Author: BEX Staff

By Roland Murphy for AZBEX (NOT BEXCLUSIVE) Developer K. Hovnanian Homes has submitted a request to the City of Scottsdale to rezone 16.3 acres at the NWC of Scottsdale Road and Williams Drive for a 115-unit community of two-story, for-sale townhomes. The location is within the Silverstone master plan. The current zoning is for commercial offices in a planned community district. The requested rezoning is multifamily residential in a planned community district. The property is on the former home of the Rawhide Western Town attraction and sits west of the Vi at Silverstone retirement community and south of the San…

The Tempe City Council will vote this week on a new ordinance that would compel construction contractors to follow prevailing wage rules for City projects. Supporters say the rules, which set labor compensation based on regional pay levels for different worker groups, ensure workers on municipal projects are paid fairly, since prevailing wage rates are almost always more than minimum wage. Opponents say the practice increases costs and undermines the ability of some contractors, particularly smaller operations, to compete for work. The rules can influence the bid amounts contractors submit for project consideration and can add significant administrative burdens, they…

By Rebekah Morris for AZBEX Sky Harbor West Terminal will be massive… and won’t hit construction for at least 5-7 years. In the recent State of the City address by Mayor Kate Gallego, much ado was made about the future West Terminal planned for Phoenix Sky Harbor International Airport. Planning for a new terminal is in its infancy and was initially described in the 2019 Comprehensive Asset Management Plan, which was updated in 2022. According to a press release distributed this week, more than 48 million passengers used Sky Harbor in 2023, and passenger numbers continue to grow. As a…

A new report from Prologis predicts a combination of pent-up Industrial demand and a slowing in new deliveries will bring about vacancy of around 6.5% this year, falling to the mid-5% range in 2025. Prologis’ Industrial Business Indicator Activity Index showed that while net absorption lagged in April, market activity was consistent with increasing demand, including data showing businesses restocking inventories and strong consumer activity. Concurrently, Industrial construction has slowed amid short-term fears of over-delivery. The company predicts this will lead to increased competition for space and an increase in rents. In April, the Activity Index was 56.3, dipping slightly…

By BEX Staff for AZBEX New data from RealPage Market Analytics shows a slight increase in multifamily occupancy for the first time since early 2022. The latest numbers show a month-over-month increase of 0.1% from March to April 2024, and the trend was evenly reflected across all four regions studied: Northeast, Midwest, South and West. The data indicates increasing demand is carrying over from the record Q1 total of more than 100,000 units of net absorption and that the normal seasonal pattern of increased demand in late spring and early summer is in effect. Rent growth, however, rose just 0.2%…

Under a joint venture partnership called Blue Polymers LLC, waste management firm Republic Services and plastics maker Ravago plan to build a 165KSF recycled products production facility in Merit Partners’ Buckeye Industrial Park. The company paid $10.2M for the roughly 20-acre site earlier this year. The $95M facility will reduce, wash and purify plastic materials into resin pellets that can be used for manufacturing packaging, such as plastic containers and bottles. It will be Blue Polymers’ second U.S. location. The plant is expected to create approximately 60 new permanent jobs. The design firm is Butler Design Group. The civil engineer…

Awards & Accolades 1. The NAIOP Arizona Chapter hosted its annual Best of NAIOP awards ceremony at JW Marriott Scottsdale Camelback Inn Resort & Spa. The award winners in the Projects category were: Economic Impact Project of the Year: Yuma | 143; Industrial Build-to-Suit Project of the Year More Than 500,000 SF: 303 Crossroads/Puma; Industrial Build-to-Suit Project of the Year Less Than 500,000 SF: Cutter Aviation – New Hangars at Phoenix Deer Valley Airport; Industrial Tenant Improvement Project of the Year: AMPlify Sky Harbor; Medical Office Project of the Year: Banner Sports Medicine Scottsdale; Multifamily Project of the Year: AVE…

A City of Sedona budget work session last month revealed staff plans to use $18.9M to subsidize four planned apartment projects that will deliver 272 units to the local housing inventory. The largest subsidy is set at $7.75M for Sunset Lofts, a 46-unit development that was initially approved in 2022. The subsidy was renegotiated last August and included a requirement that the developer had to begin construction by April 1 of this year. That deadline was missed, and the property is now being deeded back to the City. The current estimated cost to build Sunset Lofts is $18.3M. So far,…

The U.S. Bureau of Reclamation is considering a reengineering project for Glen Canyon Dam to protect the dam’s ability to deliver water and power if Lake Powell’s levels fall below 3,490 feet. The discussion was prompted, in part, when four steel tubes, known as outlet works, were reportedly damaged last year during an experimental flow intended to restore sediment to depleted Grand Canyon beaches. While the damage was not crippling, the Bureau issued a memo earlier this year that the outlet works should not be relied upon as the only source of delivering water through the dam at periods of…

By Roland Murphy for AZBEX A new 90-unit apartment community could be in the works for a prominent site near downtown Prescott. 500 S. Marina Street has been home to a children’s hospital, a mental hospital and was also the location of the Yavapai County Development Services offices until 2012. The building on site has sat vacant since then, and a demolition permit was issued last November. Owner YH Development Properties has requested a rezoning and minor general plan amendment for 0.6 acres of a nearly 3.3-acre total site to allow construction of the new multifamily community. According to the…