Author: BEX Staff

By Roland Murphy for AZBEX BEXclusive Last month, we took a look at the impacts and benefits of hangars and associated developments at airports around the state, particularly in metro Phoenix, and also put out a project article on expansion plans at Falcon Field in Mesa. (AZBEX April 2, April 9) A new proposal submitted April 25 in Scottsdale shows how this specialty development sector continues to expand. The developer wants to build Skyport at Redfield Hangars, a two-building condominium aviation facility with four hangars and office space at 7600 E. Redfield Road on nearly 3.7 acres in the Scottsdale…

By National Association of Home Builders Confidence in the market for new multifamily housing declined year-over-year in the first quarter of 2024, according to results from the Multifamily Market Survey released today by the National Association of Home Builders. The MMS produces two separate indices. The Multifamily Production Index had a reading of 47, down three points year-over-year, while the Multifamily Occupancy Index had a reading of 83, up one point year-over-year. The MPI measures builder and developer sentiment about current production conditions in the apartment and condo market on a scale of 0 to 100. The index and all…

Awards & Accolades 1. Ranking Arizona announced the Top 10 Architecture Firms for 2024. The winners were: Top 10 Architecture Firms with Seven or More Architects 1. Corgan; 2. SWABACK; 3. DAVIS; 4. Butler Design Group; 5. Gensler; 6. Archicon Architecture & Interiors; 7. CCBG Architects; 8. Todd & Associates; 9. Orcutt | Winslow, and 10. SmithGroup. Top 10 Architecture Firms with 6 or Fewer Architects 1. Cawley Architects; 2. LGE Design Build; 3. Deutsch Architecture Group; 4. Bar Napkin Productions; 5. Pinnacle Design; 6. dpa architects; 7. ADM Group; 8. GLHN Architects & Engineers; 9. Zebra Projects, and 10.…

Sales Transactions 1. CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen arranged the $62.75M sale of the Parc Tolleson multifamily community in Tolleson. Millburn & Company purchased the property from Evergreen Devo, Inc. Additionally, CBRE’s Trevor Breaux and Troy Tegeler secured the funding for the purchase. 2. Cushman & Wakefield brokered the $16.5M sale of 1002 S. 54th Ave., a 94KSF industrial building in Phoenix. Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield and Anne Josephson of KBC Advisors represented the seller, Stos Partners. ViaWest Group was the buyer. Copper State Bolt & Nut Company…

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…