Author: BEX Staff

By Associated Builders and Contractors Construction input prices increased 1.4% in January compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices increased 0.9% for the month. Overall construction input prices are 1.3% higher than a year ago, while nonresidential construction input prices are 0.7% higher. Prices increased in all three energy subcategories last month. Crude petroleum prices increased 14.8%, while natural gas and unprocessed energy material prices increased 13.7% and 13.0%, respectively. “Materials prices increased at the fastest monthly pace in two…

Giving Back 1. The PENTA Building Group recently held its 18th annual Safety Kick-Off. The tour held three events in Scottsdale, Henderson, Nev. and Anaheim, Calif. The expo featured dozens of vendors, while PENTA led presentations focused on reinforcing safety awareness in the industry. 2. Stevens-Leinweber Construction’sSuperintendent Logan Durfee completed his 11th annual holiday gift drive for Garden House and launched The Durfee Fostering Transitions Fund, a collaboration with Mark Leinweber supporting Arizona youth as they age out of the foster care system. Awards & Accolades 3. Erik Powell represented Stevens-Leinweber Construction as one of AZRE Magazine’s“AZ Big 100” honorees.…

Sales Transactions 1. A joint venture between Rockpoint and Related sold the 388-unit Town Deer Valley in Phoenix for $131.1M. Goodman Real Estate purchased the apartment complex. Institutional Property Advisors’ Cliff David and Steve Gebing procured the buyer and represented the seller. 2. The 149-room Courtyard by Marriott Tucson Airport Hotel sold at auction for $14.2M. The hotel is located at 2505 E. Executive Dr. in Tucson near Tucson International Airport. The seller, Skyline CM Tucson, LLC, was represented by Ebrahim Valliani and Michael Klar. Ryan Sarbinoff was the broker of record. 3. A 14.9KSF building in the Oracle Wetmore…

The City of Phoenix is expected to proceed soon with a plan that will establish a dense, high-volume mixed-use redevelopment project at 7th Avenue and Washington Street. The City owns all four corners of the intersection. The current Phoenix Police Department headquarters at 620 W. Washington is currently moving its operations bit-by-bit into the former Wells Fargo building down the street at 100 W. Washington. Once completed, the redevelopment plan will include razing the current HQ. There are two vacant parcels, and the Phoenix crime lab is in the planning area. The lab will remain in its current location. In…

By Roland Murphy for AZBEX Three developments can now move forward after the Buckeye Planning and Zoning Commission approved their site plans during its Feb. 11 meeting. Taken together, the approvals total 472 new residential units, 48KSF of retail/restaurant space and 52KSF of future pads. Miller & Hazen Multifamily First up on the agenda was a site plan approval request for a new 178-unit Build-to-Rent development at the NWC of Miller and Hazen roads. Developer Fifth Avenue Properties—a British Colombia-based firm with an office in Glendale—is proposing a BTR development with three different building designs on 17.33 acres under Mixed…

By BEX Staff for AZBEX The City of Phoenix has received almost $750M for 30 grant applications submitted for plans and projects under the federal Infrastructure and Investment Jobs Act and Inflation Reduction Act passed under the Biden Administration. There is another approximately $400M in funding that has not been received. The future of those applications is now uncertain. Early actions by the Trump Administration since taking office last month have focused on eliminating government spending the administration deems wasteful or unnecessary and have targeted allocations for projects focused on alternative energy and sustainability, among others. Funding statuses have changed…

By BEX Staff for AZBEX A Feb. 6 review of the City’s planned capital improvement projects by the Maricopa City Council’s Budget and Finance Subcommittee revealed a total planning budget of $151.7M, including $77.8M, or 51.3%, planned for roads and area infrastructure. Over the course of the next 10 years, road project investment is projected at more than $496M, according to a local news report. The City’s multi-year Capital Improvement Plan shows $693.5M in total capital requests for 141 improvement projects between 2025 and 2034. Maricopa has seen extensive growth in the last several years, a trend that is expected…

By BEX Staff for AZBEX A potential developer/deal maker has come forward and expressed interest in the KOREPlex site at Baseline Road and State Route 85 in Buckeye. As first reported in AZBEX, KORE Power has abandoned its plan to build the first lithium-ion battery production facility owned by a U.S.-based company on the 214-acre site and listed the property for sale through JLL. Subsequent reporting showed the company is the subject of a more-than-$10M lien recorded by general contractor Yates Construction stemming from nonpayment for work and materials in readying the site for construction. (AZBEX: Jan. 31; Feb. 5)…

Groundbreakings 1. Construction has officially begun on the Mesa Grandview Business Park located near the SWC of Loop 202 and Greenfield Road. The industrial development consists of three buildings totaling 270KSF. One building will be 132.7KSF, while the other two will be 68.7KSF each. An additional 22.7 acres along Greenfield Road will be reserved for future development. Sunbelt Investment Holdings, Inc. is the owner, and Okland Construction is the general contractor. CBRE is representing the development, which is expected to be completed by Q1 2026. 2. Creation and CrossHarbor Capital Partners held a groundbreaking ceremony this week for Source Logistics…

By Roland Murphy for AZBEX Excolo Development has proposed a new 120-unit multifamily community on 5.05 acres at the NEC of Guadalupe and Power roads in Mesa. According to the submitted project narrative, “The proposed Park North project will replace a long vacant, non-viable commercially zoned site with a new residential development that provides diverse housing options for the area and will bring in new residents to support the City’s oversupplied existing commercial/retail uses. Park North will also result in the addition of lower traffic volumes to the adjacent streets (Power Road and Guadalupe Road) than the uses currently approved…