Author: BEX Staff

The City of Maricopa has terminated its agreements with S3 Biotech and Copper Sky Hotel and Residential Group for a mixed-use medical campus near Copper Sky. The facility would have been the city’s second hospital development. A letter sent last month by City Manager Rick Horst informed the companies’ representatives that the project was in default and the agreements were terminated. Horst later told news outlets the default stemmed from the companies taking too long to build. In the letter, Horst told the companies to vacate the property and remove all fencing and equipment. Fencing and equipment were both still…

Arizona Senate President Warren Petersen (R-Gilbert) wants to throw away the portion of state water law that requires urban residential developers to demonstrate they have access to a 100-year water supply. Petersen says the requirement is arbitrary and detrimental to reasonable housing development. He blames the requirement for the Arizona Department of Water Resources’ announcement earlier this year that it will not issue permits for new housing development in some of Phoenix’s outlying communities because the Department’s modeling shows some areas will not have enough water to meet the 100-year supply mandate. He called the announcement and its subsequent coverage…

Giving Back 1. The Greater Phoenix Chapter of IFMA will host a “Casino Night” beneficiary holiday party sponsored by TEPCON Construction at Arizona Biltmore on Dec. 14 from 5 – 9 p.m. Proceeds benefit Child Crisis Arizona. 2. Cushman & Wakefield | PICOR hosted its 29th annual Pancake Breakfast Fundraiser last month to support youth charities across southern Arizona. The event broke last year’s record for donations, exceeding the initial target and raising more than $168.7K. Awards & Accolades 3. AZ Big Media has published its PTK Spotlight: Arizona Industrial Brokers to Know in 2024. The list consists of: Eric…

Sales Transactions 1. MG Properties Group has purchased the 324-unit Parc Broadway apartment community in Tempe from Evergreen Devco for $100.25M. The seller was represented by Steve Gebing and Cliff David with Institutional Property Advisors, a division of Marcus & Millichap. The property has been rebranded as Novo Broadway Apartments. 2. Cushman & Wakefield announced the sale of Scottsdale Northsight, a 138.7KSF office building complex in Scottsdale, for $26.5M. Chris Toci, Eric Wichterman and Mike Coover with Cushman & Wakefield represented the seller, MIREF Northsight, LLC. PREG Scottsdale, LLC was the buyer. 3. Inline shops at Oracle and Wetmore in…

Center for Neurosciences is planning a new medical office building and ambulatory surgery center on a 5.72-acre site at 5462 E. Glenn St. in Tucson. The Center, through its affiliate Neuron Craycroft, recently bought the property from TMC Holdings for $2.5M. The medical group provides services in a variety of medical specialties, including neurology, neuro-oncology, interventional pain management, radiation oncology and others. No construction start or estimated completion dates have been announced. (Source)

By Associated Builders and Contractors Associated Builders and Contractors reported its Construction Backlog Indicator declined to 8.4 months in October from 9.0 months in September, according to an ABC member survey conducted from Oct. 19 to Nov. 2. The reading is down 0.4 months from October 2022. Backlog now stands at its lowest level since the first quarter of 2022. Declines were concentrated among the smallest contractors, those with less than $30M in annual revenues. All three other revenue categories experienced an increase in backlog in October. ABC’s Construction Confidence Index readings for sales, staffing levels and profit margins fell…

By Roland Murphy for AZBEX (BEXCLUSIVE) Owner Berry Holdings is planning a mixed-use development with 200 multifamily units and a 150-room hotel on South 13th Street between Washington and Jefferson streets in Phoenix. The Eastlake Park Mixed-use proposal also calls for ground floor restaurant and retail in each of the two buildings, as well as an attached six-level parking garage on the west side of the property. Both buildings are planned for eight levels. Building 1 would have a footprint of 25.9KSF and a total area of 181.6KSF. Building 2 is planned with a 15.4KSF footprint and 108.1KSF total area.…

A development agreement being considered this week by the Phoenix City Council will provide Fender Musical Instruments Corporation with an incentive package to relocate its co-headquarters from Scottsdale to a new 88KSF facility at PV Reimagined, the master-planned Paradise Valley Mall mixed-use redevelopment site at Tatum Blvd. and Paradise Village Parkway. Under the terms of the agreement, Fender would relocate 200 current employees and hire another 100 at an average salary of $100K. Using money from Phoenix’s Strategic Economic Development Fund, Phoenix will reimburse Fender $2,500 for every new employee, with a maximum payout of $250K over a six-year term.…

By Associated Builders and Contractors Construction input prices declined 1.2% in October on a monthly basis, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data. Nonresidential construction input prices fell 1.1% for the month. Construction input prices are 1.1% lower than a year ago, while nonresidential construction input prices are 0.7% lower. Prices fell in two of the three energy subcategories last month. Crude petroleum input prices were down 2.9%, while unprocessed energy materials were down 0.3%. Natural gas prices rose 10.9% in October. Iron and steel prices fell 2.3%. “The…

New data from Redfin shows the once-hot single-family rental market is cooling off rapidly with investors. Phoenix was among the seven fastest cooling markets, with purchases having fallen 47.4% year-over-year. Nationally, year-over-year investor purchases are down 30%. Redfin blames a combination of high home prices, increasing mortgage rates and a comparative softening in rental markets. Redfin agents have said large-scale investors buying clusters of five and 10 homes at a time have dried up, as hedge fund backing has disappeared, rents have fallen and housing demand has generally slowed. So called “mom and pop” investors buying individual properties make up…