Author: BEX Staff

The Buckeye City Council held a first hearing last week on a proposal to annex 157 acres of land in two parcels at the SWC of Turner Road and Southern Avenue. A second hearing and vote are scheduled for Dec. 5. If approved, the Accomazzo Property annexation will free up land for future development. The plan is filed under single-family planned residential and has the option to enter into an application for a minor General Plan amendment and rezoning to light industrial. The City has already started that process. The annexation would expand Buckeye’s General Plan amendment boundary approximately half…

By Arizona Department of Transportation The Arizona Department of Transportation has secured federal emergency funds for repairs to a bridge spanning Interstate 10 in southeast Arizona that a large truck severely damaged in a fatal crash earlier this year. The $5.3M in funding will enable ADOT to rebuild the superstructure, which includes the girders and deck, of the bridge carrying US 191 over I-10 at milepost 331, about nine miles west of Willcox. After the crash in early May, ADOT worked with a contractor to build a temporary support structure for the bridge and quickly restore I-10 traffic through the…

By National Association of Home Builders Confidence in the market for new multifamily housing was in negative territory for the third quarter, according to results from the Multifamily Market Survey released by the National Association of Home Builders. The MMS produces two separate indices. The Multifamily Production Index had a reading of 38—well below the break-even point of 50—for the third quarter while the Multifamily Occupancy Index reading was 82. The MPI measures builder and developer sentiment about current production conditions in the apartment and condo market on a scale of 0 to 100. The index and all its components…

By Roland Murphy for AZBEX – BEXCLUSIVE Arizona’s seasonally adjusted unemployment rate increased to 4.2% in October, up from 4.0% for the month of September, according to the latest report published by the Arizona Office of Economic Opportunity. The national unemployment rate rose to 3.9%, up from 3.8% in September. Last October, Arizona had a seasonally adjusted rate of 4.1%, while the national rate was 3.7%. The Construction sector reported no overall gains or losses around the state last month. Arizona had a gain of 17,200 jobs in nonfarm employment in October. “Prior to the pandemic (2010-2019), NSA nonfarm employment…

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…