Author: BEX Staff

Namastay Development and Hospitality Capital Partners are planning to renovate and rebrand Old Town Scottsdale’s The Monarch. Originally built in 1975, the 194-room hotel on Drinkwater Blvd. will soon see an extensive renovation, with upgrades to guest rooms, common space, food and beverage components and exterior features. The Monarch will also be rebranded as “Hotel Solaya.” The design firm is Studio 11. Property management will be by Dreamscape Hospitality. Funding for the renovation comes via a $23.5M mezzanine loan provided by Lionheart Strategic Management and Schroders Capital. The transaction was led by Andy Klein and Randal Gleeson with Lionheart and…

Giving Back 1. The Terracon Foundation recently awarded a $2.3K grant to TMM Family Services in Tucson. The funding will support the TMM Workforce Development Center, which hosts workshops on employment readiness, financial literacy, education and life skills. Since its founding more than 15 years ago, the Terracon Foundation has awarded nearly $5M to community organizations, universities, dependents of employees and disaster relief efforts. Company News 2. Lōkahi recently celebrated its sixth anniversary, highlighting internal growth, new hires and continued investment in team development and community efforts, including a scholarship program. 3. Sunstone Two Tree, a developer and operator of…

Sales Transactions 1. Fairfield Residential has disclosed two more multifamily acquisitions as part of its recent Phoenix area portfolio purchases. The company paid $120M for The Laurel Apartments in Chandler and $97.38M for Slate Scottsdale on 68th Street in Phoenix. Combined with its other three recent buys, the five-site portfolio purchase totals 1,568 units and $462.38M, the largest multifamily portfolio acquisition in Arizona history. 2. LaSalle Investment Management, a subsidiary of JLL, purchased the 1MSF industrial distribution center at 8900 N. Sarival Ave. in Waddell for $140.2M. Clarius Partners LLC sold the property. The buyer and seller were represented by…

By Roland Murphy for AZBEX In its July 16 meeting, the Eloy Planning and Zoning Commission heard requests from project owner Eloy 170, LLC for rezoning and General Plan amendments for a pair of sites at Milligan Road and Sunshine Blvd. that will be developed as Eloy Commons. Eloy Commons North The first property, referred to as Eloy Commons North, is currently 33.86 acres of Community Commercial-designated land. The minor GPA would change its land use to 21.54 acres of Light Industrial and 12.32 acres of Medium Density Residential. According to the submitted project documents, “Most of the property is…

By Roland Murphy for AZBEX Land development and holdings company Vermaland is proposing a 3,374-acre site in Pinal County along the Green Canal near Eloy as a major data center and energy hub. The Planning and Zoning Commission reviewed the Comprehensive Plan amendment request in a July 17 work session but took no action. The request would change the land use designation from Very Low- and Moderate Low Density Residential and existing open space to Employment, General Public Facilities/Services, and Major Open Space. The Employment area would carve out roughly 1,910 acres for data center and other employment uses. Part…

By Roland Murphy for AZBEX While some jurisdictions are racing to curtail data center development, it appears to be a booming sector for upcoming planning in Pinal County. During the same July 17 work session that saw discussion of the Vermaland La Osa Employment Center master plan, which has the potential to become the largest data center site in the state, the Pinal County Planning and Zoning Commission also reviewed a plan from IDM Companies for a data center development on 215 acres at Selma Highway and Midway Road near Casa Grande. IDM is requesting a major Comprehensive Plan amendment…

By BEX Staff for AZBEX Skyline Towns, a proposed 100-unit gated townhome community, was recommended for approval by the Apache Junction Planning and Zoning Commission during its July 22 meeting. The proposed townhome development, located on a 9.4-acre site at the NWC of Winchester Road and Junction Street, is set to include five three-plex and 17 five-plex buildings. The site plan lists Bela Flor Communities as the developer, while Reese Anderson of Pew & Lake is providing legal representation. EPS Group, Inc. is listed as the civil engineer, landscape architect and planner. Each building will be two stories, with a…

Groundbreakings 1. Rust Land Management has broken ground on Palomino Ridge, a 66-acre subdivision in Maricopa that will add 226 homes between Maricopa Meadows and the Union Pacific Railroad. Dream Finders Homes is building the project. 2. Petrified Forest National Park will begin a multi-year restoration of the Painted Desert Community Complex in September. Stronghold Engineering is leading the project, which will rehabilitate the northern visitor center and park headquarters to address structural issues, improve accessibility and restore historic design elements. The project is funded through the Great American Outdoors Act. 3. The Phoenix Zoo has broken ground on two…

By Roland Murphy for AZBEX The next round is chambered in an ongoing battle over a north Scottsdale healthcare campus: Banner Health has submitted its rezoning and conditional use permit requests for 31.5 acres for the property at the NEC of Mayo Blvd. and the Miller Road alignment. At first blush, it looks like a straightforward step by the state’s largest private employer to develop the second phase of a long-planned project. Phase I, which consists primarily of a 119KSF medical office building, is currently under construction. However, since it was first announced, rival healthcare giant HonorHealth has gone to…

By Roland Murphy for AZBEX Affordable housing developer Dominium has successfully closed on a roughly 26-acre site for Allasso Ranch, a planned 304-unit Build-to-Rent community south of Happy Valley Road and 147th Avenue in Surprise. The site is zoned R-3 multifamily, which is the correct type for this development, according to the site plan. The maximum allowed density is 11.9 units/acre. Allasso Ranch will come in at 11.88 if built as planned. The planned unit mix calls for 152 three- and 152 four-bedroom units. Both unit counts are planned with eight units in single-story and 144 units in two-story buildings.…