Author: BEX Staff

Sales Transactions 1. The Morgan Group sold the Pearl Biltmore for $152M. The Nashville-based Covenant Capital Group is the buyer. Morgan Group originally developed the 472-unit property, which opened in 2021, in a joint venture with Mesirow. 2. JLL Capital Markets facilitated the sale and acquisition financing for Casas Adobes Plaza. The shopping center sold for $51M. JLL worked on behalf of the seller, First Washington Realty. The buyer was not disclosed. 3. Mountain Vista, an 80-acre manufactured home development in Tucson, recently sold for $34M. The seller was an affiliate of the Pegasus Group. The buyer was an affiliate…

By Roland Murphy for AZBEX An “age in place” senior living community with nearly 1,000 residential units and 250 assisted living spaces has been proposed in north Scottsdale near the Optima McDowell Mountain Village multifamily community. Owner and developer Erickson Senior Living has submitted a development plan and approval request for Erickson Scottsdale, a “Continuing Care Retirement Community” planned on 57 gross acres approximately 900 feet east of Scottsdale Road on the north side of Princess Blvd. The site is west of the Miller Road alignment and south of the Mayo Blvd. alignment. The conceptual site plan features 967 residential…

Tempe City Council has approved Swire Coca-Cola’s request to build the equivalent of a 16-story production and storage facility on 42.5 acres northeast of Interstate 10 and West Elliot Road. Editor’s Note: AZBEX was the first outlet to report on this project when it was publicly introduced earlier this year. (AZBEX, June 7) The redeveloped Coke plant will now be the tallest building within a 7.5-mile radius stretching to downtown Tempe. A planned area development modification of height standards to 160 feet from 90 was sought. The plant already fits the location’s zoning requirements. Redevelopment is being requested as the…

By Arizona Department of Transportation The Arizona Department of Transportation is preparing to move forward with a project in 2025 that will reconstruct and widen Interstate 10 between Kino Parkway and Country Club Road southeast of downtown Tucson. The State Transportation Board awarded the design-build project to Sundt-Jacobs. At $600M, it will be the largest highway construction project in southern Arizona history. The project will include: Widening I-10 to three lanes in each direction between Kino Parkway and Alvernon Way, and to four lanes in each direction west of Kino Parkway; Reconstructing the interchange at Kino Parkway; Removing the existing…

By BEX Staff for AZBEX Earlier this month, the Tempe Development Review Commission voted 7-0 to advance a strip mall proposal to City Council. Council has scheduled hearings for Sept. 5 and Sept. 19, with a vote scheduled for the second meeting. The development plan for the unnamed retail center features four single-level buildings. The total building area is 27.5KSF, with 11.5KSF dedicated to retail space and the remaining 16KSF for restaurant use. The project site is at 862 East Warner Road, on the NWC of Rural and Warner. The proposed plan contains 235 parking spaces, just short of the…

Groundbreakings 1. Okland Capital and San Tan Development Group announced they have broken ground in phase one of Northside at SanTan Village. Phase one totals 37.2KSF across six different buildings. Okland Construction is the general contractor with Aline Architecture Concepts as the design firm. 2. Peg recently announced construction has begun on AC Hotel by Marriott Scottsdale. The hotel will include 168 rooms with 4KSF of retail space on the ground floor. The adjacent Kimsey building will be preserved to serve as a leasing lobby, fitness room and housing residential units. The hotel and the Kimsey building will share an…

Evergreen Devco is nearly ready to begin work on converting an obsolete office site at the SEC of 48th Street and Alameda Drive in Tempe into a new two-building multi-tenant industrial campus. The Tempe Development Review Commission approved the plan review in February, and Evergreen purchased the site for slightly more than $13M in July. The demolition process for the existing 157KSF building is underway. Once the site is prepared, Evergreen plans to build two speculative industrial buildings totaling more than 171KSF, along with 65.6KSF of outdoor storage space. Evergreen officials say 48th @ Alameda will be targeted toward small-to-medium…

By BEX Staff for AZBEX The Pinal County Board of Supervisors heard, but took no action on, a request from Judd Ventures LLC to reclassify 96.8 vacant acres at the SEC of Judd and Felix roads north of Florence to allow for employment and supporting mixed-use development. The owner is requesting a major comprehensive plan amendment from moderate low-density residential to 80 acres of employment and 16 acres of mixed-use residential focus. According to the submitted project description for Sunhill, “The development intent of the proposal is to allow for the majority of the property (~80 acres) to be developed…

By Roland Murphy for AZBEX The Tempe Development Review Commission is scheduled to take up a series of requests from developer Greenlight Communities that would allow for the development of 229 workforce/attainable apartments on 7.69 acres near the SWC of Guadalupe and Kyrene roads. In supporting materials for the Cabana Kyrene requests, Greenlight says the site has been unimproved for “several decades” and “will add needed attainable housing options in south Tempe.” According to the submitted project narrative, “The intent of the Project is to diversify the mix of uses along the Guadalupe Road and Kyrene Road corridors by providing…

By BEX Staff for AZBEX Simon Med (as 101 W. Healthcare Subsidiary LLC) has proposed a mixed-use development with 239 apartments and 13KSF of commercial on 19 acres near the NWC of 99th and Glendale avenues. The developer has requested a minor general plan amendment to entertainment mixed-use and a rezoning to planned area development. The location is currently designated as a planned commercial, business park and entertainment mixed-use. According to the submitted project narrative, “Simon Med anticipates the development will be constructed in multiple phases. The multifamily residential component will be developed in two phases and the commercial development…