Author: BEX Staff

By Adrienne St. Clair and Roland Murphy for Arizona Builder’s Exchange Investment Development Management, LLC (IDM Companies) has submitted a proposal to the Town of Gilbert for a zoning change and plan to build a new multifamily residential community just north of the NWC of Recker and Williams Field Roads. The Cooley Station area has been awash in new development for some time. Currently there are two master plans – one for a shopping center and one mixed-use retail/office/residential – and three multifamily projects in various stages of planning or construction. The new Cooley Station Apartment Homes will have 184…

Awards & Accolades 1. RKAA Architects, Inc. has earned the Inside Self-Storage “2018 Best of Business” Award for Best Architectural Services. 2. RVi Planning + Landscape Architecture announced that Annie Vos, designer in its Tempe office, has been selected for the Valley Leadership Accelerate Program, Class of 2018. Company News 3.  Cushman & Wakefield plc this week announced the closing of its initial public offering of 45,000,000 of its ordinary shares, at a price to the public of $17/share. The underwriters exercised in full their option to purchase an additional 6,750,000 ordinary shares from Cushman & Wakefield. The total IPO size was 51,750,000…

Groundbreakings 1.  Bourn Companies has broken ground on a new 200KSF corporate employment center for GEICO on 20-acres near 36th Street and MLK Jr. Way, at The Bridges planned master site in Tucson. 2. A.R. Mays Construction announced the start of work on the Westgate Healthcare Campus project at Glendale and 99th avenues. The 13.9KSF, $2.3M facility is scheduled for completion in January. Progress Reports 3. As work on the Loop 202 South Mountain Freeway continues, more than 60 painted precast concrete fins will be placed periodically depending on the grade of the freeway. On flatter stretches the fins are farther apart,…

By Tasha Anderson for Arizona Builder’s Exchange Opportunity was the main takeaway at this month’s AZBEX Leading Market Series. More than 50 attendees gathered at the DoubleTree by Hilton in Tempe on Thursday, August 3, for an update into the hospitality market and walked away with a positive outlook on things to come. Rachel Kettenhofen, VP of operations for AZBEX, began the presentation by giving attendees a brief overview of the state of the hospitality market as of the end of 2017, using information taken from the AZBEX Database. “The hospitality sector accounts for 5.83 percent of the total construction…

By Roland Murphy for Arizona Builder’s Exchange It is with shock and heartfelt sadness we say goodbye to Melinda (Fixx) Jones, who passed away suddenly over the weekend. Some in the community may not know her name, but regular AZBEX readers know her work: For the past several months she has been writing planning and development pieces for us under the byline of Jane Stewart. Melinda-Jane, as she was known around our office, leaves behind a husband, young son, other family members, friends and a cadre of professional associates who will now have to carry on without her talent, work…

By Roland Murphy for Arizona Builder’s Exchange Tempe Crossroads, a new mixed-use development planned at the NWC of South Terrace Road and East Orange Street, is scheduled for final consideration by Tempe City Council on Thursday, Aug. 9. Plans call for two residential buildings – one at five stories and one at seven – consisting of 264 student-oriented residential units and six live-work spaces for a total of 837 bedrooms. Also included in the proposal is 13KSF of amenity space, 9KSF of commercial area and a six-floor parking garage with 473 total spaces. The total proposed area for the development…

By Adrienne St. Clair for Arizona Builder’s Exchange Vedura Residential has submitted a project proposal to the Town of Gilbert to build a new multifamily development on the SEC of Santan Village Parkway and Boston Street. The project, Elevation SanTan, will be 138KSF and sit on approximately 8.9 acres. It will consist of 297 new luxury units split up between multiple two- and four-story buildings. Each individual unit will have a balcony and parking, and the finished community will include a clubhouse and pool area. The project is valued at $15M-$25M. The site is currently vacant but is surrounded on…

Sales Transactions 1. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Velaire at Aspera, a 286-unit core multifamily asset in Glendale. The property sold for $64.35M. Steve Gebing and Cliff David represented the seller, P.B. Bell, and procured the buyer. 2. EverWest, in partnership with WHI Real Estate Partners L.P. and co-developer George Oliver Companies, has completed the sale of The Quad, a $23M, 167KSF redevelopment project that reformed a 1982-built executive suites campus into a creative office community in Scottsdale. CJ Osbrink, Kevin Shannon, Ken White, Paul Jones, Brunson Howard and Rick Stumm of NKF Capital…

By Florentina Sarac for RentCafé Following an almost decade-long period of vigorous expansion, the growth of the U.S. renter population has reached a plateau in 2016. Construction had continued to break records – until this year, when Yardi Matrix market data suggests that the total number of new completions is going to remain far below the 300K mark. Compared to 2017 when the number of new deliveries reached an all-time high mark in the last 20 years, 2018 will see about 34,900 less deliveries ready to hit the market. The amount of new construction has followed a fast-ascending trend in the past 6…

By Adrienne St. Clair for Arizona Builder’s Exchange Earnhardt Arizona Properties has submitted a site plan review to the City of Mesa to build a Kia dealership in the Superstition Springs Auto Park. The new Earnhardt Kia will be built on 4.6 acres in the auto park and will include two buildings – the sales and service facilities – totaling 76KSF, and a 2-level, 41KSF parking garage. The developer proposes to build a retention basin on the southwest portion of the site. The owner also plans to create three new driveways onto the property from Auto Park Drive. The project…