Author: BEX Staff

Sales Transactions 1. MG Properties Group recently paid $110.25M for the 512-unit Biscayne Bay Apartments, 300 E. Warner Road, Chandler, from AllianceBernstein US Real Estate Partners. 2. Broadstone Real Estate paid $90.2M for two Hensley Beverage Co. properties in metro Phoenix. One is a 305.9KSF Hensley industrial building at 4201 N. 45th Avenue, Phoenix, and the other is a 230.8KSF distribution center at 2555 N. Nevada Street, Gilbert. 3. CBRE has obtained a $59.47M bridge loan for the acquisition of Camelback Esplanade III, a 218.4KSF Class A office building in metro Phoenix’s Camelback Corridor. Bruce Francis, Bob Ybarra, Dana Summers,…

By Tasha Anderson for AZBEX A unique, urban-style luxury multifamily residential development is being proposed just east of the SEC of Washington Street and the Loop 202 Freeway in Phoenix. Applicant and Land Use Attorney Earl, Curley & Lagarde, P.C., on behalf of Santa Monica-based Banyan Residential, submitted a request to the City of Phoenix to rezone approximately 4.79 acres of underutilized land at 5321 E. Washington Street to Mixed-Use in order to construct the 223-unit multifamily community, dubbed Banyan Washington. Banyan Washington will consist of three, five-story buildings that will house a mix of studio, one- two- and three-bedroom…

Source: AZ Big Media Legacy Traditional Schools is building a second school in the Surprise area, located at Cactus Road and Cotton Lane. The West Surprise school, which is Legacy’s 16th Arizona campus, is scheduled to open in the fall of 2020. Legacy Traditional School – West Surprise will open its doors at a brand new 83KSF facility located west of Arizona State Route 303. The new school will serve grades K-8. In addition to an accelerated, rigorous curriculum, Legacy’s new campus will offer: Tuition-FREE K-8th Grade Mozart Performing Arts and Momentum Fitness programs for students in grades 3-6; Free…

Source: Arizona Department of Transportation The Arizona Department of Transportation wants your input on potential projects to improve safety and mobility on State Route 87 between Fountain Hills and Payson, a popular route for those traveling to the high country. ADOT is conducting a Corridor Development Study along the 59-mile stretch of SR 87 to improve safety, mobility and the needs of commercial vehicles. Several potential roadway improvements have been identified to improve corridor mobility and safety, including climbing and passing lanes, shoulder improvements, rock fall mitigation and traveler information systems. Area residents and those who travel the SR 87…

By Felicia Fonseca for Arizona Daily Sun The U.S. Forest Service, faced with the slow pace of forest thinning, is seeking proposals to remove dense stands of trees in a wide swath of Arizona to help prevent wildfires. The work is part of the Four Forest Restoration Initiative, the largest project of its kind within the Forest Service. It eventually will cover 3,750 square miles along a prominent line of cliffs that divides Arizona’s high country from the desert. The bidding opened Monday for work on up to 1,278 square miles in parts of the Kaibab, Coconino, Apache-Sitgreaves and Tonto…

Source: Associated Builders and Contractors U.S. construction industry leaders’ confidence diminished somewhat in July 2019, yet they remain optimistic regarding nonresidential construction’s near-term prospects, according to the Construction Confidence Index released by Associated Builders and Contractors. While contractor confidence regarding sales, profits and staffing levels declined for a third consecutive month, all three principal components measured by the survey remained well above the diffusion index threshold of 50. More than 60 percent of contractors expect sales to increase over the coming six months, while more than 56 percent expect staffing levels to increase and 52 percent expect profit margins to…

Groundbreakings 1. A block party and groundbreaking ceremony will be held on October 7th to celebrate the beginning of construction on Thunderbird School of Global Management’s $75M, state-of-the-art global headquarters facility on Arizona State University’s Downtown Phoenix campus. Jones Studio, Inc. is the architect and Okland Construction is the general contractor. Construction is expected to be complete in 2021. 2. Creighton University will mark its commitment to expanding health education in Phoenix with a ceremonial groundbreaking of the nearly $100M, 180KSF home of its new Health Sciences – Phoenix Campus at Park Central, 3100 N. Central Avenue, on September 25th.…

By Mark Cowling for Florence Reminder Blade-Tribune After developing in a mostly haphazard fashion for almost 30 years, there’s now a proposal for master planning Heritage Park for a more rewarding experience. The three baseball fields will remain, but visitors will also be attracted to a new 1.4-acre lake. Big lawns on both the east and west sides of the park may accommodate a variety of recreation and relaxation in the park at the end of North Main Street. A diagonal path will bisect the park, making different sections more accessible and creating space for food trucks, farmer markets and…

By Tasha Anderson for AZBEX DBM Ventures is planning a new multifamily development on a vacant site at the SEC of Nevada Street and Commonwealth Avenue in Chandler. The Chandler City Council discussed a request for preliminary development plan approval for the project and an Area Plan Amendment from Business Park/Light Industrial to High Density Residential at its September 9th study session and at its September 12th regular meeting. The project, currently known as Nevada Street & Commonwealth Avenue Apartments, is proposed as a four-story, 231.3KSF multifamily residential development on 5.58 acres. The development will consist of three buildings a…

By Rebekah Morris for AZBEX A rezoning case has been submitted to the City of Scottsdale that would pave the way for a mixed-use development located at 1000 N. Scottsdale Road, the NWC of Continental Drive and Scottsdale Road. The property is south of Papago Plaza and McFate Brewing Company, across the street and slightly south of SkySong. The proposed development would replace the existing Mark Kia dealership with 282 units of apartments and 13.5KSF of retail. Project Description Of the 282 apartment units, 184 are planned to be one-bedroom while 92 are planned as two-bedroom, and six studio apartments…