (-26.3 percent). Monthly…

Awards & Accolades 1. Gould Evans + Canary was honored with the 2019 AIA Arizona Firm of the Year award. Notable award-winning and current projects include the Salt River-Pima Maricopa Indian Community Justice Center, the reimagining of Arizona State University’s Sun Devil Stadium, The Biodesign Institute A+B at Arizona State University, the City of Phoenix 7th Avenue Streetscape, Maricopa County South Court Tower, the South-Central Transit Oriented Development (TOD) Business Assistance and Land Use Planning Grant (City of Phoenix), and the Phoenix Central Station Transit and Mixed-Use Redevelopment currently in design. 2. AZCREW, the leading organization for senior-level executive women…

Sales Transactions 1. Knightvest Capital purchased Indigo Palms (now Oxford Apartments), a 432-unit, 404K+SF garden style multi-housing community in Phoenix, for $75M. Director Mike Higgins of JLL Capital Markets represented the buyer. JLL’s Capital Markets debt placement team representing the new owner consisted of Senior Director Brad Miner, Senior Managing Director Andy Scott and Director Mark Brandenburg arranged $57.2M in acquisition financing. 2. The Inland Real Estate Group of Companies, Inc. purchased Avilla Victoria, a 225-home Class A neighborhood on 18.6 acres, located at 20450 E. Ocotillo Rd., for $55.5M. NexMetro Communities was the seller. 3. LivCor purchased Solis at…

By Tasha Anderson for AZBEX The latest topic in the BEX Leading Market Series found attendees gathered at SkySong in Scottsdale on Wednesday, November 13th to discuss the current state and future of the Data Center market. After a few words from BEX President, Rebekah Morris on the upcoming Construction Activity Forecast event in January 2020, she dove right in to introduce moderator Kevin Connor, Vice President & Project Executive with SKANSKA, who then welcomed the speakers: Carl Beardsley, Brokerage & Capital Markets, JLL; JD Beatty, Economic Development Project Manager for the City of Mesa Office of Economic Development; and…

ViaWest Group announced it has closed on the acquisition of a 25.91- acre parcel located at the SWC of Elwood St. and Sarival Ave. in Goodyear, for $4.55M. The acquisition is a joint venture with a Philadelphia-based investment company. The land is zoned for industrial use and will be developed into three industrial buildings totaling approximately 410KSF. The Santa Ana, California-based seller was RADOS Properties-Arizona Land, LLC. Allen Lowe, Principal at Lee & Associates, represented both the buyer and the seller in the transaction. “The rapidly expanding Goodyear industrial market is a strategic location for a long-term investment.” said Gary…

Source: Arizona Department of Transportation The deadline is approaching for public comment on a Draft Environmental Assessment on improvements proposed for 11 miles of Interstate 10 between the Interstate 17 “Split” interchange and the Loop 202 Santan Freeway. The Draft Environmental Assessment, which was published on Oct. 4, is available for review at azdot.gov/I10BroadwayCurve. The deadline for comments to be included in the Final Environmental Assessment is Monday, Nov. 18. The Draft Environmental Assessment examines potential environmental impacts associated with the proposed improvements. Members of the public can review the document online or in person – printed copies are available…