Author: BEX Staff

The U.S. Bureau of Reclamation is considering a reengineering project for Glen Canyon Dam to protect the dam’s ability to deliver water and power if Lake Powell’s levels fall below 3,490 feet. The discussion was prompted, in part, when four steel tubes, known as outlet works, were reportedly damaged last year during an experimental flow intended to restore sediment to depleted Grand Canyon beaches. While the damage was not crippling, the Bureau issued a memo earlier this year that the outlet works should not be relied upon as the only source of delivering water through the dam at periods of…

By Roland Murphy for AZBEX A new 90-unit apartment community could be in the works for a prominent site near downtown Prescott. 500 S. Marina Street has been home to a children’s hospital, a mental hospital and was also the location of the Yavapai County Development Services offices until 2012. The building on site has sat vacant since then, and a demolition permit was issued last November. Owner YH Development Properties has requested a rezoning and minor general plan amendment for 0.6 acres of a nearly 3.3-acre total site to allow construction of the new multifamily community. According to the…

Resident feedback has led City of Peoria staff to remove two general plan amendments aimed at facilitating an advanced manufacturing hub in the northern part of town. Staff members have been collecting input about the amendments since they were first proposed. City leaders hope to create a comprehensive master plan for two areas to promote their development. Some residents have come out in opposition, particularly to plans to develop an airpark near their homes as part of the economic development hub. Under the current rules, projects larger than 80 acres require a major general plan amendment. A proposed project is…

By Associated Builders and Contractors The construction industry added 9,000 jobs on net in April, according to an Associated Builders and Contractors analysis of data released by the U.S. Bureau of Labor Statistics. On a year-over-year basis, industry employment has increased by 258,000 jobs, an increase of 3.2%. Nonresidential construction employment increased by 7,800 positions on net, with growth registered in all three major subcategories. Nonresidential specialty trade added the most jobs, growing by 6,600 positions. Nonresidential building and heavy and civil engineering added 900 and 300 jobs, respectively. The construction unemployment rate fell to 5.2% in April. Unemployment across…

Giving Back 1. Achen-Gardner Construction donated time, resources and materials to support Live Love, a non-profit organization dedicated to building strong communities. The group is building The Oasis, a two-acre community center near Gazelle Meadows Park in Chandler. To support the development, AGC installed new service lines from its new waterline as part of the Detroit Basin/Gazelle Meadows Park Storm System and Associated Improvements CMAR project to their property. 2. WTS Metro Phoenix awarded 10 local scholarships and two international scholarships. The two international winners are: Jolina Karam, WTSI Helene M. Overly Memorial Scholarship, and; Payton Miller; WTSI Transportation YOU…

Sales Transactions 1. Newmark announced the $86.1M sale of 24th at Camelback I, a 308.5KSF office asset in Phoenix’s Camelback Corridor. Barry Gabel, Chris Marchildon and CJ Osbrink of Newmark, along with Kevin Shannon of U.S. Capital Markets, represented the owner. Neither buyer nor seller were disclosed. 2. Vertical Ventures has purchased the Northsight Corporate Center at 14400 N. 87th St. in Scottsdale for $42.25M. The seller was CIM Group. The 130KSF building is occupied by Vanguard Group. 3. The City of Tempe has purchased the former Apache Inn for $10.7M. Tempe will renovate the property near Apache Blvd. and…

By BEX Staff for AZBEX Two recent recommendations for rezoning approvals by the Planning and Zoning Commission will advance a speculative industrial and a large single-family housing site in Queen Creek. V&P Nurseries, owned by Vlachos Enterprises, has a 240-acre site at the SEC of Germann and Crismon roads and has requested a zoning change from the current General Industrial zoning to add a Planned Area Development overlay that would “establish allowed building heights, performance standards, expected infrastructure and off-site commitments,” according to the request narrative. The rezoning would allow for the development of the site as a speculative industrial…

By Roland Murphy for AZBEX The Troon North community in northeast Scottsdale may see a new, 67-unit luxury senior community on a roughly 8.6-acre portion of a 22.26-acre site at the SWC of Alma School Parkway and Dynamite Blvd. Developer Lifestyle Communities has submitted requests to the City of Scottsdale to rezone the site to allow the construction of Artessa Scottsdale at Pinnacle Peak. Specifically, according to the case information sheet on Scottsdale’s website, the company has requested “a Zoning District Map Amendment from Planned Community Center, Environmentally Sensitive Lands, Hillside District (PCC ESL (HD)) zoning to Planned Community Center,…

During the initial multifamily post-pandemic boom, many lenders bundled variable rate multifamily mortgages into instruments called Commercial Real Estate Collateralized Loan Obligations as an investment vehicle. Unlike Commercial Mortgage Backed Securities, which are usually comprised of fixed-rate loans and, theoretically, less at risk from interest rate increases, CRE CLOs are a vehicle for borrowers in need of speculative financing not available from other sources. Multifamily mortgage delinquencies have started to accelerate, however, and lenders are scrambling to prevent expanded damage to the market. The total CRE CLO market stands at $79B worth of loans. Wall Street had financed investors who…

By Associated Builders and Contractors National nonresidential construction spending increased 0.2% in March, 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 $1.19T. Spending was up on a monthly basis in 10 of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.2%, while public nonresidential construction spending was up 0.8% in March. “Nonresidential construction spending rebounded in March, ending a streak of two straight monthly declines,” said ABC Chief Economist Anirban Basu. “The increase was entirely due to increased public construction spending; private sector…