Author: BEX Staff

The City of Maricopa will pay $29.3M to El Dorado Holdings for a 309-acre parcel intended as the future site of a “Smart Rail Park” industrial development. The planned rail-served park is more than 1,400 total acres, roughly half of which will be City-owned, according to a presentation by Maricopa Chief Strategy Officer Rick Horst. The purchased 309 acres is planned as part of an industrial plat with land between West Cowtown Road and West Steen Road, east of North White and Parker Road. Maricopa has put out an invitation for bids for a master developer, and Horst said the…

By The Arizona Coyotes Following the release of a public land auction notice from the Arizona State Land Department for 110 acres of state-owned land at the NWC of Scottsdale Road and Loop 101 in Phoenix, the Arizona Coyotes announced their commitment to win the auction and develop the land into an unrivaled sports, lifestyle and entertainment district without taxpayer funding. The Coyotes hope to develop the first ever privately funded sports arena and entertainment district in the history of Arizona that will house the team for years to come. The historic state-of-the-art development would form a new epicenter for…

By Roland Murphy for AZBEX Last week, we presented a project and economic development overview of airport hangar projects planned and under development at aviation centers around Phoenix and across Arizona. (AZBEX, April 2) While that column had several projects at Falcon Field Airport in Mesa, we are always on the lookout for more. Unfortunately, our publication deadline didn’t quite mesh with the time Falcon Field staff needed to assemble a list for us. Luckily, however, they continued to work on the request and put together a comprehensive list of not only the projects under construction and in planning, but…

By Rebekah Morris for AZBEX Late last month NAIOP hosted a panel discussion regarding new air quality standards courtesy of the federal government that are sure to add a new space to your BINGO card for what may potentially kill a project. The panel was moderated by John Baumer, NAIOP Arizona. Panelists were Amanda Reeve, Snell & Wilmer; Thomas Maynard, Greater Phoenix Economic Council; and Gary Bacon, Langan Engineering. A final rule was issued by the EPA via the Federal Register on March 6 that has the effect of lowering the acceptable air quality standards for one of the six…

By Taiwan Semiconductor Manufacturing Company TSMC has announced the U.S. Department of Commerce and TSMC Arizona have signed a non-binding Preliminary Memorandum of Terms for up to $6.6B in direct funding under the CHIPS and Science Act. TSMC also announced plans to build a third fab at TSMC Arizona to meet strong customer demand leveraging the most advanced semiconductor process technology in the United States. As the company makes progress in completing its first fab and continues construction of its second fab at its Arizona subsidiary, the third fab brings TSMC’s total capital expenditure for the Phoenix site to more…

By Associated Builders and Contractors The construction industry added 39,000 jobs on net in March, according to an Associated Builders and Contractors analysis of data released today by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has expanded by 270,000 jobs, an increase of 3.4%. Nonresidential construction employment increased by 24,600 positions on net, with growth in all three subcategories. Nonresidential Specialty Trade added the most jobs, increasing by 16,300 positions. Heavy and Civil Engineering and nonresidential buildings added 6,000 and 2,300 jobs, respectively. The construction unemployment rate fell to 5.4% in March. Unemployment across all…

Giving Back 1. Cushman & Wakefield held a special Art Walk and Happy Hour event for the conclusion of Women’s History Month. The event brought in more than $5K in funds that went to CREO, a non-profit created by cancer survivors to provide treatment funding for cancer patients in need. Awards & Accolades 2. GCON Inc. received Intel’s EPIC Valued Supplier Award for its strong commitment to excellence, partnership, inclusion and continuous improvements. Only five companies have received the EPIC Valued Supplier Award. 3. Sundt Construction’s Stop the STCKY (Sh*t That Can Kill You) safety program has received first place…

Sales Transactions 1. Institutional Property Advisors represented the seller and procured the buyer for the $96M sale of The Hadley North Scottsdale, a 240-unit community. IMT Capital was the buyer and rebranded the property as IMT North Scottsdale. Liv Communities was the seller. 2. Ziff Real Estate Partners has acquired the $26.5M Mercado at Scottsdale Ranch, a 118.75KSF retail space in Scottsdale. Steve Julius, Jess Goldsmith and Chase Dorsett of Newmark represented the seller, Whitestone REIT, in the transaction. Christian Chamblee and Kayla Meier provided self-representation for the buyer. 3. Capstone Collegiate Communities closed on nine parcels for more than…

By Associated Builders and Contractors National nonresidential construction spending declined 1.0% in February, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.179T. Spending was down on a monthly basis in 15 of the 16 nonresidential subcategories. Private nonresidential spending fell 0.9%, while public nonresidential construction spending was down 1.2% in February. “Virtually every nonresidential construction segment experienced a decline in spending in February,” said ABC Chief Economist Anirban Basu. “In certain instances, the monthly decline was sharp, including health care (-2.2%), commercial (-1.9%)…

By Creation RE/PE Creation has been given the green light to move ahead with construction on a three-building, 16-acre industrial park in Tempe, marking the company’s first industrial undertaking within the city. Nexus Commerce Center is a three-building, 274KSF development located on the SEC of Elliot Road and Hardy Drive. These state-of-the-art buildings will replace the vacant Elliot Corporate Center, once anchored by the University of Phoenix as a call center. The existing two-story building will be demolished to make way for the new development. Nexus Commerce Center has been designed and will be built by LGE Design Build. Creation…