Author: BEX Staff

Groundbreakings 1. The Hualapai Tribe celebrated the groundbreaking ceremony of Hualapai Recreational Park, a $500M development project to be constructed over the next decade in Peach Springs. The master-planned project will include 34 projects designed to bolster community facilities and services. 2. VanTrust Real Estate held a groundbreaking this week for Phase I of VT 101, a three-building, 750KSF industrial park in Glendale. JLL is the brokerage firm. Layton Construction is the general contractor. Butler Design Group is the architect. 3. Vero A2R—the office investment platform of Vero Capital—in association with Stream Realty Partners, have announced the start of a…

Scottsdale is continuing to work toward a master plan for improvements to the Indian School Park and Tennis Center. Along with a playground, a small lake and recreational activity areas, the 50-acre park northeast of Indian School and Hayden roads currently offers several sports-centric features, including: Two professional level baseball fields, Two basketball courts, Four racquetball and four sand volleyball courts, and 13 tennis courts. The City is working with Kimley-Horn & Associates to solicit public input and develop plans for updating the park. An in-person workshop and a virtual meeting were held last year, and another virtual public workshop…

A controversial bill currently making its way through the Arizona Legislature would make it easier to transfer water rights from agricultural properties to housing subdivisions and would overturn the 2023 ban on using groundwater for new home developments in Pinal County and parts of metro Phoenix if those homes are built on farmland. The Senate passed a far-ranging set of water legislation measures last week that will be taken up by the House in June. A key consideration is the fact that residential developments use significantly less water than farming. Supporters say the legislation would enhance water conservation around the…

By Roland Murphy for AZBEX While, for a variety of reasons, the more recently completed sections of light rail around the Valley have not seen neighborhood redevelopment at the same pace as the original segments, a new proposal could add some momentum to the northwest light rail area near Metrocenter. Sason Organization is planning a 345-unit, four-building multifamily development on 7.2 acres near the NWC of 23rd and Townley avenues, just south of Dunlap Avenue. The company has requested a rezoning from Commercial Office to Walkable Urban Code, Transect 5:5 District to allow the development to proceed. Building heights are…

By BEX Staff for AZBEX Developer Genterra Enterprises has announced plans for the Northern Arizona Technology Park, a multi-phase development near Flagstaff Pulliam Airport, which it says is, “Aimed at enhancing Flagstaff and the greater northern Arizona region.” The project covers approximately 31.45 acres and, “Seeks to support the growing needs of the local economy by providing high-quality jobs and bolstering airport support services for Flagstaff Pulliam Airport, while respecting and preserving the region’s values and natural beauty.” Being located at Flagstaff Pulliam Airport, Northern Arizona Technology Park will offer direct access to I-17, I-40 and 89A. The development’s goal…

While nowhere near becoming a leading option, some Federal Reserve officials are floating the idea of another interest rate increase if stubbornly persistent inflation does not show signs of easing soon. Going into 2024, most market watchers were predicting three decreases in interest rates over the year. To date, none have been enacted and no target dates have been set for any. The Fed’s policy statements have said several months of declining inflation will be needed before any cuts are initiated. Minutes from the April 30-May 1 Federal Open Market Committee meeting show some participants expressed a willingness to tighten…

Giving Back 1. ECM Technologies and Tolin Mechanical have announced they will work together to enhance the 186 HVAC systems serving 11 Boys and Girls Clubs of the Valley locations. ECM will donate its ThermaClear HVAC anti-oil-fouling technology and Tolin will contribute its services to perform the treatments. The donation is valued at more than $107K. Awards & Accolades 2. At a recent gala honoring the organization and its members, American Subcontractors Association – Arizona presented its 2023-2024 Constructing Community Awards. The categories and winners were: Excellence in Safety – Most Improved: Banker Insulation, Excellence in Safety – Associate Member:…

Sales Transactions 1. Cross Ocean Partners and CRE The Beam on Farmer have paid $56.2M for The Beam on Farmer, a 180KSF office building with a six-story parking garage in downtown Tempe. The site was developed under a Government Property Lease Excise Tax agreement between developers Mortenson Co. and PGIM Real Estate and the City of Tempe. The seller was represented by Barry Gabel, Chris Marchildon and CJ Osbrink with Newmark Group, Inc. 2. The Garrett Companies has sold The Plaza Taos Apartments, a 164-unit community in Chandler, for $55.25M. The buyer traces to Olympus Property, which now also manages the property.…

By Roland Murphy for AZBEX A new report from RealPage by Carl Whitaker indicates the Construction sector might be one of the next segments of the labor force to see a slowdown in employment. RealPage claims employment growth in sections of the economy more sensitive to interest rates are already seeing slowing or erosions in job numbers, which the author claims indicates a “rolling recession.” A rolling recession occurs when portions of the economy experience a recession, while the overall economy does not. Writing on the topic for GlobeSt, Erik Sherman cited a Cushman & Wakefield report that also referred…

By Rebekah Morris for AZ Builder’s Exchange, LLC An industry coalition led by the Arizona Chapter of the AGC has successfully guided legislation through the state government, and SB 1054 has been signed by Gov. Katie Hobbs. The bill extends the use of horizontal Alternative Project Delivery Method contracts for another five years to 2030. The bill was unanimously approved. As reported in AZBEX last August, Arizona Revised Statutes titles 28 and 34 had provisions that were set to expire in 2025. If not renewed, cities, towns, counties and state agencies would not have tools such as Design-Build, Job-Order-Contract, and…