Author: BEX Staff

By BEX Staff for AZBEX Rejecting the recommendations of County staff and the Planning and Zoning Commission, the Pinal County Board of Supervisors has voted to approve a set of rezoning and associated requests for Rancho Bella Vista Mixed-use, a 252-unit workforce affordable housing development on 12.9 acres with an associated 3.9 acres of retail at the SEC of Bella Vista and Gantzel roads in San Tan Valley. The full site had previously been zoned for commercial and has sat vacant for 20 years. In recommending against the requests, staff expressed the opinion that commercial was a more desirable use…

While one report should never be seen as indicative of a trend in and of itself, good news is always welcome. The latest NAIOP index of commercial real estate sentiment, which measures developers’ and building owners’ expectations for conditions for the next 12 months, has risen above the 50 threshold for the first time in 18 months. The latest index only reached 52, but respondents said they are more optimistic than they had been about every CRE segment except construction costs. Developers expect to see interest rates decline in the next 12 months, pushing the expected availability of debt and…

Awards & Accolades 1. Green Ideas’ Rio Yards at Novus Innovation Corridor, a 157KSF office building in Phoenix, received the LEED Silver Certification. Groundbreakings 2. Creation RE/PE announced the groundbreaking of the first phase of the $250M Park Algodon industrial and mixed-use project at the NWC of Loop 101 and Indian School Road in Phoenix. Developed under a joint venture with Clarion Partners, the 87-acre development will total 1.3MSF at buildout. Phase I comprises four buildings totaling 766KSF. 3. The City of Glendale announced the groundbreaking of the four-acre Glendale Heroes Regional Park. The park offers two natural turf multi-use…

Following extensive negotiations between area residents and landowner The Lines Family and its development team, the Phoenix City Council recently voted to approve a planned unit development request for Gila Foothills, a 290-acre project area in Laveen. Planned uses for the site near Estrella Drive and 51st Avenue include an auto mall, a hospital with a Level 1 trauma center, single- and multifamily housing, and other supporting uses. Since the plan was initially proposed, some residents have complained about the proposed density of housing, the presence of the auto mall, the possible height of the hospital, and general impacts on…

A housing development reform measure aiming to increase supply and improve affordability is going to the desk of Gov. Katie Hobbs. Last week, the Arizona House approved HB 2721, which will require cities with populations greater than 75,000 to allow the development of duplex, triplex, fourplex and townhome units under single-family zoning within a mile of their central business districts. Under the so-called “middle housing bill,” they will also have to allow at least 20% of new single-family developments larger than 10 acres to be zoned for those uses. The House also passed HB 2720, which will require those cities…

Earlier this month, the Economic Development Advisory Board for the City of Mesa heard a presentation from the Stanford University Graduate School of Business Policy’s Geanluca Lorenzon discussing ideas to enhance growth in the city’s downtown. Lorenzon’s primary suggestion was the creation of a “special regulatory corridor” that would focus on increasing density, creating more active frontage and improving the ease of building. He said downtown development should be extended westward along Main Street and the nearby areas. Among the specific suggestions were: Using mixed-use zoning to promote density along light rail; Adding grocery stores in the downtown area, possibly…

By Roland Murphy for AZBEX Arizona’s seasonally adjusted unemployment rate fell from 3.8% to 3.6% from March to April, according to the latest report published by the Arizona Office of Economic Opportunity. The national unemployment rate increased over the month, rising to 3.9% from 3.8%. Last April, Arizona had a seasonally adjusted rate of 3.6%, while the national rate was 3.4%. The Arizona Construction was unchanged over the month. Arizona had a not-seasonally adjusted gain of 12,900 in nonfarm employment in February. “Prior to the pandemic (2010-2019), NSA nonfarm employment gained 9,500 jobs on average in April,” the report states.…

On a unanimous vote, the Phoenix Transportation, Infrastructure and Planning Subcommittee has approved a new light rail line along Indian School Road. With that approval comes a reallocation of $153M in transit funds that had been planned for a different line along Camelback Road that was dropped years ago. Expenditures for preliminary engineering and community feedback will not start until 2036 if the Indian School Road line earns the approvals it needs from the Phoenix City Council, Valley Metro and the Maricopa Association of Governments. Expected benefits from the new line include improving access into the Maryvale portion of Phoenix,…

While some commercial real estate fund managers are taking the current market doldrums as an opportunity to snatch up assets, others are moving away from property ownership to minimize obligations and liquidity risks. Before 2023, Starwood Real Estate Investment Trust had never drawn into its credit line. Following a wave of redemption requests starting in 2022, the REIT has since drawn more than $1.3B of its unsecured credit of $1.55B. In 2023 Starwood investors withdrew $2.6B. The Financial Times reports Starwood will run out of both cash and credit later this year if it does not sell more properties or…

Giving Back 1. Catholic Charities received a free solar-covered parking structure through Salt River Project’s Solar for Nonprofits program. Catholic Charities’ Phoenix location will reduce energy costs by 25% with the new system, allowing more funds to go toward programming. 2. Junior Achievement received a $700K federal grant for renovations at BizTown, a mock town to allow kids to learn finance management, in Tempe. The renovations will help fund new technology, floors and HVAC updates. Renovations are expected to be completed over the summer. 3. The Rosendin Foundation has announced this year’s TRF Camp Build will run June 3-June 7…