Author: BEX Staff

Giving Back 1. Lōkahi Traffic Engineering/Lokahi Teams have launched a scholarship program selecting nine high school students who plan on attending college in the fall of 2024. The students had to include reference letters and answer questions showcasing how they live up to the founding principles: teamwork, collaboration, cooperation, harmony and unity. The Lōkahi Traffic Engineering scholarship recipients attending Arizona schools are: Jennifer Garcia Vilchis, Arizona State University; Ivan Jimenez Pineda, Harvey Mudd College; Rya Marquez, Northern Arizona University; Ava Usher, Northern Arizona University, and Olivia Wong, University of Arizona. The Lōkahi Teams recipient attending an Arizona school is Milandeep…

Sales Transactions 1. Cushman & Wakefield announced the $60.1M sale of a 642KSF industrial building in Buckeye. EQT Exeter was the buyer. BET Investments was the seller. Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield represented both the seller and buyer. Andy Markham and Mike Haenel of Cushman & Wakefield served as the projects leasing team. 2. Christopher Todd Capital purchased Cottages at McDowell, a 217-unit Build-to-Rent community in Avondale, for $57M. The community offers one- and two-bedroom homes. WS Avondale 1, LLC was the seller. 3. Salt River Project Agricultural Improvement and…

By Roland Murphy for AZBEX During its April 9 meeting, the Globe City Council approved a planned area development modification that will allow a master-planned project covering 58 acres on Highway 60 to proceed. The PAD had initially been approved in December, but staff review of the plan’s second phase found some details did not conform to the existing minimum zoning standards. The original zoning and PAD for the site date back to 2015. There were three possible land use scenarios laid out then, which included various combinations of single-family, multifamily, light industrial, commercial, retail and office. According to the…

The Pioneer Building, one of the first high-rise buildings in Tucson, will go to auction next month. The starting bid for the 11-story building, currently owned by Holualoa Companies, is $1.2M. The Pioneer Building, located at 100 N. Stone Ave., was constructed in 1929 as the Pioneer Hotel. It was later converted to office space and is currently approximately 50% occupied, according to auction documents. Auction Broker Ten-X is handling all the auction marketing and details. Because of multiple renovations, including restorations after a fire in 1970 and efforts to restore the dining room to its original state in 2017,…

Gov. Katie Hobbs has signed a bill into law that could help address a surplus of commercial building vacancy and a shortage of housing units. Under House Bill 2297, developers may convert or demolish some commercial, office or mixed-use buildings without rezoning starting next year. Cities with more than 150,000 residents will have to allow for reuse or demolition of up to 10% of all commercial buildings considered functionally or economically obsolete so they can be used for new housing development. Approximately 10% of those new residential units would be dedicated to moderate- or low-income residents. Buildings identified under the…

By Associated Builders and Contractors Associated Builders and Contractors issued the following statement opposing the U.S. Department of Labor’s final rule that will change overtime regulations under the Fair Labor Standards Act. The final rule increases the minimum annual salary level threshold for exemption in two phases: from the current level of $35,568 to $43,888 on July 1, 2024, and to $58,656 on Jan. 1, 2025. In addition, salary thresholds will update every three years starting on July 1, 2027. “ABC appreciates that the DOL recognized the value in retaining the methodology used by the prior administration in the 2019…

Groundbreakings 1. Martens Development announced the groundbreaking for its latest Class A industrial development in Mesa: Brickyards on Ellsworth. Their construction lender for the project is Principal Asset Management. Leading the construction team is general contractor FCL Builders. The development team is set to deliver an eight-building, 909.6KSF project with move-in-ready spaces for tenants in the Southeast Valley. 2. ARCO Construction Company broke ground on Phase III of the Level Crossing Masterplan development, a 150.6KSF industrial warehouse in Surprise. Hardy World, LLC and Silver Creek Development partnered with ARCO. Construction is expected to finish in early 2025. Progress Reports 3.…

Paces Preservation Partners is proposing a new affordable multifamily development near the planned “Restaurant Row” area along Bowlin Road near City Hall. Restaurant Row was first mentioned as a development topic last September and would feature five restaurants near City Hall and the Maricopa Library and Cultural Center. In a zoning verification request filed with the City, Paces Preservation Partners says it plans to build a 150-unit affordable community on an 8.35-acre portion of a 22-acre parcel near the SEC of Bowlin and White and Parker roads. The development will include one-, two- and three-bedroom units and will be financed…

By Roland Murphy for AZBEX A request for proposals issued by the City of Phoenix last week will, if constructed, create another urban, mixed-use residential development at the SEC and SWC of 1st and McKinley streets downtown. The 1.49-net-acre site has most recently seen use as a farmer’s market on the SWC and as a temporary Arizona State University parking area on the SEC. According to the description in the RFP, “The successful proposer will create a high-rise urban infill redevelopment project for the entire Site that facilitates urban living, which may include retail, restaurant, live/work, civic space, or other…

The City of Tempe is considering asking voters to approve $581.5M in General Obligation bonds through three questions proposed for the Nov. 5 election. The bond questions would cover: $301M for community safety and roadway development to improve every street in the city within a four-year timeframe; $248.5M for “quality of life” improvements, including historic property preservation and restoration, and $32M to cover four annually consecutive $8M affordable housing bonds starting in fiscal year 2024-25. City Council plans a vote on calling for the bond election at its April 25 meeting. In addition to the bond considerations, City staff is…